Imagion raises $3.5m to advance early cancer detection clinical program
Placement to support ongoing clinical program for MagSense Imaging agent for cancer
Company currently preparing to undertake Phase II trial in HER2+ breast cancer in the US
Special Report: Imagion Biosystems has raised $3.5 million through a heavily oversubscribed two-tranche placement to sophisticated investors and family offices as it prepares to launch a Phase II trial of its MagSense imaging technology for HER2+ breast cancer in the US.
The placement, led by CPS Capital, was priced at 1.5 cents per share with one free attaching listed option exercisable at 4 cents and expiring on December 13, 2027.
The offer price represented a 10% discount to the 10-day volume-weighted average price (VWAP) for Imagion Biosystems (ASX:IBX) shares before announcement of the capital raising.
Directors will also contribute $150,000 based on the same terms and conditions, subject to shareholder approval at an extraordinary general meeting in September.
The placement consists of two tranches including: Tranche 1 –45 million new shares to raise ~$675,000 with settlement on August 5 and allotment of new shares on August 6
Tranche 2 – The balance of shares (~$2.8m) conditional on shareholder approval at an EGM
The EGM is scheduled for September 18 with settlement of tranche 2 earmarked for September 19. Allotment of new shares under tranche 2 and new listed options under both tranches is set for September 22. Listen to more from IBX: Imagion's cancer imaging alternative Use of proceeds to advance clinical program
Funds will be used to advance Imagion's MagSense imaging technology, specifically for HER2 breast cancer and initiate the Phase I clinical programs for both prostate and ovarian cancer.
Imagion's trademarked platform aims to revolutionise cancer diagnosis by introducing molecular imaging to MRI.
The company expects to initiate its HER2 breast cancer trial in the near term with key objectives for the company including: Submission of an investigational new drug (IND) application to the US Food and Drug Administration (FDA)
Completion of drug manufacturing to support the trial
Filing of new intellectual property (IP) applications related to molecular MRI
Initiation of the trial and completion of first patient cohort
Collaborations with MRI experts to develop a quantitative MRI platform and AI-based modelling optimised for MagSense
'We are very pleased with the strong demand we saw from investors following our recently announced progress with the FDA on the IND submission for our upcoming HER2+ Breast Cancer Phase 2 clinical trial,' IBX executive chairman Robert Proulx said.
'I want to thank CPS Capital for their lead role and all the investors who have shown their support for our clinical plan.'
This article was developed in collaboration with Imagion Biosystems, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions. Sponsored
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