9th Oct 2023 12:09
IQ-AI Ltd - St Helier, Jersey-based medical services firm focused on cancer treatment - Wholly-owned subsidiary Imaging Biometrics LLC is granted an orphan drug designation from the US Food & Drug Administration for gallium maltolate for the treatment of atypical teratoid rhabdoid tumour. Notes this is the second orphan designation granted to gallium maltolate this year.
Orphan drug designation supports the development and evaluation of new treatments for rare diseases. Atypical teratoid rhabdoid tumour is a fast-growing tumour that begins in the the brain and spinal cord.
"This additional orphan drug determination by the FDA is another regulatory milestone towards providing an effective, well-tolerated treatment alternative for patients with limited options, and we look forward to sharing additional information on our clinical data as the phase 1 nears completion," says Chief Executive Trevor Brown.
Current stock price: 4.10 pence, up 8.0% in London on Monday at midday
12-month change: more than doubled from 1.65p
By Heather Rydings, Alliance News senior economics reporter
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