Business
QT Imaging Holdings Announces Completion of Business Combination with GigCapital5
Combined Company’s Innovative Body Imaging Scanning Systems Using Low Frequency Sound Waves Provide Critical Solutions for Detection, Diagnosis, and
About this update from Qt Imaging Holdings, Inc.
[{"type":"text","content":"\nCombined Company’s Innovative Body Imaging Scanning Systems Using Low Frequency Sound Waves Provide Critical Solutions for Detection, Diagnosis, and Treatment of Disease\n\n\nQT Imaging Holdings Expected to Begin Trading on NASDAQ Under Ticker Symbol “QTI” on March 5, 2024\n\n\n NOVATO, Calif. & PALO ALTO, Calif.--(BUSINESS WIRE)--\nQT 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”.\n\n\nDoctors 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\n\n\nQT 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...