IQ-AI Ltd (LSE:IQAI, OTCQB:IQAIF), a developer and manufacturer of medical image processing platforms, said significant progress was being made with the phase I clinical trial of its gallium maltolate (GaM) treatment for people with brain cancer.
In a letter to shareholders, it said the programme remained the company’s top priority, adding that screening and enrolment continued at an "outstanding pace" and follow-up visits are increasing as more subjects remain on the study.
Late last year, an orphan drug designation (ODD) application for GaM was submitted to the US Food and Drug Administration (FDA).
The drug regulator has 90 days to review the application. If granted, ODD would provide exclusive marketing and development rights, tax credits for clinical trial expenditures and potential decreased wait time for drug approval.
In the update, investors were told the company is also focusing on accelerating the deployment of its IB Clinic product, a software used by clinicians worldwide to process thousands of neuro exams each year.
IQ-AI has invested in new marketing campaigns and doubled its outreach efforts, the letter said.
The company is also launching an IB user group forum with the first scheduled for 24 January. The topic will be IB Delta T1 maps and its clinical value for radiologists, oncologists and surgeons.
IQ-AI also said it is working with "select companies" that offer different, yet complimentary, technologies for treating common diseases.
They will merge "best-of-breed" applications into a single package which should have a more immediate and realistic appeal to clinicians treating complex diseases.
Additionally, the company is collaborating with world-renowned leaders in neuro-oncology to establish DSC-MRI as the clinical standard.