- Imagion Biosystems has been successful applied to develop imaging technology for HER2 breast cancer detection
- MagSense technology challenges traditional detectors such as X-rays, MRIs and ultrasounds – more cost-effective and able to detect small tumours
- IBX will receive an estimated rebate of $1.7 million subject to ATO’s review and approval
Healthcare technology company, Imagion Biosystems has successfully applied for the research and development the paramagnetic-based imaging technology for detection of HER2 breast cancers.
The Company’s focus is on its MagSense technology. X-rays, MRIs, and ultrasounds are not sensitive enough to detect small tumours or cancers before they have grown and spread.
Annually, $100 billion is spent globally on cancer diagnosis in imaging and pathology. Yet every year, cancer kills more than eight million individuals. MagSense is meant to change this.
The Company’s Advance/Overseas Finding is a finding received from Innovation and Science Australia, stating the Company’s research and development activities satisfy the requirements under the Research and Development Tax Incentive Program.
“This favourable ruling from AusIndustry will provide us with a short-term infusion of cash, supporting our plans for a first in the human study and a higher degree of certainty in planning and budgeting for the remainder of the project,” I Biosystems’ Executive Chairman, Bob Proulx, said.
“We greatly appreciate the Federal Government’s commitment to, and support of, research and development initiatives for Australian companies,” he said.
The Company is close to completing the registration of its research and development activities with AusIndustry and will submit a claim for a cash rebate under the Research and Development Tax Incentive Program.
It estimates it will receive a rebate of approximately $1.7 million for the financial year ended 31 December 2018. This estimate is subject to the Australian Tax office’s review and approval of the Company’s tax return.