IQ-AI Ltd (LSE:IQAI, OTCQB:IQAIF) surged in early-Thursday trades following a promising update from its subsidiary Imaging Biometrics.
Imaging Biometrics was granted orphan drug designation (ODD) status for its oral gallium maltolate (GaM) for the treatment of pediatric glioblastoma multiforme (GBM), an aggressive form of brain tumour.
Investors responded in turn by sending shares 13% higher to 2.94 with a market capitalisation of £5.4mln.