Imagion Biosystems (ASX:IBX) advances MagSense activities in Q1 FY23 – The Market Herald

• In the September quarter, Imagion Biosystems ( IBX ) advanced research and development for its MagSense cancer detection technology.
• The medical company continued to enroll patients in the first phase of the HER2 breast cancer trial, which remains open
• IBX also presented data from studies that showed evidence that MagSense could potentially target prostate cancer tumors that express prostate specific membrane antigen
• The company reported operating cash flow of $2.8 million, and it expects spending to increase in the coming quarters as the first phase of the research and development pipeline progresses
• IBX shares were down 3.33 per cent to trade at 2.9 cents at 15:06 AEDT

Imagion Biosystems ( IBX ) continued research on its MagSense technology in the September quarter.

MagSense technology is designed to detect cancer using safe magnetic bioparticles. The company’s goal for the technology is to address an unmet need to make non-invasive cancer detection methods more affordable.

For three months, the health foundation continued to enroll patients in the first phase of the HER2 breast cancer study. The study remains open if all sites are still screening eligible patients.

In addition, Imagion Biosystems said its magnetic nanoparticle technology could potentially target prostate cancer tumors.

IBX Vice President of Research and Preclinical Development, Dr. Marie Zhang, presented the company’s latest prostate cancer imaging data, which showed strong evidence of MagSense’s potential to target prostate cancer tumors that express prostate-specific membrane antigen.

The study showed that the imaging agent could be detected by MRI and IBX technology.

In terms of expenses, Imagion Biosystems allocated $872,000 for research and development and another $1.98 million for personnel and administrative costs. This resulted in an operating cash outflow of $2.8 million in the September quarter.

IBX said that as the HER2 breast cancer study progresses and the development pipeline advances, some costs are expected to increase in the coming quarters.

The company ended the period with $5.3 million in cash and approximately 1.9 quarters of available funding. However, after the quarter, IBX received a $2.5 million research and development tax credit, which improved its financial position.

IBX shares were down 3.33 per cent to trade at 2.9 cents at 3.06pm AEDT.