IP group IQ-AI Ltd (LON:IQAI) has put its Stonechecker software business up for sale to free up resources for its medical imaging products.
Stonechecker is software the helps identify patients most suited to lithotripsy, which breaks up kidney stones using sound waves, or if surgery might be more appropriate.
The US FDA recently gave its approval for the product to be sold in the US and in that country alone there are an estimated 600,000 people each year who need treatment.
But this is considered too small compared to other the areas IQ-Ai is targeting said chief executive Trevor Brown.
After a review of the options, a buyer or partner will now be sought for StoneChecker IQ-AI said.
IQ-AI wants to develop its Milwaulkee-based Imaging Biometrics business, which is working on eliminating the use of gadolinium in medical imaging, and also a range of stroke diagnostics.
Brown added: “The shareholder funds needed to deploy resources to develop the StoneChecker product ourselves would be more productively invested in software product development.
“The core technologies of Imaging Biometrics will show the greatest return for our shareholders.
“The size of the kidney stone market, relative to the other markets addressed by Imaging Biometrics’ products, was an important factor in our decision making’.
Separately, IQ-Ai appointed Imaging Biometric’s co-founder Michael Schmainda as a non-executive director.