- Imagion Biosytems (IBX) finishes 2021 on an “upbeat note” as it progresses with its MagSense HER2 breast cancer study
- Over the December quarter, the company completed its new San Diego research and development facility, where IBX moved into early this year
- The new facility provides improved research capabilities as Imagion works on expanding its product pipeline and increasing nanoparticle production capacity
- At the end of December, Imagion’s cash balance was $13.4 million, an increase of $1.4 million on the prior quarter
- On the market today, Imagion was up 3.08 per cent and trading at 6.7 cents per share
Imagion Biosytems (IBX) has progressed its MagSense HER2 breast cancer study over the December quarter.
Over the quarter, the company completed its new San Diego research and development facility, where IBX moved into early this year.
The new facility provides improved research capabilities as Imagion works on expanding its product pipeline and increasing nanoparticle production capacity to support the next phase of commercial development.
Last month, Imagion received the maximum funds from the exercise of all 94.7 million IBXO listed options, raising over $4.7 million since the options listed in November 2019.
The extra cash will support the company’s ongoing clinical study and allows further investment in its research and development pipeline.
IBX now has over 233 million IBXOA listed options at 3 cents each, expiring in April 2023. If all options are exercised by the date, this represents is just under $7 million of additional cash for the company
At the end of December, Imagion’s cash balance was $13.4 million, an increase of $1.4 million on the prior quarter.
The company also secured an additional $3.8 million from the exercise of options, delivering total 2021 receipts of $5.5 million.
Operating cash outflow was recorded at $2.2 million in the quarter, similar to the prior quarter’s operating cash outflow, and is in line with the company’s expectations.
There was an increase in research and development costs due to an increase in the phase one clinical study cost and new staff hires, with the costs reaching over $2.1 million.
Executive Chairman and CEO Bob Proulx said the company “ended the year on an upbeat note” after having strong shareholder support for its breast cancer study.
“We now start 2022 having moved into a new facility that greatly expands our R&D capabilities and adds manufacturing capacity to support the commercial development of our nanoparticle products,” he said.
“We feel the study is progressing in a positive direction and will provide material updates as they arise.”
On the market today, Imagion was up 3.08 per cent and trading at 6.7 cents per share at 12:05 pm AEDT.