IQ-AI Limited (LON:IQAI) shares climbed on Monday after the company’s subsidiary, Imaging Biometrics (IB), was awarded a US$2.57mln, five-year grant from the National Institutes of Health (NIH) – National Cancer Institute (NCI).
The company said the funding will begin on July 1 with the primary purpose of optimising and validating multi-vendor quantitative perfusion tolls for the prediction of brain tumour response to therapy on a patient-specific basis.
The effort is a collaboration between IB and the Barrow Neurological Institute (BNI), the Mayo Clinic (AZ), and the Medical College of Wisconsin (MCW).
Chad Quarles, professor and chair of the Division of Neuroimaging Research at BNI is the principal investigator and will lead the effort to provide brain tumour physicians with a novel MRI method that provides several different measures of tumour biology using just one MRI technique called SAGE (spin and gradient echo).
IQ-AI said the additional biological information will help doctors determine how best to combine therapies and complement IB’s current methods of monitoring treatment response.
The company said the effort also includes a plan to harmonise the way SAGE data is collected and analysed across sites and MRI vendors, and that IB’s participation will “further expand its footprint as the recognised leader in brain cancer imaging and assessing treatment response”.
"Since our inception in 2007, NIH grant funding has helped fuel our business by enabling us to accelerate the development and translation of novel imaging technologies into practical products. Not only does this grant provide a financial boost for IB, it further strengthens our relationships with recognized leaders in MR imaging", said IB chief executive Michael Schmainda.
The news sent shares in IQ-AI 20.7% higher to 3.3p in early deals.