Imagion Biosystems (ASX:IBX) accelerates MagSense development following independent review

• Imagion Biosystems (IBX) announces a positive outcome from an independent review of its MagSense HER2 imaging agent for breast cancer patients
• The review panel included expert breast radiologists, who confirmed IBX’s MagSense technology can detect cancer using commercial MRI systems
• IBX CEO Bob Proulx says this is a “clear indication” that the MagSense technology can work with widely-used MRI scanners to benefit breast cancer patients
• Using MagSense with existing MRI scanners reduces the technical risk and could accelerate market entry by eliminating the need to create and sell new machinery
• IBX shares are up 31.8 per cent to trade at 2.9 cents at 3:10 pm AEDT

Imagion Biosystems (IBX) shares are up more than 30 per cent after the potential of its cancer detection technology was verified by an independent review.

The healthcare stock today said a panel of expert breast radiologists ascertained that the IBX MagSense HER2 imaging agent produced a change in image contrast and that the contrast in potentially cancerous nodes was “distinctly different” from the MR image contrast seen in normal nodes.

The panel confirmed that the MagSense imaging agent could detect cancer with the help of MRI, which Imagion said would have “significant implications” for the company.

MRI, or magnetic resonance imaging, is already a widely-used and accessible imaging technology. The company said if it brings its MagSense technology to market for use with a well-accepted imaging modality, MagSense would be the first molecular imaging agent developed for MRI.

“The outcome of the independent review is welcome news, indeed,” IBX CEO Bob Proulx said.

“We now have a clear indication that our MagSense magnetic nanoparticle technology could work with the existing medical imaging infrastructure to provide the clinical benefit to breast cancer patients we have been aiming for,” he said.

“This takes a lot of the technical risk out of the future and will significantly facilitate market entry by eliminating the need to design, make, sell and support new machinery.”

Imagion Biosystems will now prioritise the development of its MagSense technology for use with mainstream clinical MRI scanners to accelerate availability for patients.

IBX shares were up 31.8 per cent to trade at 2.9 cents at 3:10 pm AEDT.