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Why the MyFiziq (ASX:MYQ) share price is racing 13% higher today

woman throwing arms up in celebration whilst looking at asx share price rise on laptop computer
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The MyFiziq Ltd (ASX: MYQ) share price is out of its trading halt and racing higher this afternoon.

The image capture and dimensioning technology provider’s shares are currently up 13% to $1.08.

Why is the MyFiziq share price racing higher?

The catalyst for this strong gain has been the announcement of an agreement with Canada-based Triage Technologies.

This agreement will see the company take a strategic equity stake in Triage and license the use of its artificial intelligence (AI) health assistant technology for integration into MyFiziq’s CompleteScan software offering.

What is Triage Technologies?

According to the release, Triage has developed the world’s most advanced dermatological AI system which can accurately identify 588 skin conditions from a photo in only seconds. This includes all categories of skin cancers.

The accuracy of the engine has been tested against dermatologists and has proven to be more accurate more often than a dermatologist.

Management notes that the technology was created using a proprietary database that is not only the largest of its kind in the world, but also larger than those of IBM and Google combined. Triage expects to receive a USA patent for its system in 2021, with further jurisdictions to follow.

MyFiziq’s Chief Executive Officer, Vlado Bosanac, commented: “Over the past 6 months, I have been developing a multiplatform strategy for MyFiziq. I first obtained the NuraLogix capabilities with the integration of Facial Scan using Transdermal Optical Imaging, which quickly proved to be a very attractive and complementary addition to the deep suite of image captures that MyFiziq has been releasing to the world.”

“I have identified Triage as a natural fit for the platform and for the expanded interest which MYQ has developed from the medical and remote care communities for triaging users not only in the current COVID situation but also in normal times. Triage brings a complementary offering to our CompleteScan platform, which is assisting in the completion of my vision in creating the “Tricorder” of digital health screening in your hand,” he added.

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Returns as of 6th October 2020

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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