IBX Joins Hands With Planet Innovation Team For MagSense Instrument Development

  • Dec 17, 2018 AEDT
  • Team Kalkine
IBX Joins Hands With Planet Innovation Team For MagSense Instrument Development

Imagion Biosystems Limited (ASX: IBX), a company known for its continuous improvisation of healthcare through its earlier detection of cancer has signed a master service agreement with Planet Innovation, a company which is into the business of healthcare innovation and commercialization. The purpose of agreeing is that IBX through the world-class engineering and product developing team of Planet innovation want to establish “MagSense.”

Both the companies will work together, where they will be taking care of the design concepts and the prototype system for the key pivotal clinical study for regulatory and commercial clearance. Further, IBX will also be eligible for tax incentive on the research and development work.

Joining hands with Planet innovation will take a step ahead of where the company would be able to commercialize its MagSense technology.

Ian Macfarlane who is the Managing Director of Planet Innovation feels confident that the MagSense technology will change the lookout of earlier techniques of the cancer detection and its treatment. He is eagerly waiting for the life-saving MagSense technology launch into the market.

Planet innovation has a track record of developing and also manufacturing innovative diagnostic products for which it has also been awarded in Australia as well as the US. Planet Innovation is also looking forward to making this exciting innovation available to the patients of cancer as early as possible.

At present IBX is working on the development of nanoparticle development for its initial first-in-human study for the breast cancer testing in the first half of FY2019. The study will be free from the use of any instrument. It will include the study to check the biological safety of the human use of MagSense nanoparticle formulation.

The official listing date of IBX on ASX is 22 June 2017. Since then, IBX stocks have shown a continuous negative performance.

For the half year period of FY2018 ending on 30 June 2018, the company made a loss of $4,218,881. The balance sheet of the company appears to be healthy as the debt-equity ratio of the company is 0.02. The company has also maintained a net asset of $3,737,626 which implies that the company is in a state where it can meet its long-term liabilities. The company owns a total current asset of $4,407,962 and total current liabilities of $871,246 which gives investors an outlook that company has enough funds where it can meet its short-term obligations and the working capital requirements.  However, there was an increase in the accumulated losses of the company in this period which could create a negative impact on the shareholders of the company. It also indicates that the operating performance of the company was not good. The total shareholder’s equity is worth $3,737,626.

The cash and cash equivalent available with the company by the end of half year of FY2018 were $3,606,723. By the end of trading on 17 December 2018, the market price of the share tumbled by 2.778% which is 0.001 points less than the previous day’s closing price. The closing price of the share by the end of the trading day was A$0.035 with the stock holding a market capitalization of A$11.62 million.


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