178% Surge in New Customers; Validation Study Conducted with Quest Diagnostics; In Vitro Diagnostic Devices Regulation (IVDR) Certification and Welcomes Ann Costello to its Board of Directors

Ibex Medical Analytics (Ibex), the leader in artificial intelligence (AI)-powered cancer diagnostics, today announced major advancements in customer growth, validation through a Quest Diagnostics study, regulatory approvals and expansion of its Board of Directors.

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Ibex exemplifies that AI-powered cancer diagnostics and digital pathology are not the future but the present, with pathologists using their cutting edge-technology and tools in routine practice around the world. The company has seen a 157% increase in patient cases processed monthly via Ibex’s AI solution and 178% rise in new customers, reflecting its expanded global reach and commitment to collaborating closely with pathologists to enhance diagnostic accuracy, efficiency and helping improve patient outcomes.

Ibex's commitment to clinical excellence was validated through recent In Vitro Diagnostic Medical Devices Regulation (IVDR) Certifications, as well as data published in a recent study with Quest Diagnostics on the impact of AI-powered workflows. With a new addition to its Board of Directors and key collaborations driving innovation, Ibex continues to strengthen its position at the forefront of AI-driven healthcare solutions.

Quest Diagnostics study demonstrates the value Ibex’s AI brings to digital pathology workflows

Ibex’s Prostate AI solution, integrated into Proscia’s Concentriq® enterprise pathology platform, allowed pathologists at Quest Diagnostics to be able to sign out significantly more cases per hour. The offering was designed to assist pathologists in improving the detection and grading of prostate cancer by streamlining pathologists’ review of tissue samples that have been scanned at high resolution to create digital slides, or whole slide images, which pathologists can then view.

The study included 180 randomized prostate cases from adult (21 or older) subjects. 100% of the pathologists who participated in the study stated they would be much more likely to adopt AI at the study’s conclusion. Quest Diagnostics, through its AmeriPath and Dermpath Diagnostics subspecialty pathology businesses, employs over 400 pathologists within its nationwide network of clinical laboratories.

“Digital pathology has the potential to improve efficiency while saving pathologists valuable time – time they can use to advance patient care through collaboration with colleagues and the multidisciplinary cancer care team,” said Darren Wheeler, MD, vice president of pathology and medical services at Quest Diagnostics. “This study with Ibex and Proscia shows pathology workflows are evolving, and we intend to remain at the forefront of this innovation.”

View and download the study in its entirety here.

In Vitro Diagnostic Regulation (IVDR) Certification Achievements

Ibex also announced the In Vitro Diagnostic Regulation (IVDR) certification of its prostate, breast, and gastric AI solutions. The IVDR certificate was received following a meticulous review process, as required by the new regulations in the EU, reflecting trust of the regulator in the quality, safety and performance of the product.

“Securing IVDR certification for our prostate, breast, and gastric diagnostic solutions marks a pivotal achievement for Ibex, highlighting our commitment to superior product quality and innovation in AI-powered diagnostics,” said Joseph Mossel, CEO at Ibex. “As we progress in the second half of the year and into 2025, these milestones not only solidify our market position but also reflect our ongoing dedication to providing clinicians with advanced tools that enhance diagnostic accuracy and improve patient outcomes. Our focus remains on being the most widely deployed AI platform in pathology, delivering high-quality solutions that set new standards in healthcare.”

Ann Costello Joins Ibex Board of Directors

Ibex welcomed Ann Costello to its Board of Directors in April. With a distinguished career in diagnostics, including leading Roche Diagnostics Solutions, Ann brings invaluable expertise in clinical chemistry, immunology, anatomical pathology, molecular diagnostics, and next-generation sequencing. "We are thrilled to have Ann join Ibex's Board of Directors. Her deep knowledge of cancer diagnostics and leadership will be instrumental in guiding our strategic growth," said Mossel.

This follows Ibex’s $62 million Series C financing round led by 83North. Additional participants in the round were Sienna Venture Capital, Lip Ventures and existing investors in the company, Octopus Ventures, aMoon, Planven Entrepreneur Ventures and Dell Technologies Capital. The financing brings total funding to over $100 million since Ibex’s inception in 2016.

About Ibex Medical Analytics

Ibex Medical Analytics is transforming cancer diagnostics with clinical grade AI powered solutions for pathology. Empowering clinicians and supporting pathologists, Ibex is on a mission to provide accurate, timely and personalized cancer diagnosis for every patient. Ibex is the first and most widely deployed AI-powered platform in pathology. Pathologists worldwide use Ibex as part of their everyday routine to improve the accuracy of cancer diagnosis, implement comprehensive quality control measures, reduce turnaround times, and boost productivity with more efficient workflows. For additional company information, please visit https://ibex-ai.com/and follow us on LinkedIn and Twitter.

*The Ibex suite includes solutions which are for Research Use Only (RUO) in the United States and not cleared by the FDA. Multiple solutions are CE marked (IVDD and IVDR) and registered with the UK Healthcare products Regulatory Agency (MHRA). For more information, including indication for use and regulatory approval in other countries, contact Ibex Medical Analytics.

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