- Imagion Biosystems (IBX) has submitted its MagSense phase one study to the Human Research Ethics Committee (HREC) for review and approval
- The company has been planning the study for some time and this marks an important step in preparing the study to begin later this year
- MagSense is being developed to detect HER2 metastatic breast cancer in its early stages
- Imagion has confirmed there'll be three study sites; two in Melbourne and one in Sydney
- While it is closely monitoring COVID-19 impacts, patients are currently allowed to travel for medical reasons; cancer treatment is considered an essential service
- Company shares are trading eight per cent higher at 5.4 cents
Imagion Biosystems (IBX) has provided an update on its plans to undertake a phase one study of its first MagSense product.
MagSense is being trialled to effectively detect HER2 metastatic breast cancer in its early stages.
Imagion stated it would use the placement funds for the MagSense phase one study. However, the funds will also support its work on branching into additional indications, such as prostate cancer, which will build the MagSense pipeline.
The company has since completed preparations of the requisite materials for a Human Research Ethics Committee (HREC) review and has submitted the phase one study for the HREC to review and approve.
This process is expected to be consistent with the company's plans to begin the study in the December quarter. Imagion has noted approval isn't guaranteed and may require further information or dialogue with the HREC.
"We believe our regulatory and clinical team has put together a strong and compelling study and look forward to engaging with the HREC to gain approval," Executive Chairman Bob Proulx said.
The company has confirmed there'll be three study sites — two in Melbourne and one in Sydney — which plan to participate in the study.
While Imagion is monitoring potential disruptions from the COVID-19 pandemic, Australian patients are currently allowed to travel for medical reasons; cancer treatment is considered an essential service.
"In the meantime, we will continue to make ready and keep investors informed as near the planned start of the study and as we learn more from our clinical sites," Bob stated.
Company shares are trading eight per cent higher at 5.4 cents each just after midday trade.