IQ-AI Ltd (LSE:IQAI, OTCQB:IQAIF) shares surged over 25% on Friday in response to its wholly owned subsidiary Imaging Biometrics entering into a commercial agreement with US multinational GE HealthCare (GEHC) to make its products available on GEHC's MR Smart Subscription.
IB Neuro and IB Delta T1 maps are applications that accept MRI data as input and automatically compute quantitative and proprietary images as output.
IQ-AI noted in a press release that the global MRI market is projected to grow at a rate of 7% and surpass US$11 billion by 2030.
The agreement will make Imaging Biometrics' solutions available directly to the large number of sites with GEHC systems already installed as well as new systems scheduled for installation.
"This agreement with GEHC is a major development for IQ-AI," said IQ-AI’s chief executive Trevor Brown "It means that any hospital or imaging centre that has a GEHC MRI scanner and MR Smart Subscription will have access to IB's solutions."
At the time of writing, IQ-AI shares were swapping for 3.93p with a market capitalisation of £7.18 million (US$9.1 million)