It looks like the Skin Analytics pitch on Crowdcube may have passed its due diligence whilst the DD dept at CC were out to lunch; that would be anytime, any day apart from Sunday.
In the pitch the company makes various claims - we covered one earlier relating to its link up with Vitality Life.
One such claim is -
"Our innovative machine learning algorithms work in two parts....... By combining these two features, we will meet the NICE guideline for melanoma diagnosis."
However the NICE Guidelines published only 3 months ago state they...
".....do not routinely use ... computer-assisted diagnostic tools to assess pigmented skin lesions."
This is clearly a specialist area and has complexities that we wouldnt wish to claim to understand. The problem here, however appears to be that neither do Crowdcube. If they do have a DD department, which we find unlikely, then why didnt they read the NICE guidelines? Skin Analytics may well be able to change the NICE guidelines in time but this does not alter the fact that under the current guidelines, which are only 3 months old, their system would not be considered acceptable. So why claim the contrary?
Finding a diagnostic tool for melanomas is an important aim but making claims that your company meets NICE guidelines in order to obtain investment from the public obviously shouldnt be allowed. Where are the FCA?
Following the clearly misleading statements made by this pitch and the acceptance of them by the Crowdcube out to lunch dept, the pitch and Crowdcube have now changed these claims. Instead of the company's gadget meeting NICE guidelines, they now say they will work with NICE to ensure the guidelines are changed - so that the gadget will then meet them! Surely this sales approach should be looked into seriously by the FCA?
If someone had not bothered to point this gross error out on the forum, then investors would have put money into this company under what they have now admitted are false pretences. Are we therefore to believe that the Crowdcube forum is the new FCA?