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Shares of IQ-AI Ltd  (LON: IQAI) rallied higher after its subsidiary Imaging Biometrics was awarded a $3 million grant by the US National Cancer Institute (NCI). Today’s grant is the third grant received by IQ-AI from the NCI over the past two years.

The company will use the funds to accelerate the development and commercialisation of its IB CAD technology, which uses multi-parameter magnetic resonance (MR) data and artificial intelligence (AI) to identify areas of brain tumour cells in non-contrast enhancing regions.

Imaging Biometrics claims that its technology will make it possible to detect brain tumours much earlier than current technology giving patients and treatments a much better chance of success.

IQ-AI shares have been trading at a major support/resistance level since December 2020, and today’s development have triggered a solid bounce off the level.

However, the latest bounce may not necessarily lead to a rally given how long the shares have been stuck at their current level, but it is a step in the right direction.

The odds favour a rally as opposed to a decline, but only time will tell whether bullish investors will use today’s announcement as a sign to jump in and buy more shares.

Trevor Brown, IQ-AI’s CEO, said: “We continue to advance the field in brain tumour imaging and understanding. This grant underscores the scientific merits of the technology and helps pave the way towards commercialisation.”

IQ-AI share price.

Tradingview chart of IQ-AI share price 06-04-2021

IQ-AI shares rallied 16% higher to trade at 9.0p, having rallied from its last closing price of 7.75p.

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