IQ-AI Ltd (LSE:IQAI, OTCQB:IQAIF) said it aims to convert a significant portion of the 45 sites currently assessing its IB imaging software into clients by year-end while leveraging momentum from its ongoing phase I clinical trial to expedite phase II preparations.
Investors were told a surge in pre-sales activity has been seen - a seven-fold increase from previous periods, which has been attributed to partnerships with platform partners such as TeraRecon (Eureka) and Bayer (Calantic).
The company said it remains optimistic about revenue growth, expecting a step-change in the latter half of 2023.
IQ-AI provided the update alongside first-half results, which showed the company made a loss for the six months ended 30 June 2023 of just over £300,000.
The update also provided more detail on the phase I clinical trial for gallium maltolate (GaM), conducted at the Medical College of Wisconsin, and researchers' focus on determining the maximum-tolerated dose (MTD) for patients with recurrent glioblastoma multiforme (GBM).
Encourging results mean the study will expand its enrolment from 24 to 36 subjects. It is projected to conclude in 2024, with phase II set to commence in early 2025.
In February, the US Food and Drug Administration (FDA) awarded Orphan Drug Designation (ODD) to GaM for GBM treatment, extending this status to paediatric populations in June. This designation provides incentives and market exclusivity, encouraging the development of treatments for rare diseases.