- Imagion Biosystems (IBX) increases its operational spending during the half year as it aims to expand its development pipeline
- Over the course of six months, the company lifted operating cash outflows to $4.8 million and increased its net loss to $5.8 million
- Imagion’s costs elevated during the period after expanding its organisational capabilities and advancing its development pipeline
- At the end of the period, the company decreased its cash balance to $8.5 million but expects to receive a boost during Q3 from the research and development tax incentive
- Shares are trading 9.09 per cent lower today at four cents each at 3:01 pm AEST.
Imagion Biosystems (IBX) has increased its operational spending during the half year as it aims to expand its development pipeline.
Over the course of six months, the company lifted operating cash outflows to $4.8 million and increased its net loss to $5.8 million.
Imagion’s costs elevated after expanding its organisational capabilities and advancing its development pipeline.
This included moving its operations to a new facility, allowing for expanded internal nanoparticle research & development capabilities and additional manufacturing capacity to be potentially leveraged with third-party commercial relationships.
During the half year, the company released results from the MagSense HER2 breast cancer study, which did not detect any safety or tolerability issues and found the MagSense imaging agent could successfully reach the patient’s lymph nodes.
Furthermore, the imaging agent passed the 18-month stability benchmark, with internal data indicating the product could have a shelf life of up to three years.
Additionally, Imagion expanded its research collaborations, partnering with the University of Sydney and Massachusetts General Hospital.
At the end of the period, the company decreased its cash balance to $8.5 million but expects to receive a boost during the third quarter from the research and development tax incentive.
Shares were trading 9.09 per cent lower today at four cents each at 3:01 pm AEST.