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On November 5, 2024, IQ-AI Ltd announced that its subsidiary, Imaging Biometrics, filed a provisional patent application with the United States Patent and Trademark Office titled "Gallium Maltolate (GaM) as a Cancer Treatment Agent and Method". The company also reported that it expects total revenue for the current year to be between U$900,000 and U$1 million, an increase from U$760,000 in 2023, and has commenced discussions with potential partners to fund a phase 2 clinical trial.
| Date | 5 Nov 2024 |
| Time | 07:00:02 |
| Category | Corporate updates |
| ID | 8681K |
November 5, 2024
IQ-AI Ltd
("IQ-AI" or the "Company")
New Patent Application, Trading Update and
Commencement of discussions with potential phase 2 partners
IQ-AI (LSE: IQAI) Imaging Biometrics ("IB") has filed a provisional patent application with the United States Patent and Trademark Office ("USPTO") "Gallium Maltolate (GaM) as a Cancer Treatment Agent and Method". Provisional patents are routinely used to secure an early filing date while an invention is being developed and refined.
The Company is also pleased to report that the growth in IQ-AI's revenues, first reported at the time of our Interim Report in August, has continued. The Board now expects that total revenue for the current year will thus be between U$900,000 and U$1million. This expected material year-on-year sales increase (up from U$760,000 in 2023), has primarily been driven by sales of our software solutions.
As we have previously advised, the phase 1 clinical trial is nearing its conclusion. We have now commenced discussions with potential partners to provide funding for a phase 2 trial.
"We are extremely pleased with the revenue performance this year," said Trevor Brown, CEO of IQ-AI. "and we remain hopeful that revenue will continue to build as software innovations come on stream. Regarding IB003, the planning for a phase 2 trial will move to the centre of our attention which includes discussions with potential funding partners."
--ENDS-
The Directors of the Company accept responsibility for the contents of this announcement.
For further information, please contact:
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IQ-AI Ltd Trevor Brown/Vinod Kaushal/Brett Skelly/Michael Schmainda Tel: 020 7469 0930 |
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Peterhouse Capital Limited (Financial Adviser and Broker) Tel: 020 7220 9797 |
About Imaging Biometrics® LLC: IB is a wholly owned subsidiary of IQ-AI Limited, (LON: IQAI), and focuses on delivering quantitative imaging platforms and therapeutics that transform how clinicians diagnose and treat patients more efficiently and effectively. For more information about Imaging Biometrics, visit the company's website at www.imagingbiometrics.com. Follow IB on Twitter, @IQAI_IB.