Imagion Raises $2.85M in Tranche 2 Placement to Fund HER2 Breast Cancer Study
Imagion Biosystems has completed the second tranche of its $3.5 million placement, raising $2.85 million to advance its proprietary MagSense® imaging technology targeting breast, prostate, and ovarian cancers.
- Settlement of Tranche 2 placement raising $2.85 million
- Issuance of 188 million new shares and 233 million listed options
- Funds earmarked for HER2 Breast Cancer Phase 2 trial and other cancer studies
- Key milestones include FDA IND submission and new intellectual property filings
- Executive Chair and Non-executive Director participated with shareholder approval
Placement Completion and Capital Raise
Imagion Biosystems Limited (ASX – IBX), a biotech company focused on early cancer detection through its innovative MagSense® imaging technology, has successfully completed the settlement of the second tranche of its $3.5 million capital raising. This tranche alone brought in $2.85 million following shareholder approval, marking a significant step in the company’s funding strategy to support its clinical development pipeline.
The placement involved issuing approximately 188 million new fully paid ordinary shares at an issue price of $0.015 per share, alongside 233 million free attaching listed options exercisable at $0.04 each, expiring in December 2027. This capital injection follows the initial tranche settled in August, which raised $675,000.
Strategic Use of Funds
The freshly raised funds are earmarked primarily to advance the company’s HER2 Breast Cancer indication through its MagSense® platform. Key objectives include submitting an Investigational New Drug (IND) application to the U.S. Food and Drug Administration (FDA), completing drug manufacturing to support the upcoming Phase 2 clinical trial, and filing new intellectual property applications related to molecular MRI technology.
Beyond breast cancer, Imagion plans to initiate studies targeting prostate and ovarian cancers, broadening the potential impact of its imaging technology. Collaborations with MRI experts and the development of AI-based quantitative MRI modeling are also on the horizon, aiming to enhance diagnostic precision.
Governance and Shareholder Support
The placement saw participation from key company executives, including Executive Chair Robert Proulx and Non-executive Director Brett Mitchell, both of whom received shareholder approval to subscribe for shares and options. Their involvement signals confidence in the company’s strategic direction and the potential of its technology.
Imagion’s transparent communication and adherence to regulatory requirements, including the Section 708A cleansing notice, reinforce its commitment to good governance and investor relations as it navigates this critical phase of clinical development.
Looking Ahead
With the capital now secured, the company is positioned to accelerate its clinical trials and intellectual property strategy, milestones that will be closely watched by investors and industry observers. The success of these initiatives could significantly enhance Imagion’s value proposition in the competitive biotech landscape focused on cancer diagnostics.
Bottom Line?
Imagion’s latest capital raise sets the stage for pivotal clinical milestones that could redefine cancer imaging.
Questions in the middle?
- What are the timelines and risks associated with the FDA IND submission and Phase 2 trial commencement?
- How will the new intellectual property filings impact the company’s competitive positioning?
- What are the prospects and challenges for expanding MagSense® technology into prostate and ovarian cancer indications?
