On 11 April 2019, Imagion Biosystems Limited (ASX: IBX), dedicated to improving healthcare through the earlier detection of cancer, notified the market that NewPhase Ltd., an Israeli biotechnology company developing cancer treatments, has issued an extended purchase order to Imagion Biosystems for the supply of nanoparticles for the remainder of this year to be utilized in the NewPhase product.
NewPhase is developing a proprietary cancer therapy based on hyperthermia, the principle of killing cancer cells by heating the cells. NewPhase’s treatment approach integrates the utilization of IBX’s iron oxide nanoparticles into a nanoparticle matrix that aims toward cancerous tumors. When exposed to radio frequency (RF) energy which doesn’t cause damage to the body, the particles absorb the energy and produce heat, demolishing the cancer cell membranes by sub ablative hyperthermia, therefore killing cancer cells, and only cancer cells.
IBX’s presently concentrates on diagnostic imaging which addresses a $2 billion market across the world. An addition, to the therapeutic utility would enlarge the revenue opportunity for the IBX’s nanoparticle technologies to the growing market for hyperthermia-based cancer treatments, as well as cancer therapy markets reported being as much as $136 billion.
While the overall cancer therapy market is predicted to grow at CAGR 8.37% by 2024, the target-therapy section, which comprises toxin delivery vehicles, is anticipated to demonstrate an advanced CAGR of 9.68% in the forecast period. Its driving factors are growing interest and opportunities in the development of precision medicines, such as cancer treatments that aims toward tumor and spare healthy tissue.
Mr Ofer Shalev, Founder and Chief Executive Officer, NewPhase Ltd commented that the NewPhase has been using IBX’s nanoparticles in its product development for a couple of years now. Also, New Phase was looking forward to establishing a solid relationship with IBX to utilize their nanoparticles in its hyperthermia therapeutic platform as NewPhase is ramping up its preclinical testing and moving towards human clinical trials.
Mr Bob Proulx, Executive Chairman, IBX said that the company had mentioned in its recent announcement about its patent position being extended to include treatment of disease, and IBX was thrilled to be working with NewPhase and be part of its product development. He further said that while the company remains focused on developing its proprietary initial cancer detection platform, IBX’s work with NewPhase reflects that it has significant opportunities to monetize its underlying technology for both the detection and treatment of disease.
On 17 December 2017, the company had announced that it had joined hands with Planet Innovation team for the development of MagSense Instrument.
In its annual report for the period ending 31 December 2018, the company recorded revenue and other income standing at $0.37 million compared to $0.33 million in the previous corresponding period (pcp). The total comprehensive loss for the year was noted at $8.7 million compared to $7.7 million in the pcp.
IBX recorded the total assets of $5.18 million by the end of 2018 from $7.6 million in the pcp. The total liabilities stood at $1.31 million from $0.68 million in the pcp. The total equity by the end of 2018 was recorded at $3.8 million from $6.9 million in the pcp. The Cash and cash equivalents at the end of the financial year 2018 stood at around $4.3 million from $6.8 million in the pcp.
The stock of the company is currently trading at A$0.027 (as on 11 April 2019, 3:15 PM AEST), up by 8%.
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