19th Dec 2019 10:47
(Alliance News) - Medical software services provider IQ-AI Ltd said Wednesday that following a strategic review of its product portfolio, it will now seek a partner or buyer for StoneChecker Software Ltd.
StoneChecker is a medical software designed to aid clinical decision-making by providing information about a patient's kidney stone.
Following the strategic review, IQ-AI decided that shareholder value would be enhanced by focusing on the accelerated development of medical software services.
In early November, the company said it was intending to launch a portfolio of products using the Imaging Biometrics team in Wisconsin, US, that could reduce and eventually eliminate the use of gadolinium in medical imaging.
"The shareholder funds needed to deploy resources to develop the StoneChecker product ourselves would be more productively invested in software product development. We are committed to building upon the core technologies of Imaging Biometrics because we believe it will show the greatest return for our shareholders, which includes board members and other members of the team," said Chief Executive Officer Trevor Brown.
Also on Wednesday, IQ-AI announced the appointment of Michael Schmainda as non-executive director.
Schmainda is currently chief executive officer of Imaging Biometrics, and has been for 13 years since 2006.
Shares in IQ-AI - which is headquartered in St Helier, Jersey - were up 0.4% at 5.02 pence on Thursday in London.
By Dayo Laniyan; [email protected]
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