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IQ-AI Ltd on Thursday announced a slightly lower loss for the six months to June 30, as revenue was up and administrative expenses were lower. The Jersey-based medical services firm focused on cancer treatment said pretax loss in the first half of 2023 narrowed to £300,473 from £330,584 a year prior. Revenue grew mildly to £282,652 from £255,609. Administrative expenses reduced to £573,777 from £583,346. Looking ahead, Chief Executive Trevor Brown said: ‘Our objective for the remainder of the year is to convert as many of the 45 sites currently evaluating IB Software, to client status though sales and to harness the momentum from the phase 1 clinical trial to accelerate the planning for a phase 2 trial.’ The company expects to complete the analysis and documentation of phase 1 results in the second half of 2024. IQ-AI said: ‘The ultimate objective of our program is to obtain regulatory approval for a medicine that could offer a positive impact on the length and quality of life for patients who otherwise have no other options. As the trial process continues, our efforts to identify and secure an accelerated regulatory approval pathway will also continue’. IQ-AI shares rose 6.7% to 3.20 pence each on Thursday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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