(Alliance News) - 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 GBP300,473 from GBP330,584 a year prior.
Revenue grew mildly to GBP282,652 from GBP255,609. Administrative expenses reduced to GBP573,777 from GBP583,346.
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.
By Tom Budszus, Alliance News reporter
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Iq-ai Ltd (IQAI)