- Imagion Biosystems (IBX) has revealed stronger full-year revenue for 2020 as it takes on the first-in-human trial of its MagSense cancer detection tech
- Full-year revenue for Imagion came in at $2.7 million over 2020, which is 8.3 per cent higher than revenue in 2019
- However, the company deepened its net loss to $5.45 million over 2020, though this was driven by higher research and development costs
- Importantly, Imagion has opened its first Australian in-human clinical trial for its MagSense technology for enrolment
- As such, despite the full-year loss, company Executive Chairman and CEO Bob Proulx says 2020 was a “breakout” year for Imagion
- MagSense is a diagnostic device designed to be safer and more effective than typical cancer-detection technology
- The tech uses bio-safe nanoparticles to track down tumours in the body and highlight them to medical professionals
- Shares in Imagion Biosystems closed grey at 18.5 cents each this afternoon
Imagion Biosystems (IBX) has revealed stronger full-year revenue for 2020 as it takes on the first-in-human trial of its MagSense cancer detection tech.
The medical imaging specialist made $2.7 million in revenue over 2020, which is 8.3 per cent higher than the $2.49 million in full-year revenue over 2019.
Nevertheless, Imagion deepened its net loss for the year to $5.45 million compared to the $3.5 million the year before.
The loss was driven mostly by research and development expenses, which made up over a third of full-year operating costs, as Imagion opened a first-phase clinical trial of its MagSense technology in December 2020.
As such, despite the full-year loss, Imagion Executive Chairman and CEO Bob Proulx called 2020 a “breakout” year for the company.
“After much diligence and hard work, we are delighted to have finished the year with our first inhuman study established and open for enrolment,” Bob said.
“We are excited for what lies ahead in 2021, particularly as the MagSense HER2 breast cancer phase one study progresses and we explore further development areas including manufacturing scale-up and preparing for a larger pivotal study,” he said.
Looking ahead, Imagion said it had $13.2 million in available cash and cash equivalents at the end of December 2020, positioning the business well for the ongoing development of its medical technology.
What is MagSense?
MagSense is a diagnostic imaging device designed to be safer and more effective than conventional cancer detection technology. The tech works by injecting bio-safe magnetic nanoparticles designed to specifically target tumours into the bloodstream.
These tiny particles then track down and bind to tumours, and a medical scanning device then finds the particles and subsequently highlights the tumour.
While the tech has already been designated by the U.S. Food and Drug Administration as a “breakthrough device”, MagSense worked hard in 2020 to launch in-human clinical trials for the device in Australia.
The device is now being used to detect HER2 breast cancer in humans, with the first clinical site now confirmed as Monash Health in Melbourne.
On top of this, Imagion has struck a collaboration deal with Siemens Healthineers to explore Magsense particles in MRI scans.
Shares in Imagion Biosystems spiked in early action on the ASX today but by market close had settled grey at 18.5 cents per share. The company has a $190 million market cap.