Combined Company’s Innovative Body Imaging
Scanning Systems Using Low Frequency Sound Waves Provide Critical
Solutions for Detection, Diagnosis, and Treatment of
Disease
QT Imaging Holdings Expected to Begin
Trading on NASDAQ Under Ticker Symbol “QTI” on March 5,
2024
QT Imaging Holdings, Inc. a medical device company engaged in
the research, development, and commercialization of innovative body
imaging systems using low frequency sound waves, and GigCapital5,
Inc. (“GigCapital5”; Nasdaq: GIA, GIAFW), a Private-to-Public
Equity (PPE)™ entity also known as special purpose acquisition
company (“SPAC”), today announced the completion of their
previously announced business combination (the “Business
Combination”). The Business Combination was approved at the Annual
Meeting of GigCapital5’s stockholders on February 20, 2024. Upon
completion of the Business Combination, the combined company
changed its name to QT Imaging Holdings, Inc. (“QT Imaging”). QT
Imaging’s shares of common stock are expected to commence trading
on the NASDAQ on March 5, 2024, under the new ticker “QTI”.
Doctors and hospitals are increasingly turning to medical
imaging to screen for and diagnose cancer, support and monitor
ongoing cancer treatment (drugs, radiation, and surgery), and offer
non-invasive surgical options for patients. This has resulted in a
major market opportunity—the annual worldwide medical imaging
market currently is estimated to be worth approximately $40
billion, with $10 billion coming from the United States.1 Global
cancer screening, with an approximately $150 billion market size in
2022, is expected to grow at a CAGR of 12% and reach approximately
$472 billion in 2033.2 Breast cancer detection and diagnostic
technologies (including mammography, MRI, ultrasound, etc.) are a
meaningful part of the medical imaging market and are estimated to
represent a $4.6 billion global market in 2023 with an ongoing CAGR
of 8%.3
QT Imaging, with the support of nearly $17.8 million in
financial support from the U.S. National Institutes of Health and
significant funding from private investors since its inception in
2014, has developed a novel, comprehensive body imaging technology
that has high resolution, high sensitivity, high specificity, high
positive and negative predictive values, and is safe and
inexpensive. The technology is based on low frequency transmitted
sound and uses a one-of-a-kind novel sound back-scatter design and
inverse-scattering reconstruction to create its images.
The QT Imaging Breast Acoustic CT™ Scanner, with its already
granted FDA clearance as adjunct to mammography, sets a new
standard in breast imaging excellence. Unlike traditional
mammography, this state-of-the-art system offers numerous key
advantages to a patient-centric approach. By eliminating
uncomfortable breast compression, radiation exposure, and the need
for contrast agents or injections, this innovative system
prioritizes patient comfort and safety while delivering
high-quality, high-resolution 3D images. Also, in overcoming the
limitations of traditional methods, the QT Imaging scanner ensures
consistent and reproducible image quality for patients with dense
breast tissue or implants, backed by rigorous validation from the
National Institutes of Health. Those differentiating and
state-of-the-art characteristics have already attracted the
attention of and led to a commercialization partnership with one of
the world’s major medical equipment providers, as QTI Imaging
recently announced.
Dr. John Klock, Chief Executive Officer and Founder of QT
Imaging, said, “The completion of our business combination with
GigCapital5 and emergence as a publicly-traded company is a
landmark achievement for QT Imaging, and one that we would not have
reached without the hard work and focus of our dedicated employees
and the support of our partners at GigCapital5, more so in this
very difficult time for fund raising and growing micro-cap
companies. By introducing the first body-safe imaging technology
into the marketplace, we are creating disruptive innovation, a
dedication to using technology, as well as software, artificial
intelligence, and smart physics, to improve medical imaging and
thus healthcare quality and access. As a public company, we plan to
stay committed to building value for shareholders by continuing to
address issues presented by conventional imaging technologies with
our accurate, safe, less expensive, easily deployable imaging
solutions.”
Dr. Avi Katz, Founding Managing Partner of GigCapital Global and
Executive Chairman of the Board of GigCapital5, said, “The
GigCapital team is very proud to have closed our fifth business
combination since inception in 2017, GigCapital5 with QT Imaging.
We are pleased to continue to support QT Imaging’s journey as a
publicly held company, as part of its Board of Directors and other
functions as the company enters its next phase of innovation and
growth. This combination is yet again a successful demonstration of
our Private-to-Public Equity (PPE)™ methodology, but, as
importantly, of our commitment to supporting companies in the
medical device space, with a clear purpose of improving the global
health outcomes, and delivering solutions that are safe,
affordable, accessible, and centered on the patient’s
experience.”
Advisors
Brown Rudnick LLP is serving as legal counsel, and BPM is
serving as auditor to QT Imaging. William Blair is serving as
Capital Markets Advisor, DLA Piper LLP (US) is serving as legal
counsel, and BPM LLP is serving as auditors to GigCapital5.
Proskauer Rose LLP is serving as legal counsel to William Blair.
Exit Strategy Partners, LLC introduced the parties and advised QT
Imaging in the transaction.
About QT Imaging
QT Imaging Holdings, Inc. is a medical device company engaged in
the research, development, and commercialization of innovative body
imaging systems using low frequency sound waves. QT Imaging strives
to improve global health outcomes. Its strategy is predicated upon
the fact that medical imaging is critical to the detection,
diagnosis, and treatment of disease and that it should be safe,
affordable, accessible, and centered on the patient’s experience.
For more information on QT Imaging please visit the company’s
website at www.qtimaging.com.
About GigCapital5
GigCapital5, Inc. is a Private-to-Public Equity (PPE)™ company,
also known as a blank check company or special purpose acquisition
company (SPAC), focusing on the technology, media and
telecommunications (TMT) and sustainable industries. It was
sponsored by GigAcquisitions5, LLC, which was founded by
GigFounders, LLC, each a member entity of GigCapital Global, and
formed for the purpose of entering into a merger, share exchange,
asset acquisition, stock purchase, recapitalization, reorganization
or similar business combination with one or more businesses.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including statements regarding QT Imaging’s management
team’s expectations, hopes, beliefs, intentions, plans, prospects
or strategies regarding the future, including possible business
combinations, revenue growth and financial performance, product
expansion and services. Any statements contained herein that are
not statements of historical fact may be deemed to be
forward-looking statements. In addition, any statements that refer
to projections, forecasts or other characterizations of future
events or circumstances, including any underlying assumptions, are
forward-looking statements. The words “anticipate,” “believe,”
“continue,” “could,” “estimate,” “expect,” “intends,” “may,”
“might,” “plan,” “possible,” “potential,” “predict,” “project,”
“should,” “would” and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. The forward-looking
statements contained in this press release are based on our current
expectations and beliefs made by the management of QT Imaging in
light of their respective experience and their perception of
historical trends, current conditions and expected future
developments and their potential effects on QT Imaging as well as
other factors they believe are appropriate in the circumstances.
There can be no assurance that future developments affecting QT
Imaging will be those that we have anticipated. These
forward-looking statements involve a number of risks, uncertainties
(some of which are beyond the control of the parties) or other
assumptions that may cause actual results or performance to be
materially different from those expressed or implied by these
forward-looking statements, including regulatory approvals, product
and service acceptance, and that QT Imaging will have sufficient
capital to operate as anticipated. Should one or more of these
risks or uncertainties materialize, or should any of our
assumptions prove incorrect, actual results may vary in material
respect from those projected in these forward-looking statements.
Additional factors that could cause actual results to differ are
discussed under the heading “Risk Factors” and in other sections of
QT Imaging’s (and its predecessor, GigCapital5, Inc.) filings with
the SEC, and in its current and periodic reports filed or furnished
from time to time with the SEC. All forward-looking statements in
this press release are made as of the date hereof, based on
information available to QT Imaging as of the date hereof, and QT
Imaging assume no obligation to update any forward-looking
statement, whether as a result of new information, future events or
otherwise, except as may be required under applicable securities
laws.
1See, Fortune Business Insight, Medical Imaging Market Size,
Share & COVID-19 Impact Analysis, Type (Magnetic Resonance
Imaging, Computer Tomography, X-ray, Ultrasound, and Molecular
Imaging), By Application (Cardiology, Neurology, Orthopedics,
Gynecology, Oncology, and Others), by End User (Hospitals,
Specialty Clinics, Diagnostic Imaging Centers, and Others), and
Regional Forecast, 2021-2028 (Jan. 2022), available at
https://www.fortunebusinessinsights.com/industry-reports/medical-imagingequipment-market-100382.
2 See, Market.us, Global Cancer Screening Market by Type, by
Application (Medical, and Biology), by Region, and Key Companies -
Industry Segment Outlook, Market Assessment, Competition Scenario,
Trends and Forecasts 2023-2033 (Jan. 2023), available at
https://market.us/report/cancer-screening-market/.
3 See, ReportLinker, Global Breast Imaging Technologies Market
to Reach $5.8 Billion by 2030 (Feb. 2, 2023), available at
https://finance.yahoo.com/news/global-breast-imaging-technologies-market-192600736.html?
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240304196590/en/
For GigCapital5: ICR Brian Ruby Brian.ruby@icrinc.com
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