Aiforia appoints Swedbank as lead advisor to explore financing options

Aiforia Technologies Oy has appointed Swedbank AB (publ) as their lead financial advisor to explore different financing options, including possibilities for an Initial Public Offering (IPO) by listing the Company's shares on Nasdaq Helsinki First North.

Aiforia has reached significant milestones in its technology and work in scientific research and drug development since launching its artificial intelligence (AI) software for medical image analysis in 2018. The number of Aiforia users increased by 87% in 2020, to a total of over 3,000 in 50 countries. Notable customers include medical professionals from some of the world's biggest pharmaceutical and biotechnology companies like Boehringer Ingelheim, Sanofi and Charles River Laboratories, as well as institutions such as MIT and the University of Sydney.

Accelerating preclinical drug development at top pharma companies, securing a U.S. patent for an innovative AI tool, and having created over 1,000 AI models with their customers for applications covering diseases such as breast cancer, Parkinson's disease, liver inflammation, malaria, and more — the past two years have been tremendously successful for Aiforia. The company now looks to the future, as Aiforia plans to take its cutting-edge technology and medical expertise to transform clinical diagnostics.

Rising rates of disease like cancer increase sample numbers, creating a bigger burden on pathologists, an already underrepresented group of healthcare professionals. The problem is exacerbated by the fact that current clinical tools and processes available to pathologists are manual, time-consuming and subjective, posing a high opportunity for misdiagnosis and even missed diagnoses. Patients wait longer for their results and suboptimal treatments are administered.

"Exploring further financing options will help us strengthen our offering for clinical labs and pathologists. Our mission is to become a global leader in AI-powered diagnostics and to therefore alleviate the burden experienced by healthcare systems and patients around the world," explains Jukka Tapaninen, CEO of Aiforia Technologies.

This year Aiforia will launch a portfolio of automated, AI-based tools for clinical diagnostics to empower pathologists to not only accelerate sample review but to also enhance diagnostic accuracy and improve patient outcomes. First focusing on the world's most prevalent cancers, Aiforia's long-term vision is to provide a single platform with infinite clinical possibilities to enable hospitals around the world to reduce misdiagnoses and administer more effective and personalized therapies.

About Aiforia

Aiforia equips pathologists and scientists in preclinical, academic, and clinical labs with the most powerful deep learning artificial intelligence and cloud-based technology to increase the speed, accuracy, and consistency of analyzing large and complex medical images across a variety of fields from oncology to neuroscience. Aiforia is composed of an ideal mix of scientists experienced in a variety of medical areas from pathology to cancer diagnostics, software developers who collectively hold over 100 years' experience in artificial intelligence, and a business team with backgrounds in the pharmaceutical and biotechnology industries.