IQ-AI Ltd (LON:IQAI) said its subsidiary, Imaging Biometrics (IB), received another grant award from the US National Cancer Institute (NCI).
The company said the award, the third NCI grant IB has received within the last two years, is for around US$3mln in funding and will begin on April 15.
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As a sub-awardee of the grant, IB will use the funds to accelerate the development and commercialisation of its IB CAD technology, which uses multi-parameter magnetic resonance (MR) data and artificial intelligence (AI) to identify areas of brain tumour cells in non-contrast enhancing regions, which the company says will allow earlier detection of tumours and give treatments a better chance of success.
"We continue to advance the field in brain tumour imaging and understanding. This grant underscores the scientific merits of the technology and helps pave the way towards commercialisation", IQ-AI chief executive Trevor Brown said in a statement.