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- Imagion Biosystems (IBX) has received a research and development (R&D) tax refund of more than $2.1 million from the Australian Taxation Office (ATO)
- This refund comes from the work the company has done in detecting HER2 breast cancer
- The company has now received $4.2 million in funding and tax refunds through the last nine months
- To conserve the cash while the COVID-19 pandemic continues, Imagion Directors have chosen to waive their Director fees for the current quarter
- While CEO and Executive Chairman Bob Proulx does not receive any Director fees, he will take an equivalent reduction to his salary
- Imagion is up an even 10 per cent and shares are trading for 1.1 cents each
Imagion Biosystems (IBX) has received a $2,197,028 research and development (R&D) tax refund from the Australian Taxation Office (ATO).
In May 2019, Imagion announced that it was eligible and that it had applied for an Advance and Overseas Finding for the work it had done in detecting HER2 breast cancer.
An Advance Finding determines the eligibility of the R&D activities done while Overseas Finding concerns the eligibility of R&D activities done overseas.
In July of the same year, Imagion received its first refund, totalling $2 million.
The company has now received $4.2 million in funding and tax refunds within the last nine months.
Imagion aims to reduce pain, suffering and loss of life caused by cancers, and has developed a non-invasive test which can detect tumours in their early stages before they grow and spread.
Its MagSense Technology uses disease specific nanoparticles that target tumours and diseased cells.
According to Imagion, MagSense does not use radiation, radioactive tracers or strong magnetic fields like other cancer detecting technologies do, rather it works by using tiny bio-safe nanoparticles which are covered with tumour targeting antibodies.
These nanoparticles produce a detectable magnetic signature which enables MagSense to locate the particles which become attached to cancer cells.
If there are no tumours present then the nanoparticles circulate the body until they are broken down by the liver.
MagSense has been shown significant in locating HER2 breast cancer.
HER2 (human epidermal growth factor receptor 2) is a gene in the human body that plays a role in the development of breast cancer.
It tends to be more aggressive than other types of cancers.
COVID-19
To conserve the cash while the COVID-19 pandemic continues, Imagion Directors have chosen to waive their Director fees for the current quarter.
While CEO and Executive Chairman Bob Proulx does not receive any Director fees, he will take an equivalent reduction to his salary.
Imagion is up an even 10 per cent and shares are trading for 1.1 cents each at 2:57 pm AEST.
