IQ-AI's Imaging Biometrics at the forefront of brain tumour analysis
Last updated: 07:36 26 Feb 2024 GMT, First published: 14:18 05 Nov 2020 GMT
Snapshot
- IQ-AI raises £371,000 through broker option and placing
- IQ-AI trebles in value after impressive run of updates
- IQ-AI advances glioblastoma clinical trial, eyes phase two in 2025
About the company
IQ-AI Ltd, the parent company of Wisconsin-based Imaging Biometrics, LLC (IB), is focused on delivering quantitative imaging platforms and therapeutics that transform how clinicians diagnose and treat patients more efficiently and effectively.
How it is doing
IQ-AI Ltd (LSE:IQAI, OTCQB:IQAIF) has successfully raised £371,000 before expenses through the issuance of 20 million new ordinary shares at 1.5p each, alongside 4,733,333 broker option shares.
The total raised included £300,000 from the placing and £71,000 from the broker option exercisable by Peterhouse Capital Limited (LSE:CAPD).
These funds will support the ongoing development of its oral anti-tumour agent, which has fast-track designation status from the US Food & Drug Administration and is currently being studied in a phase I trial.
Admission of the new shares to the UK Listing Authority's Official List is expected around 1 March 2024, with trading to commence immediately.
IQ-AI Ltd (LSE:IQAI, OTCQB:IQAIF) has announced £400,000 will be raised through a placement to help the company develop its oral anti-tumour agent.
Some £300,000 will be raised through the issue of 20m new shares at 1.5p each, IQ-AI said in a statement on Thursday.
Imaging Biometrics, a wholly owned subsidiary of IQ-AI Ltd (LSE:IQAI, OTCQB:IQAIF), intends to modify and resubmit its application for Paediatric Rare Disease (PRD) Designation, in response to a letter from the US Food and Drug Administration (FDA) encouraging a resubmission for a narrower target population.
Imaging Biometric said it is actively working on the request with plans to resubmit by the end of next week.
Insight: IQ-AI trebles in value after impressive run of updates
IQ-AI Limited (LON:IQAI) is firing on all cylinders after a few busy weeks that saw its share price rocket three-fold.
The AIM-listed investor, which focuses on the tech sector, touched a five-year high last week after a triple dose of good news.
What management says
Dr Jennifer Connelly, MD, the Principal Investigator (PI) of the IQ-AI Ltd (LSE:IQAI, OTCQB:IQAIF) sponsored phase one clinical trial that is being conducted at the Medical College of Wisconsin, joined Proactive's Stephen Gunnion with a positive update from its treatment for recurring glioblastoma patients.
Connelly explained that glioblastoma, the most common malignant brain tumour, significantly impacts brain function, highlighting the importance of clinical trials to improve patient quality of life.
The trial, opened nearly two years ago, investigates gallium maltolate, an oral medication showing promise in preclinical studies and animal models for efficacy against tumour cells. This phase focuses on drug tolerance, with patients reporting ease of use compared to traditional treatments and the ability to maintain normal daily activities.