Join our daily newsletter At The Bell to receive exclusive market insights
- Imagion Biosystems (IBX) will bid farewell to Non-Executive Director Bronwyn Le Grice after nearly two years in the position
- She handed in her resignation due to her other professional commitments, including being CEO of ANDHealth
- Today, Imagion also announced a rights issue to raise over $2 million to help it advance toward its first clinical HER2 breast cancer study
- Eligible shareholders will be offered two new shares for every five Imagion shares they hold at a price of one cent per share
- They’ll also receive one option with each share which can be exercised at a price of three cents each during the following three years
- Imagion shares fell 37.5 per cent today to close at a price of one cent each
Imagion Biosystems (IBX) will bid farewell to Non-Executive Director Bronwyn Le Grice after nearly two years in the position.
She handed in her resignation for the end of the month citing other commitments. Ms. Le Grice is the CEO of ANDHealth, which support the commercialisation of digital health companies, meaning at this time, she does not have enough time to dedicate to Imagion as well.
Today, Imagion also announced a rights issue to raise up to $2.04 million to fund its first-ever HER2 metastatic breast cancer clinical study. Specifically, the funds would allow Imagion to complete manufacturing its nanoparticle for the study.
MagSence is a magnetic nanoparticle which is coated with antibodies. These antibodies find cancerous tumours and bind to them.
Medical imaging technology, using highly sensitive sensors, is then able to detect the location of the magnetic nanoparticle and therefore, the location of the tumour.
In addition to the manufacturing of nanoparticles, if enough is raised, funds will go towards the initiation of Imagion’s HER2 study and for general working capital.
In a letter to shareholders, Imagion Chairman Robert Proulx said the company is acting now to remain a step ahead of any potential impact the coronavirus may have on its business and activities.
“The Board recognises that the advent of the COVID-19 pandemic has created significant uncertainties both in capital markets and with regard to general business risks,” he said.
“To-date we have not had any significant setbacks, however, we are acting now to ensure we have capital resources to withstand a possible near- term temporary disruption,” he added.
Under the pro-rata renounceable rights offer, shareholders in Australia, New Zealand and the United States will be offered two new shares for every five Imagion shares they hold on March 30, 2020.
Shares under the offer will be issued at a price of one cent per share which represents a 38 per cent discount on the 30-day volume-weighted average price.
Shareholders who take up the offer will also receive one option with each share. Each option will be exercisable for 3 cents and will have a three-year term.
Imagion shares fell 37.5 per cent today and closed at a price of one cent per share.
