- Imagion Biosystems (IBX) has had an impressive year, with the Chairman, Bob Proulx reflecting on the past 12 months at its annual general meeting (AGM) held this morning
- 2019 and the first half of 2020 have been a breakthrough period for Imagion Biosystems with the company commencing its first human study
- IBX is planning to undertake a phase one study in Australia for its MagSense diagnostic imaging technology, which helps detect the presence and spread of HER2 breast cancer
- Company shares are 27.1 per cent on the market this afternoon, trading for 6.1 cents per share
Imagion Biosystems (IBX) has had its annual general meeting (AGM) today, addressing the financial year ending December 31, 2019.
The AGM was held online due to the coronavirus (COVID-19) restrictions surrounding Victoria. However, the online meeting did give shareholders across Australia has the U.S. to join in.
Last year and the first six months of 2020 has been a breakthrough period for Imagion.
This time last year, Imagion completed the toxicology study, which is a major milestone for any biotech company.
“We have delivered on a number of key milestones that have paved the way for the commencement of our first-in-human study,” Chairman Bob Proulx said.
The company is planning to undertake early feasibility (phase one) study in Australia for its MagSense diagnostic imaging technology. Phase one is to determine if the product is safe to use on humans.
MagSense was created to detect the presence and spread of HER2 breast cancer.
“Being able to non-invasively identify which patients have metastatic disease will significantly improve care since as many as 50-70 per cent of patients are negative but are still required to have surgical or biopsy procedures to find that out,” Bob said.
“Showing that our novel MagSense technology can improve the detection of HER2 breast cancer should provide important shareholder value creation, but our vision has always been more expansive because our nanoparticle technology has significant potential in the diagnosis and treatment of many diseases,” he said.
Last week, Imagion announced it will be working with Boston University to improve the next generation of imaging technology.
Researchers at the university are currently developing ultrasensitive magnetic sensors that could simplify MagSense.
“If we can reduce the size and cost of our technology – we can greatly improve accessibility and enhance the commercial appeal and accessible market,” Bob told the market.
“It’s our vision that our MagSense instrument could someday be a small hand-held device, used ubiquitously in doctor’s surgeries,” he added.
Departure of Chief Financial Officer
Imagion has announced its Chief Financial Officer, Brian Conn, will be leaving the company. Brian has been with the company for three years and is leaving to take on a full-time role with another of his clients.
Over the past 12 months, the company has raised a total of $6.1 million in two transactions.
“I am very proud of what we have achieved – particularly in this past year – and I’m very excited about what lays ahead,” Bob concluded.
Imagion is up 27.1 per cent on the market this afternoon, trading for 6.1 cents per share at 1:41 pm AEST.