AUS
NZ
UK
CA
USA
IND
Highlights
- Imagion Biosystems secures $3 million through a capital raise.
- Funds to advance the MagSense platform, targeting cancer diagnosis improvements.
- Positive results from Phase 1 breast cancer study for MagSense technology.
Imagion Biosystems (ASX:IBX) has announced a $3 million capital raise, securing funding to advance its MagSense platform, which focuses on revolutionizing cancer diagnostics through molecular imaging. The company is raising the funds by issuing 150 million new fully paid ordinary shares at 2 cents each, along with 75 million new options exercisable at 4 cents. The gross proceeds will be $3 million before costs.
As part of the process, ~9 million new shares and ~4.5 million new options will be issued in mid-October, with the remaining shares and options (Tranche 2) pending approval at the company’s general meeting in November.
Strong Investor Interest
Imagion Biosystems reported a strong response from a diverse range of sophisticated investors. Executive directors, Brett Mitchell and Robert Proulx, have committed to subscribing for a total of 6.25 million new shares and 3.125 million new options, pending shareholder approval.
The capital raise, managed by CPS Capital, was well-received by the market. Robert Proulx, executive chairman, expressed satisfaction with the outcome, highlighting robust shareholder demand.
Advancing the MagSense Platform
Proceeds from the raise will be used to push forward the development of the MagSense platform, particularly for clinical programs in prostate, ovarian, pancreatic, and brain cancers. The company aims to achieve critical milestones by 2025. The MagSense technology introduces molecular imaging to MRI, with the potential to significantly enhance cancer diagnosis.
Promising Phase 1 Breast Cancer Study
In December 2023, Imagion Biosystems released results from its Phase 1 study involving 13 HER2+ breast cancer patients. The study demonstrated the safety and effectiveness of the MagSense HER2 Imaging agent (MSH2IA), showing no adverse events. A panel of radiologists confirmed the presence of detectable magnetic signatures.
The study’s results suggest that the MagSense platform could offer a less invasive alternative to sentinel lymph node biopsies, reducing the need for certain surgical procedures. Imagion Biosystems is preparing for a Phase 2 study and plans to submit an investigational new drug application with the US FDA.
Future Potential
The MagSense platform aligns with existing clinical workflows and has the potential to reduce the need for invasive procedures, which could lower healthcare costs and improve patient outcomes. Imagion Biosystems is now positioned to advance this technology, with a strong focus on its development pipeline for multiple cancer types.
