Imagion Biosystems (ASX:IBX), a company focussed on medical imaging technology for the earlier and improved detection of cancer and other diseases, has listed on the Australian Securities Exchange after completing a $12 million initial public offering (IPO).
Imagion issued 60 million new shares as part of the IPO at $0.20 per share, valuing the company at $43 million at listing.
Imagion’s MagSense technology uses tiny bio-safe nanoparticles to ‘tag’ the cancer, with highly sensitive magnetic sensors holding the potential of detecting, locating and characterising tumours at their earliest stages.
The company says it will use proceeds from the IPO to prepare for its first in-human clinical studies of the proprietary MagSense technology - expected to occur during the second half of 2018.
Pre-clinical research on the MagSense technology to-date has focused on the staging of HER2+ breast cancer and the early detection and diagnosis of both ovarian cancer and prostate cancer.
According to the company, the use of cancer-tagging nanoparticles allows the instrument to be of a relatively simple and low cost design. The system does not require an expensive shielded environment, translating into lower installation costs for the hospital or clinic.
Imagion CEO, Robert Proulx, said the technology is already well developed and is receiving widespread attention through the US and now Australia.
“The MagSense technology is 1,000 times more sensitive than current imaging methods, yet comes at a lower cost than conventional imaging, in addition to providing a non-invasive alternative to frequently used procedures.
“The potential of the MagSense technology is evidenced by the incredibly strong board we have been able to attract which includes highly visible and respected professionals. MagSense addresses an important and very large unmet medical need that could dramatically improve outcomes for millions of patients, and we have an outstanding opportunity to create significant shareholder value by developing and commercialising the technology.”