- Imagion Biosystems (IBX) has updated the market on its activities and finances over the second quarter of 2020
- During the quarter, the company made plans to initiate its phase one first-in-human study for its diagnostic imaging technology, MagSense, which it expects to commence in quarter four
- MagSense was created to detect the presence and spread of HER2 breast cancer
- At the end of June, the company had a cash balance of $4.3 million, which is an increase on the prior quarter’s approximate of $1.7 million balance
- Imagion also announced it raised $5 million in an oversubscribed placement at 4.5 cents per share
- Funds from the raise will go towards the phase one MagSense trial
- Imagion is down 10.5 per cent, with shares priced at 5.4 cents
Imagion Biosystems (IBX) has updated the market on its activities and finances over the second quarter of 2020.
During the quarter, Imagion announced plans to initiate its phase one first-in-human study for its diagnostic imaging technology, MagSense, which it expects to commence in quarter four.
MagSense was created to detect the presence and spread of HER2 breast cancer. Imagion will also expand the study to include Magnetic Resonance Imaging (MRI).
As it prepares for the Q4 trial, IBX has achieved a number of milestones, including a scale-up in manufacturing of its MagSense HER2 nanoparticles under the Good Manufacturing Practice (GMP) conditions.
In May, Imagion entered an agreement with Siemens Healthineers to further explore the use of MagSense technology as an MRI contrast agent.
Executive Chairman and CEO Bob Proulx said Imagion is taking significant steps forward in advancing its novel technology.
“The study, which allows us to concurrently test two modes of imaging, will help us to assess, more quickly, multiple commercial pathways,” Bob said.
At the end of June, the company had a cash balance of $4.3 million, which is an increase on the prior quarter’s approximate $1.7 million balance.
Today, Imagion also announced it raised $5 million in an oversubscribed placement, priced at 4.5 cents per share.
The placement was supported by existing domestic institutional and sophisticated investors, along with new institutional investors from Australia and the U.K.
Funds will primarily go towards the MagSense phase one study, but will also allow Imagion to begin work on additional indications, such as prostate cancer, which will build the MagSense pipeline.
“As we have gained confidence that our plans for our first phase one study remain on track, this capital raise provides certainty that we have funds sufficient to not only see us past the completion of the first-in-human study (FIH), but to begin expanding our focus beyond the FIH study,” Bob said.
“This ultimately will add value, build pipeline depth and breadth, and enable us to reach our destination more quickly,” he said.
Imagion is down 10.5 per cent, with shares priced at 5.4 cents