IQ-AI Ltd - Medical services firm and parent company of Wisconsin-based healthcare imaging software firm Imaging Biometrics LLC - Announces placing to raise GBP300,000 gross proceeds via the issue of 20.0 million new shares at a price of 1.5p each. The issue price represents a discount of 32% to the company's Wednesday closing price of 2.2p. The placing includes a broker option for existing shareholders for up to 6.7 million new shares, which would raise an additional GBP100,000. Admission of the new placing and broker option shares is expected to occur on or around March 1.
IQ-AI says that the proceeds will go toward the development of oral gallium maltolate, Imaging Biometric's oral anti-tumour agent for the treatment of adult patients with relapsed or refractory glioblastoma. The treatment is currently undergoing phase-1 trials, after the US Food & Drug Administration's granted it a "fast track" designation in December.
Current stock price: 1.51 pence each, down 32% in London on Thursday afternoon
12-month change: down 51%
By Hugh Cameron, Alliance News reporter
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Iq-ai Ltd (IQAI)