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Imagion Biosystems (ASX:IBX) - Executive Chairman, Bob Proulx
Executive Chairman, Bob Proulx
Source: The Market Herald
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  • Imagion Biosystems (IBX) has received $50,000 from the Federal Government for its prostate cancer project
  • The grant is under a program designed to help researchers fast track their research and development projects
  • The funds granted will support a preclinical research project for prostate cancer run by Imagion and researchers at Monash University’s Biomedicine Discovery Institute
  • On the market this afternoon, Imagion is down 2.86 per cent and is trading at 17 cents per share

Imagion Biosystems (IBX) has received $50,000 from the Federal Government for its prostate cancer project.

The grant is from Innovations Connections under the Entrepreneurs’ Programme of the Australian Government Department of Industry, Science, Energy and Resources.

Innovations Connections is a Federal Government funding program delivered by the CSIRO, aimed to help researchers fast track development of their projects.

The funds granted will support a preclinical research project for prostate cancer run by Imagion and researchers at Monash University’s Biomedicine Discovery Institute.

“This collaboration with Monash, assisted by funding from CSIRO, helps jump start our prostate cancer project by leveraging the expertise at Monash University and provides a key opportunity to advance our MagSense technology for another important cancer indication,” Executive Chairman Bob Proulx said.

“We’re grateful for the support from the Australian Government through the
Entrepreneurs’ Programme and their recognition of the medical need for improved methods of prostate cancer detection,” he added.

Prostate cancer is the second most common cancer in men, with a diagnostics market valued at US$6.2 billion (around A$8 billion) in 2019.

On the market this afternoon, Imagion is down 2.86 per cent and is trading at 17 cents per share at 2:24 pm AEDT.

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