October 29, 2024 QT Imaging Granted Renewal of NIH Sponsored Study for Early Identification of Response of Breast Cancer Patients to Neoadjuvant Chemotherapy

QT Imaging Holdings, Inc. (NASDAQ:QTI) a medical device company engaged in research, development, and commercialization of innovative body imaging systems, is pleased to announce the third year renewal of its five-year research grant from the National Institutes of Health (NIH)/National Cancer Institute (NCI). The study is a collaboration with the Department of Radiation Oncology, the Radiation Treatment Program at the Sunnybrook Health Sciences Centre in Toronto, Canada, the largest cancer center in Canada, and The University of Illinois, Urbana-Champaign, Department of Electrical and Computer Engineering and Grainger College of Engineering.

"The renewal of this grant is a reaffirmation of the need to determine effective therapies that work efficiently in days instead of months in cancer patients. The ongoing research holds the promise of yielding additional quantitative markers with improved estimate precision not afforded by conventional ultrasound imaging modalities."

As reported in the past, the goal of the project is to develop an accurate, quantitative, portable, safe, and repeatable breast imaging approach for early identification of the response of breast cancer patients to neoadjuvant chemotherapy (NAC). As part of this grant, quantitative breast images with independent biomarkers known to be sensitive to cancer were to be collected, and the response of cancer to therapy was planned to be derived from quantitative ultrasound based on backscatter analysis.

The QTI Breast Acoustic CT™ System installed at Sunnybrook Health Sciences Center earlier in the year was used to collect high resolution breast images from female patients with independent biomarkers known to be sensitive to cancer. The backscatter analysis method was successfully tested on in vivo breast imaging data. As for the next steps, the team will incorporate the algorithms into the QTI image reconstruction flow through combined algorithms and apply AI/ML techniques to yield an improved estimate of NAC efficacy based on the quantitative biomarkers from QTI scans data and backscatter analysis. As these quantitative biomarkers were never before available with an imaging scan, they generate fertile ground for novel AI/ML development.

"We are very encouraged by the results of our study and are privileged to work with Michael Oelze, PhD at Illinois, Greg Czarnota, MD, PhD at Sunnybrook Health Sciences Centre," said Dr. James Wiskin, PhD, Principal Data Scientist and QTI Fellow. "The renewal of this grant is a reaffirmation of the need to determine effective therapies that work efficiently in days instead of months in cancer patients. The ongoing research holds the promise of yielding additional quantitative markers with improved estimate precision not afforded by conventional ultrasound imaging modalities."

About QT Imaging Holding, Inc.

QT Imaging Holdings, Inc. is a public (NASDAQ: QTI) medical device company engaged in research, development, and commercialization of innovative body imaging systems using low frequency sound waves. QT Imaging Holdings, Inc. 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 Holdings, Inc., please visit the company's website at www.qtimaging.com.

Breast Acoustic CT™ is a trademark of an affiliate of QT Imaging Holdings, Inc.

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. Such statements contain words such as "will," and "expect," or the negative thereof or comparable terminology, and include (without limitation) statements regarding the grant goals and next steps. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. These risks include, but are not limited to: research results from the use of the Breast Acoustic CT™ Scanner, the ability of QT Imaging Holdings to sell and deploy the Breast Acoustic CT™ Scanner, the ability to extend product offerings into new areas or products, the ability to commercialize technology, unexpected occurrences that deter the full documentation and "bring to market" plan for products, trends and fluctuations in the industry, changes in demand and purchasing volume of customers, unpredictability of suppliers, the ability to attract and retain qualified personnel and the ability to move product sales to production levels. Additional factors that could cause actual results to differ are discussed under the heading "Risk Factors" and in other sections of QT Imaging Holding's (and its predecessor, GigCapital5, Inc.) filings with the SEC, and in its other 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 Holdings as of the date hereof, and QT Imaging Holdings assumes no obligation to update any forward-looking statement.