Shares of IQ-AI limited (LON: IQAI) today spiked 109.1% higher after the medical imaging company revealed that it had signed a letter of intent to sell its Stonechecker Software Ltd business to an international medical group.
The company revealed that the due diligence process had kicked off and that the deal if completed would include a cash payment and ongoing royalties based on future sales. The company’s StoneChecker is used to assess whether kidney stones will rapture during shockwave treatments.
The company had shifted its focus to its neuroimaging business where it has a strong leadership position in December 2019 and has been looking to offload its Stonechecker business since then.
IQAI share price
The company’s stock price spiked 109% higher to trade at 7.34p having closed yesterday’s session at 3.51p.