Abdul Latif Jameel Health and Butterfly Network enter strategic distribution partnership to bring Butterfly iQ+ ultrasound device to a potential 2 billion1 people across the Middle East, North Africa, Turkey & India
Abdul Latif Jameel Health, part of international diversified family business Abdul Latif Jameel, and Butterfly Network, Inc. (NYSE: BFLY), an innovative digital health company working to democratize medical imaging and contribute to the aspiration of global health equity, today announced a strategic distribution partnership to broaden the availability of Butterfly iQ+ - the world's only single probe, whole-body handheld ultrasound solution.
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From underserved communities in the United States, to remote areas of Africa, more than 4.7 billion people around the world lack access to medical imaging2. Abdul Latif Jameel Health will introduce the innovative ultrasound product, powered by Butterfly's Ultrasound-on-ChipTM technology to markets across the Middle East, North Africa, Turkey, and India.
Fusing semiconductors, artificial intelligence, and cloud technology, Butterfly has the potential to usher in a new era of healthcare with a device that is expected to cost less than US$ 2,400. The product is designed to dramatically expand the capabilities of practitioners working within and outside of hospitals in developed, underdeveloped and remote areas.
Healthcare providers can collect advanced imaging, perform rapid assessments, and guide critical procedures no matter where they are, and share those images seamlessly with doctors across the globe to help with reading and interpreting scans.
Dr. Akram Bouchenaki, Chief Executive Officer, Abdul Latif Jameel Health, said: "The mission that is so clearly driving the development of Butterfly Network and the innovation on display is entirely aligned with our vision at Abdul Latif Jameel Health, of how to improve access to healthcare for those who need it most and drive inclusive health care through innovation.
"The capabilities of this innovative, portable and versatile handheld ultrasound solution know no bounds and we are committed to delivering this technology to serve more than 2 billion people. It is our mission to collaborate with sector disruptors, those who question how healthcare services have always been delivered, and how the billions of people in underserved communities can be better served."
Butterfly recently announced that its iQ+ device is even being delivered beyond Earth, providing medical imaging on the International Space Station, as part of the 22nd SpaceX (News - Alert) Dragon cargo resupply payload in June 2021.2 Once delivered, astronauts will provide feedback on the ease of using the device, the quality of the produced ultrasound images, and the efficiency of image acquisition.
"Our partnership with Abdul Latif Jameel Health is about more than democratizing medical imaging and making it more accessible; it is about empowering all healthcare practitioners with an invaluable, advanced assessment tool," said Dr. Todd Fruchterman, President and Chief Executive Officer, Butterfly Network. "The power of the Butterfly solution transcends the limits of traditional ultrasound by delivering valuable information to improve clinical decision-making and the care that is delivered. We are excited to work with an aligned partner, like Abdul Latif Jameel Health, to not only get Butterfly in the hands of more clinicians worldwide to improve global health equity, but to level the playing field for all by empowering practitioners to be better clinicians, wherever they may be."
To learn more about this partnership please watch this video: https://youtu.be/UKrPzDSGq-s. To learn about the impact of Butterfly technology and to view a demo of Butterfly iQ+, please visit: https://www.butterflynetwork.com. As part of this collaboration, Butterfly IQ+ will be brought to new markets as detailed above, beginning in the first quarter of 2022.
About Abdul Latif Jameel Health
Backed by Abdul Latif Jameel, one of the most respected diversified family businesses and investors with a 75-year heritage, deep roots, and established networks alongside a multi-sector presence in 30 countries across six continents, Abdul Latif Jameel Health is uniquely positioned as a trusted partner in realizing major innovations and opportunities in the healthcare world.
Abdul Latif Jameel Health reflects the Jameel family's long-established commitment to innovating for a better future through Community Jameel, an international organization supporting science and technology-led solutions to global challenges. Community Jameel and MIT co-founded the Abdul Latif Jameel Clinic for Machine Learning in Health (Jameel Clinic) in September 2018 - which has rapidly become the very epicenter of AI and healthcare at MIT - and the Abdul Latif Jameel Institute for Disease and Emergency Analytics (Jameel Institute) co-founded with Imperial College London, in October 2019, using novel data analytics to reduce global risk of preventable disease most recently including the 2020 COVID-19 pandemic, and strengthening health systems in the most fragile settings.
Abdul Latif Jameel Health takes this commitment into the commercial environment addressing tangible real-world needs today, for a better tomorrow. It is focused on health care inclusion in the global south, accelerating access to modern medical care for those who need it most by opening up/growing new markets for distribution of existing solutions and investing in the future of MedTech.
Abdul Latif Jameel actively invests in innovative, early-stage and breakthrough ventures and technology, aiming to positively shape the future of core industries driving the global economy through its' investments that span medical and healthcare industries, from pharmaceuticals and vaccines to cutting-edge medical technology, along with emergent technologies across FinTech, InsurTech, electric vehicles and future mobility solutions.
About Butterfly Network
Founded by Dr. Jonathan Rothberg in 2011 and recently listed on the New York Stock Exchange through a business combination with Longview Acquisition Corp., Butterfly Network created the world's only handheld, single-probe whole-body ultrasound system using semiconductor technology, the Butterfly iQ. Its mission is to democratize medical imaging and contribute to the aspiration of global health equity by making high-quality ultrasound affordable, easy-to-use, globally accessible, and intelligently connected-including for the 4.7 billion people around the world lacking access to ultrasound. Through its proprietary Ultrasound-on-Chip™ technology, Butterfly is paving the way for earlier detection and remote management of health conditions around the world. The Butterfly iQ+ can be purchased online today by healthcare practitioners in the United States, Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, New Zealand, Norway, Poland, Portugal, Spain, Sweden, Switzerland, and the United Kingdom.
Butterfly iQ is a prescription device intended for trained and qualified healthcare professionals only.
For more information, visit www.butterflynetwork.com .
Butterfly Network Forward Looking Statements
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. The Company's actual results may differ from its expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company's expectations with respect to future performance and development of products and services. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside the Company's control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the impact of COVID-19 on the Company's business; the ability to recognize the anticipated benefits of the business combination; the Company's ability to grow and manage growth profitably; the success, cost and timing of the Company's product and service development activities; the potential attributes and benefits of the Company's products and services; the Company's ability to obtain and maintain regulatory approval for its products, and any related restrictions and limitations of any approved product; the Company's ability to identify, in-license or acquire additional technology; the Company's ability to maintain its existing license, manufacture, supply and distribution agreements; the Company's ability to compete with other companies currently marketing or engaged in the development of products and services that the Company is currently marketing or developing; changes in applicable laws or regulations; the size and growth potential of the markets for the Company's products and services, and its ability to serve those markets, either alone or in partnership with others; the pricing of the Company's products and services and reimbursement for medical procedures conducted using its products and services; the Company's estimates regarding expenses, revenue, capital requirements and needs for additional financing; the Company's financial performance; the Company's ability to raise financing in the future; and other risks and uncertainties indicated from time to time in the Company's filings with the Securities and Exchange Commission. The Company cautions that the foregoing list of factors is not exclusive. The Company cautions you not to place undue reliance upon any forward-looking statements, which speak only as of the date of this press release. The Company does not undertake or accept any obligation or undertake to release publicly any updates or revisions to any forward-looking statements to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based
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