- Imagion Biosystems (IBX) has received $2.6 million in tax incentives
- The money is for research and development of the company’s MagSense medical imaging technology
- Notably, this year’s tax incentive is higher than 2019’s $2.1 million
- Imagion is currently studying its MagSense technology on patients with HER2 positive breast cancer
- On the market this morning, Imagion is down 4.35 per cent and trading at 11 cents per share
Imagion Biosystems (IBX) has received $2.6 million in research and development incentives from the Australian Taxation Office (ATO).
At $2,612,159 the total incentive is higher than 2019’s $2,197,028 million.
The healthcare stock received the funds following its activities towards the first-in-human trial of MagSense for HER2 positive breast cancer patients.
MagSense is a medical imaging technology that aims to help transform cancer care. Imagion describes the technology as a “medical imaging breakthrough.”
Notably, this technology does not use ionizing radiation, radioactive tracers, or strong magnetic fields.
Imagion is currently studying MagSense on HER2 breast cancer patients.
Last week Imagion enrolled its first patient for the MagSense phase one study. This study will include 15 patients to test its technology in aiding the staging of HER2 positive breast cancer.
The end point of this study is to determine the safety and tolerability of MagSense.
“Though recruiting newly diagnosed cancer patients into a research study can be challenging, we and our investigators remain confident we will reach our recruitment target,” Executive Chairman Bob Proulx said.
On the market this morning, Imagion is down 4.35 per cent and trading at 11 cents per share at 10:35 am AEST.