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Imagion Biosystems (ASX:IBX) - Executive Chairman, Bob Proulx - The Market Herald
Executive Chairman, Bob Proulx
Source: The Market Herald
  • Imagion Biosystems (IBX) has successfully completed a placement and raised $6 million
  • The placement was cornerstoned by four Australian-based institutional investors and was led by Evolution Capital Advisors
  • More than 76.5 million shares will now be issued at 8.5 cents, representing a 6 per cent discount to the 30-day volume-weighted average price
  • Imagion will use the funds to speed-up development plans and begin investing in manufacturing scale-up of its MagSense technology
  • MagSense uses disease-specific targeting nanoparticles and highly sensitive electors to find tumours and other diseased cells
  • Additionally, the company's phase one study for HER2 metastatic breast cancer is scheduled to begin this quarter
  • Imagion is down 4 per cent on the market, with shares currently trading for 12 cents each

Imagion Biosystems (IBX) has successfully completed a placement and raised $6 million.

The healthcare company entered a trading halt on November 19 but it didn't disclose how much it intended to raise or what it would use the funds for.

The placement was cornerstoned by four Australian-based institutional investors and was led by Evolution Capital Advisors.

More than 76.5 million shares will now be issued at 8.5 cents, representing a 6 per cent discount to the 30-day volume-weighted average price.

Imagion will use the funds to speed-up development plans and begin investing in the manufacturing scale-up of its MagSense technology.

MagSense uses disease-specific targeting nanoparticles and highly sensitive detectors to find tumours and other diseased cells.

According to Imagion, it doesn't use radiation, instead dispatching tiny bio-safe nanoparticles coated with tumour-targeting antibodies.

Additionally, the company's phase one study for HER2 metastatic breast cancer is scheduled to begin this quarter.

"With our first-in-human study on track to commence this quarter, this fund raise supports advancing the next phase of product development and manufacturing scale-up in parallel with the study rather than waiting until the study is complete," Executive Chairman Bob Prolux said.

"This approach will help shorten the timeline to commercial product. We are delighted by the high level of interest in IBX and the strength of support from investors for this placement," he added.

Imagion is down 4 per cent on the market, with shares trading for 12 cents each at 1:53 pm AEDT.


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