UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2023
Commission File Number: 001-41089
Advanced Health Intelligence Ltd
(Translation of registrant’s name into English)
71-73 South Perth Esplanade, Unit 5
South Perth, WA 6151
Australia
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form
40-F ☐
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached as Exhibit 99.1 to this Report on Form
6-K is a copy of the press release of Advanced Health Intelligence Ltd, dated August 14, 2023: “Advanced Health Intelligence Ltd
Signs Collaboration Agreement with IntelliGen FZ-LLC ”.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
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ADVANCED HEALTH INTELLIGENCE LTD |
| |
|
|
| Date: August 14, 2023 |
By: |
/s/ Scott
Montgomery |
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Name: |
Scott Montgomery |
| |
|
Title: |
Chief Executive Officer |
2
Exhibit 99.1
Market
Announcemnt
August
14, 2023
|
 |
Advanced Health
Intelligence Ltd Signs Collaboration Agreement with IntelliGen FZ-LLC
Highlights
| ● | AHI enters a second commercial
agreement in the UAE. |
| ● | IntelliGen Founders have worked
with, and within the Government, Healthcare needs across the Middle East. |
| ● | IntelliGen will receive up to
2,000,000 AHI shares for the delivery of a USD$20,000,000 License to AHI within the region.
|
| ● | IntelliGen to receive a revenue
share on all sales across the region delivered by IntelliGen. |
| ● | AHI and IntelliGen to use a Special
Purpose Vehicle (SPV) to house the commercial agreements introduced by IntelliGen. |
| ● | IntelliGen Co-founder Dr Zaher
led the development of the COVID-19 vaccine research and protocol for the UAE. |
| ● | IntelliGen Co-founder Dr Zaher
was instrumental in the execution of the UAE genomics program at Sovereign Fund G42. |
| ● | IntelliGen Co-founder Dr Zaher
and Ms Sayed Awad are involved in the development and execution of multiple Saudi strategies
as part of the Kingdom’s 2030 vision. |
Perth, Australia August 14, 2023 - Advanced
Health Intelligence Ltd (ASX/NASDAQ: AHI) (“AHI” or the “Company”) is pleased to inform shareholders that
the Company has entered into a Collaboration Agreement with UAE-Based IntelliGen FZ-LLC to deploy the AHI technology throughout the Middle
East.
The Collaboration Agreement between AHI and IntelliGen
represents the successful conclusion of an extensive evaluation process by IntelliGen, which encompassed technology functionality, usability,
and health evaluation.
The collaboration between AHI and IntelliGen represents a ground-breaking initiative to address the pressing healthcare challenges in
the Middle East, particularly in Saudi Arabia. This partnership combines AHI’s advanced technology with IntelliGen’s deep
understanding of in-country needs and its founders’ extensive experience in healthcare provision and government collaboration.
At the heart of this collaboration is the purpose-focused
digital health platform designed to tackle the nation’s high rates of chronic disease. The platform’s primary goal is to
shift the healthcare paradigm from reactive to proactive, focusing on early identification and intervention of chronic diseases rather
than episodic care when the problem has already manifested.
It is widely recognised that the region has high
rates of chronic diseases. For instance, the World Health Organization (WHO) has reported that non-communicable diseases (NCDs), which
include chronic diseases like heart disease, stroke, cancer, diabetes, and chronic lung disease, account for 74% of global deaths and
58% of deaths in the Eastern Mediterranean region, which includes most Middle Eastern countries.i
Specifically, the prevalence of diabetes is exceptionally
high. According to the International Diabetes Federation, in 2019, approximately 55 million adults in the Middle East and North Africa
region (MENA) had diabetes, representing a prevalence rate of around 12.2%ii
among adults, which is one of the highest rates globally.
| i | https://www.who.int/news-room/fact-sheets/detail/noncommunicable-diseases |
| ii | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8472500/#::text=Specifically%2C%20the%20Middle%20East%20and,%25%20projected%20rise%5B4%5D. |
Advanced Health Intelligence
Ltd
ACN 602 111 115
Postal Address: PO Box 190,
South Perth WA 6951
Email: investors@ahi.tech
Market Announcemnt
August 14, 2023
|
|
The Middle East, particularly Saudi Arabia, is
facing a significant health challenge with one of the world’s highest rates of chronic diseases. Conditions such as diabetes, heart
disease, and obesity are prevalent, putting a tremendous strain on healthcare systems and affecting the quality of life for millions
of individuals.
The traditional approach to healthcare, which
often involves treating patients once symptoms have manifested, is not sufficient to address this escalating issue. We need to shift
our focus towards prevention and early intervention, identifying the early markers of chronic diseases and introducing proper care pathways
before a health event occurs.
Digitising healthcare is the key to making this
shift. By leveraging IntelliGen’s and AHI’s integration of these cutting-edge technologies, we can collect, analyse, and
interpret health data on a scale never before possible. This enables healthcare providers to identify at-risk individuals, monitor disease
progression, and intervene at the earliest identifiable juncture. By doing so it will enable the introduction of proper care pathways
before a health event happens, ultimately improving patient outcomes and overall healthcare efficiency.
IntelliGen is delivering a purpose-specific digital
capability for the Saudi 2030 Health Initiative, which aims to revolutionise healthcare across all sectors. The Health Sector Transformation
Program, a key component of this initiative, seeks to establish a comprehensive, effective, and integrated health system that prioritises
the health of individuals and society, including citizens, residents, and visitors.
The program is grounded in the principle of value-based
care, promoting transparency and financial sustainability. It emphasises public health and disease prevention, striving to improve access
to health services through optimal coverage and equitable geographical distribution.
The program also aims to expand the provision
of e-health services and digital solutions, enhancing the quality of health services in line with the best evidence-based international
standards. It focuses on beneficiary satisfaction, fostering integrated healthcare systems covering all Kingdom regions.
The Health Sector Transformation Program also
prioritises societal awareness of traffic and safety, coordinating efforts among all health sector entities, Variable Retention Programs
(VRPs), and relevant government entities. This alignment ensures the strategic national goals are met during the transformation journey.
IntelliGen is proud to be part of this transformative initiative.
In this context, our collaboration with IntelliGen
is of paramount importance. Together, we aim to bring digitised healthcare and early intervention to the Middle East, with a specific
focus on the right care pathways for the reduction of chronic disease. Our combined expertise and commitment to innovation can make a
significant contribution to the Saudi 2030 Digital Health Initiative and the broader goal of improving health in the Middle East.
The collaboration between AHI and IntelliGen
has the potential to revolutionise healthcare delivery in the Saudi region. By focusing on early identification and intervention of chronic
diseases, they aim to foster a healthier future for Saudi Arabia and beyond.
The founders of IntelliGen - Zaher, Sayed Awad,
and Idris - bring their deep roots in healthcare provision across multiple continents and extensive experience working with and in governments
throughout the Middle East to this initiative. Their expertise, combined with AHI’s technology, will be instrumental in delivering
a solution that meets the region’s unique needs.
The success of any initiative is always reliant
on the expertise and connections brought by having the right people at the heart of the cause who champion such initiatives and lasting
results. The founders of IntelliGen, with their profound industry knowledge and extensive networks across the Middle East and North Africa
(MENA) region, are invaluable assets. Their insights into the healthcare landscape and their ability to forge strategic partnerships
are instrumental in driving forward these transformative initiatives. The IntelliGen founders’ commitment to innovation and vision
for a digitised, integrated healthcare system are key factors in successfully implementing these ambitious health sector transformations.
Advanced Health Intelligence
Ltd
ACN 602 111 115
Postal Address: PO Box 190,
South Perth WA 6951
Email: investors@ahi.tech
Market Announcemnt
August 14, 2023
|
|
The broad commercial terms of the Collaboration
Agreement with IntelliGen FZ-LLC are:
| 1. | The agreement was made between IntelliGen
Solutions FZ-LLC, a company incorporated under the laws of the Dubai Development Authority,
and Advanced Health Intelligence Ltd (AHI), |
| 2. | The initial term of the agreement will
be for 12 months from the effective date and will automatically extend annually unless terminated
by either party with 30 days’ notice prior to the end of the initial term. |
| 3. | The partnership aims to establish AHI’s
presence within both governmental and private entities across the Middle East, mainly focusing
on Saudi Arabia. The goal is to commercialise AHI’s technology through IntelliGen Solutions. |
| 4. | AHI UAE will form a Special Purpose Vehicle
(SPV) to pursue commercial opportunities introduced by IntelliGen Solutions. |
| 5. | IntelliGen will receive a revenue share
from all opportunities introduced by IntelliGen. |
| 6. | Revenue share will be calculated as 50%
of revenue above AHI base commercial offering. |
| 7. | The Agreement can be terminated by mutual
agreement upon 90 Days written notice or with cause. |
IntelliGen has the potential to earn between
250,000 and up to 2,000,000 fully paid ordinary shares in AHI. This share allocation is intricately linked to the successful generation
of license fees through collaboration or direct investment in AHI. The issuance of these shares is contingent upon IntelliGen meeting
specific criteria related to generating license fees or investment, as outlined in the table below. Upon the successful fulfilment of
these criteria, AHI will seek shareholder approval for the issuance of the shares.
| Aggregate
License Fee/Investment ($) |
|
AHI Shares
issued to IntelliGen |
| US$2m |
|
250,000 |
| US$5m |
|
500,000 |
| US$10m |
|
1,000,000 |
| US$20m |
|
2,000,000 |
This structure provides a significant incentive
for IntelliGen and underscores our confidence in the value and potential of the collaboration with AHI.
The parties are targeting Q1 2024 as the initial
launch of the combined solution, and until such time AHI does not expect this collaboration to generate any revenue.
The pivotal forces driving this transformative
journey are the founders of IntelliGen:
Dr Walid Zaher, a renowned scientist and
medical doctor from Saudi Arabia, brings his expertise in leading transformative healthcare initiatives, such as the Emirati Genome Program,
to the collaboration.
Entrusted by the UAE government to oversee the
COVID-19 vaccine’s development and implementation, his leadership will be pivotal in developing the digital platform.
With over 35 years in healthcare informatics,
Magid Hassan Ahmed Idris brings a diverse skill set to the AHI collaboration. His experience in engineering, sales, marketing,
and management, along with his work with international organisations, provides him with a deep understanding of technology integration.
His success in positioning MEDICOM & myCare as a leading product in the Middle East demonstrates his ability to drive product success
and establish successful networks.
Co-founder of IntelliGen, Ms Nancy Sayed Awad,
brings extensive experience in healthcare informatics and commercial strategy to the collaboration. Her leadership roles in organisations
like IQVIA Middle East, Pfizer, and Sanofi have equipped her with valuable skills. As a former Senior Director at IQVIA Middle East,
she led the commercial team and formulated strategies for key commercial partnerships.
Advanced Health Intelligence
Ltd
ACN 602 111 115
Postal Address: PO Box 190,
South Perth WA 6951
Email: investors@ahi.tech
Market Announcemnt
August 14, 2023
|
|
As a Principal Consultant, she led a diverse
team across five critical verticals and was instrumental in geographic expansion and strategic projects. Her experience in managing clinical
trial operations at Pfizer and Sanofi further enhances her value to the collaboration.
Significantly, Ms. Sayed Awad and Dr. Zaher have
been entrusted with the critical task of developing and implementing multiple Healthcare transformational strategies as part of the Saudi
2030 vision. Their selection for this pivotal role underscores their esteemed industry position and profound expertise.
Their contributions will be instrumental in shaping
the future of healthcare in Saudi Arabia, reinforcing the importance of their roles in this transformative journey.
Dr Walid Zaher, Co-Founder of IntelliGen,
said:
“As a medical professional and a scientist,
I have always been driven by the desire to significantly impact people’s lives. The Middle East, particularly Saudi Arabia, is
grappling with a significant health challenge chronic disease. These conditions, such as diabetes, heart disease, and obesity, are prevalent
and are affecting the quality of life for millions of individuals.
The traditional approach to healthcare, which
often involves treating patients once symptoms have manifested, is not sufficient to address this escalating issue. We need to shift
our focus towards prevention and early intervention, identifying the early markers of chronic diseases and introducing proper care pathways
before a health event occurs.
This is why I chose to collaborate with AHI.
Their cutting-edge technology allows us to collect, analyse, and interpret health data on a scale never before possible. This enables
healthcare providers to identify at-risk individuals, monitor disease progression, and intervene at the earliest possible stage.
I am excited to bring AHI’s technology
to the Middle East. This technology can bring about a fundamental change in our approach to healthcare, focusing on the needs of the
community and the reduction of chronic disease.”
Vlado Bosanac, Founder and Head of Strategy
at AHI, said:
“The Middle East, particularly Saudi Arabia, is facing a significant health challenge with high rates of chronic diseases. Our
technology allows us to shift the focus from treatment to prevention and early intervention, which is crucial in addressing this escalating
issue. Identifying early markers of chronic diseases and introducing proper care pathways before a health event occurs can significantly
improve patient outcomes and overall healthcare efficiency.
Our collaboration with IntelliGen brings together
a wealth of expertise and a shared commitment to innovation. I am confident that together, we can make a significant contribution to
the Saudi 2030 initiative and the broader goal of improving health in the Middle East
As the Head of Strategy at AHI, I am thrilled
about our collaboration with IntelliGen and the opportunity to contribute to the Saudi 2030 Digital Health Initiative. This initiative’s
vision aligns perfectly with our mission at AHI to leverage our proprietary digital technologies to transform healthcare delivery.”
About IntelliGen FZ-LLC:
IntelliGen, a pioneering digital healthcare company,
is set to revolutionise healthcare delivery in the Middle East. The region currently faces a significant health challenge, with some
of the highest rates of chronic diseases globally. Non-communicable diseases, including diabetes, heart disease, and obesity, account
for 58% of deaths in the Eastern Mediterranean region. The prevalence of diabetes alone stands at around 12.2% among adults, one of the
highest rates worldwide. IntelliGen is actively developing and licensing cutting-edge technologies specifically designed for deployment
throughout the Middle East. This strategic initiative underscores our commitment to innovation and aligns with our mission to transform
healthcare delivery in the region.
Advanced Health Intelligence
Ltd
ACN 602 111 115
Postal Address: PO Box 190,
South Perth WA 6951
Email: investors@ahi.tech
Market Announcemnt
August 14, 2023
|
|
IntelliGen aims to address this escalating health
crisis by shifting the focus from treatment to prevention and early intervention. Leveraging cutting-edge technologies, data generation,
and advanced analytics, our technology identifies early markers of chronic diseases, enabling the introduction of proper care pathways
before a health event occurs. This approach will improve patient outcomes and overall healthcare efficiency.
IntelliGen’s mission aligns with the ambitious
Saudi 2030 Digital Health Initiative, which seeks to integrate digital technologies into every aspect of healthcare delivery. The initiative
focuses on enhancing patient experience, improving health outcomes, and reducing costs.
IntelliGen’s collaboration with leading
technology providers will significantly contribute to this initiative, bringing digitised healthcare and early intervention to the Middle
East.
The founders of IntelliGen, Dr Walid Zaher, Magid
Hassan Ahmed Idris, and Ms Sayed, bring a wealth of experience and deep roots in healthcare provision across multiple continents. Their
extensive experience working with and in governments throughout the Middle East will be instrumental in delivering a solution that meets
the region’s unique needs. Their combined expertise and commitment to innovation will foster a healthier future for Saudi Arabia
and beyond.
IntelliGen’s target audience includes governments,
healthcare providers, and the general population across the Middle East. The Company’s solutions are designed to be cost-effective
and scalable, allowing for rapid deployment across large populations. By leveraging technology, IntelliGen aims to provide proactive
care solutions at population scale, addressing the region’s unique healthcare needs.
IntelliGen is reshaping the healthcare landscape
in the Middle East with a digitised data-driven ecosystem that enhances patient care and research and boosts overall healthcare efficiency.
In the face of Saudi Arabia’s high chronic disease rates, IntelliGen’s pioneering approach offers a beacon of hope and a
path towards a healthier future.
The Board of Advanced Health Intelligence Ltd
has approved this announcement.
For more information, contact:
Scott Montgomery
Chief Executive Officer
Advanced Health Intelligence Ltd
E: admin@ahi.tech |
Vlado Bosanac
Founder/Head of Strategy
Advanced Health Intelligence Ltd
E: admin@ahi.tech |
|
About Advanced Health Intelligence Ltd
Advanced Health Intelligence Ltd (AHI) is committed
to becoming a global leader in digital health, harnessing its proprietary technology and innovative processes to redefine health screening.
Leveraging the ubiquity and convenience of smartphones, AHI aims to deliver a comprehensive suite of assessment tools to healthcare providers,
caregivers, insurers, and governments around the world.
Our mission is to improve healthcare outcomes,
enhance health literacy, and support the early detection and management of various health conditions.
Since our inception in 2014, AHI has been at
the forefront of Health-tech innovation, starting with the world’s first on-device body dimensioning capability. Our patented technology
has evolved into a robust suite of solutions symbolising digitised healthcare’s future.
Advanced Health Intelligence
Ltd
ACN 602 111 115
Postal Address: PO Box 190,
South Perth WA 6951
Email: investors@ahi.tech
Market Announcemnt
August 14, 2023
|
|
Our key offerings include:
| ● | Body dimension and composition assessments
enable the identification of obesity-related comorbidities such as diabetes. |
| ● | Blood biomarker prediction includes
HbA1C, HDL, LDL, and 10-year mortality risk. |
| ● | Transdermal Optical Imaging, providing
vital signs and cardiovascular disease risk estimates. |
| ● | On-device dermatological skin identification
recognises 588 skin conditions across 133 categories, including Melanoma. |
| ● | Assisting partners in delivering
personalised therapeutic and non-therapeutic health coaching to improve daily habits and
build health literacy. |
At the heart of AHI is our world-class team comprising
machine learning and AI experts, computer vision specialists, and medically trained data scientists. Their collective expertise ensures
AHI remains at the cutting edge of health-tech innovation, tailoring our technology to meet the evolving needs of our consumers.
AHI’s vision extends beyond individual
health assessments. We aspire to create a transformative impact at scale, driving forward a new era in digital healthcare. Our biometrically
derived triage solution, accessible via a smartphone, enables our partners to identify and manage health risks at a population scale.
In the pursuit of proactive health management,
AHI stands ready to guide healthcare providers, caregivers, insurers, and governments in triaging individuals into the most suitable
care pathways. Through technology, AHI is contributing to a more efficient, effective, and inclusive global healthcare system.
For more information, please visit: www.ahi.tech
Advanced Health Intelligence
Ltd
ACN 602 111 115
Postal Address: PO Box 190,
South Perth WA 6951
Email: investors@ahi.tech
6
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