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Shares of IQ-AI Ltd (LON: IQAI) fell 2.6% after postponing the start of its Gallium Maltolate phase I clinical trial to the fourth quarter due to a delay in the production and delivery of the drug’s encapsulation by the supplier.
The trial was scheduled to begin during the summer but will now start in the fall. The company also told investors that the selection and qualification process would result in a delay. However, securing a robust supply chain will have a long-term effect on the trial’s success.
A reliable supply chain will make it easier for the trial to progress into the following stages once the first stage is completed.
IQ-AI intends to have a high-volume production capacity, which is why it is taking the time to find and recruit reliable suppliers who can meet its volume requirements.
The imaging specialists also clarified that the clinical trial had gotten the necessary approvals from regulators, having achieved most of its institutional milestones; hence, it could start immediately after the supply chain issues are resolved.
IQ-AI will use the study to assess the potential of Gallium Maltolate to treat Glioblastoma Multiforme, the most common brain tumour.
If the trials are successful, the company could apply for the drug to be classified as an orphan drug. Achieving orphan drug status would put Gallium Maltolate on the fast track to regulatory approval.
IQ-AI shares are trading above a crucial support level, which could hold and send the shares back up in the future.
*This is not investment advice.
IQ-AI share price.
IQ-AI shares fell 2.6% to trade at 6.74p, falling from Thursday’s closing price of 6.92p.
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