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(Alliance News) - IQ-AI Ltd on Wednesday said it has raised GBP250,000 through a share placing.
The medical software company said it issued 7.1 million shares at a price of 3.5 pence each.
IQ-AI shares were trading 12% lower on Wednesday afternoon at 3.82p each, giving it a market capitalisation of GBP4.6 million.
Peterhouse Capital Ltd was acting as the company's financial adviser and broker.
The company said it will use the funds to accelerate the development of its current imaging biometrics artificial intelligence projects, including Stone Checker, in response to rapidly growing interest in these technologies by medical practitioners.
Following completion of the placing, IQ-AI's issued share capital will consist of 127.5 million shares, it said.