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IQ-AI’s Imaging Biometrics subsidiary wins US$2.75mln grant from US government

The grant provides Imaging Biometrics with income for five years, money which it will use to further develop its brain tumour software

IQ-AI Limited - IQ-AI’s Imaging Biometrics subsidiary wins US$2.75mln grant from US government

IQ-AI Limited’s (LON:IQAI) Imaging Biometrics subsidiary has received a US$2.75mln, five-year grant from the US Department of Health’s National Cancer Institute.

Imaging Biometrics will use the money to develop more software solutions that can help doctors better understand and treat advanced brain tumours.

READ: IB working on technologies that lessen reliance on potentially harmful chemicals

Its Rad Tech software was used last year in a big US clinical trial to quantify how patients were responding to Avastin – a common cancer medication.

“Our grant and contract development work are important stimuli at Imaging Biometrics,” said IB’s chief executive David Smith.

“This grant will provide income for the company for the next five years, as well as, further catalyse the development of our quantitative imaging tools, enabling us to apply the result of this collaboration with MCW to our commercial products.”

IQ-AI shares were up 7.8% to 6.25p on Wednesday morning, valuing the company at £8.4mln.

Quick facts: IQ-AI Limited

Price: 3.3 GBX

Market: LSE
Market Cap: £4.82 m

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