- Imagion Biosystems (IBX) has updated the market regarding its activities and cash flow during the December quarter
- In early October, the healthcare company received approval from the Human Research Ethics Committee for its MagSense HER2 breast cancer study
- This study will trial MagSense and its ability to detect early-stage breast cancer
- Geoff Hollis was appointed Chief Financial Officer in mid-October, replacing Brain Conn
- Finally, Imagion raised $5.6 million in November and used the funds to accelerate development and scale-up manufacturing
- Throughout the quarter, Imagion burnt just over $1.49 million with the majority going towards research and development
- As of December 31, the company had $13.2 million in available funding, enough to support operations for another 8.86 quarters if spending levels stay the same
- Imagion is up 5.71 per cent on the market and shares are trading at 18.5 cents
Imagion Biosystems (IBX) has updated the market regarding its activities and cash flow during the December quarter.
Activities
In early October, the healthcare company received approval from the Human Research Ethics Committee (HREC) for its MagSense HER2 phase one breast cancer study.
MagSense is being trialled to effectively detect HER2 metastatic breast cancer in the early stages.
Metastatic breast cancer occurs when cancer spreads beyond the breast to other organs in the body, notably the bones, liver, lungs or brain. Despite this, it is still considered breast cancer.
Later on in the month, Geoff Hollis was appointed Chief Financial Officer, replacing Brain Conn.
Geoff took up this position on December 1, strengthening Imagion’s management and leadership team for the next phase of growth.
In November, Imagion raised $5.6 million via an oversubscribed placement and used the funds to accelerate development and scale-up manufacturing and product development.
“2020 has been a breakout year for Imagion. After much diligence and hard work, we are delighted to have finished the year with our first in-human study established and open for enrolment,” Executive Chairman and CEO Bob Proulx 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 a larger pivotal study,” he added.
Cash flow
Throughout the quarter, Imagion burnt through just over $1.49 million, primarily in the research and development, staff, corporate and administration cost categories.
As of December 31, the company had $13.2 million in available funding, enough to support operations for another 8.86 quarters if spending levels stay the same.
Imagion is up 5.71 per cent on the market and shares are trading at 18.5 cents at 2:09 pm AEDT.