Icelandic New Business Venture Fund invests in IceMedix


Reykjavik, December 2, 2011

The New Business Venture Fund or Nysköpunarsjodur (NSA, www.nsa.is) has agreed to buy shares in Intellix Icelandic joint venture IceMedix ehf. The investment of ISK 55 million will be done in three tranches and thereafter NSA’s share holding in IceMedix will be 27% (see press release in Icelandic).

The aim of NSA and the other shareholders is to ensure the economic foundation and building up the company in specializing in the production of decision support tools for preventive work and diagnostics in health care. IceMedix develop, test and sell software were artificial intelligence from Intellix is used to facilitate health care access to best available medical knowledge at any given time. Such solutions will assist physicians in the diagnosis, treatment and control of complex diseases. Such tools will furthermore increase efficiency and reliability of the important decisions that must be taken in health care every day. It is believed that the decisions support tools will save doctors and patients precious time, lead to more effective use of research and appropriate treatment, and to significant savings for the health care system.

IceMedix will soon launch its first product to facilitate the prevention, detection, monitoring and treatment of osteoporosis and development of equipment for the diagnosis of autoimmune diseases is far advanced. IceMedix business is based on years of research and experience by the medical expertise lead by Professors Björn Runar Lúðvíksson and Björn Guðbjörnsson as well as extensive data processing, where AI from Intellix is used.

Helga Valfells, Director of NSA said in a statement that she is pleased to have the opportunity to invest in companies like IceMedix: "We have great faith in the company and its projects. There is gathered tremendous knowledge and experience of most competent men in the diagnosis of diseases and treatments as well as knowledge of data processing of large databases. It is our hope in NSA that this will be the beginning of a successful cooperation between IceMedix and NSA for helping to create valuable jobs and to deliver good returns for the fund, support in the decision making for physicians and patients and potential savings for the health care system. "

Bjorn R. Lúðvíksson, Chairman of Icemedix said in a statement: "Through our partnership with NSA, IceMedix has taken a big step towards establishing the company's products on the market. With access to NSA IceMedix has got a firm foundation structure with increasing credibility and quality of service and the equipment will soon be available to the public."

About IceMedix:
IceMedix was founded in 2008 by Prof. Björn Rúnar Ludvikson, MD, PhD and Prof. Björn Guðbjörnson and Per Schmidt owner of Intellix. Intellix specializes in the development and implementation of software solutions were proprietary artificial intelligence is used to capture automate best available knowledge (best practice) in organizations in health care, banking, insurance and telecom, to name a few. Using such clinical decision support systems developed for IceMedix will improve efficiency and quality of health care services as well as significant savings for users and for the health care system. Design and development of equipment in the area of osteoporosis is now in its final stage and marketing is being initiated. Icemedix’ osteoporosis risk advisor has been under testing in a pilot study conducted in collaboration with physicians at Health Clinic Gardabae. Similar equipment in the field of auto-immune diseases is currently under development within the company.

About New Business Venture Fund

The fund takes an active role in the development and growth of the economy by investing in beneficial innovation and start-ups. NSA is an independent investment fund owned by the Icelandic government

For further information please contact:

Per Schmidt, CEO, Intellix
ps@intellix.com

Thorsteinn Geirsson, CEO
thor@expeda.is
Phone: +354 897 9148