IQ-AI Ltd (LSE:IQAI, OTCQB:IQAIF) has filed a provisional application with the US Patent and Trademark Office for using Gallium Maltolate as a potential cancer treatment, marking a step toward securing intellectual property while further developing the treatment.
Along with this update, the group reported steady revenue growth, which is projected between $900,000 and $1 million this year, a notable increase from $760,000 12 months earlier.
Sales of its imaging software solutions have largely driven this growth.
Meanwhile, IQ-AI’s phase I clinical trial of IB003, its cancer treatment using Gallium Maltolate, is nearing completion, and discussions have begun with potential partners to fund a phase II trial, aiming to advance the development of its cancer treatment approach.
"We are extremely pleased with the revenue performance this year and we remain hopeful that revenue will continue to build as software innovations come on stream," said CEO Trevor Brown.
"Regarding IB003, the planning for a phase II trial will move to the centre of our attention which includes discussions with potential funding partners."