IQ-AI Ltd (LSE:IQAI, OTCQB:IQAIF)'s subsidiary Imaging Biometrics said it is making progress on all fronts.
The company, a specialist in medical imaging, particularly MRI perfusion, which tracks blood flow, said it continued its commercial focus on its IB Clinic products.
A letter to investors from chief executive Michael Schmainda revealed that revenue from annual subscription renewals from existing clients "continue to fuel our business".
It has also been helped by the financial sponsorship of a phase I clinical trial that will study the safety of new agents used as part of the imaging process.
“Patient recruitment, screening, and enrolment continue as existing enrolled subjects are monitored and receive follow-up imaging. Thus far, and as expected from prior studies that used gallium, the subjects are tolerating the agent extremely well,” shareholders were told.
Its researchers are also working hard on the development of a breakthrough handheld technology to which it has exclusive rights.
Called IB Nimble, it is used to track a process called metastasis where cancer has spread from the primary site.
“While we prepare to deploy the current version at other institutions, plans are already being made to replicate this technology for other diseases as well as to incorporate IB's proprietary technology and quantitative reporting capabilities, such as IB Trax,” Schmainda said.