Australian biotechnology company Imagion Biosystems has raised $3.5 million to advance its MagSense imaging technology for HER2+ breast cancer detection. The funding will support preparation for a Phase II clinical trial in the United States.
The investment was led by CPS Capital and priced at 1.5 cents per share with attached options. The funding structure includes two tranches, with $675,000 settling immediately and $2.8 million conditional on shareholder approval at a September meeting.
Imagion is developing MagSense as an imaging agent for cancer detection, specifically targeting HER2+ breast cancer. HER2+ breast cancer accounts for approximately 15-20% of all breast cancer cases and is characterized by overexpression of the HER2 protein.
The Phase II trial will assess MagSense’s performance in detecting HER2+ breast cancer in U.S. patients. The technology aims to provide enhanced detection capabilities for this breast cancer subtype, addressing current limitations in imaging accuracy.
Imagion Biosystems trades on the ASX under ticker IBX and focuses on developing targeted imaging agents for cancer detection.
