IQ-AI Ltd - Medical services firm and parent company of Wisconsin-based healthcare imaging software firm Imaging Biometrics LLC - Announces placing to raise £300,000 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 £100,000. 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%

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