Biotech company Imagion Biosystems (ASX: IBX) has secured a major boost in resources having secured Siemens Healthineers (FWB: SHL) as a collaboration partner for their proprietary cancer detecting agent.
The collaboration will centre around Imagion’s MagSense™ nanoparticles which are designed to be visible on a MRI scan once they attach to cancer cells. MagSense™ has already received Breakthrough Device designation from the US Food and Drug Administration (FDA) with Imagion planning to commence its first clinical studies in breast cancer patients shortly.
Partnering with Siemens Healthcare, a biotech industry leader, will enable Imagion to explore new applications for MagSense™, as well as commercial pathways.
“We are very pleased to have Siemens Healthineers offer of assistance as we look at all the possibilities to develop and commercialize our technology,” said Imagion Executive Chairman, Bob Proulx.
“The ability to use a targeted contrast agent like ours, in the MRI setting, could transform the way MRI is used to diagnose cancer and other diseases.
In entering into this collaboration, we will jointly gain insight into the clinical and commercial potential of our novel technology. We are proud that Imagion continues to attract the support of leading industry players and opinion leaders.”
Within the current cancer imaging market, agents have been general in purpose by creating contrast at tissue boundaries. MagSense™ nanoparticles, however, enhance imaging of specific diseased tissue to offer an accurate method of non-invasive imaging to detect cancer using existing imaging devices.
Siemens Healtheneers, the biotech-focused branch of German tech conglomerate Siemens, has an extensive portfolio of subsidiary biotech companies and trades on the Frankfurt Stock Exchange with a market cap around USD $48 billion.
“Siemens Healthineers has a strong focus on expanding Precision Medicine and transforming care delivery,” said Siemens Healthcare Head of Collaborations and Research for Australia and New Zealand, Dr Kieran O’Brien.
“Imagion’s targeted contrast technology MagSense™ could offer patients a more specific means to monitor cancer with MRI, and we look forward to assisting Imagion in investigating the application of their technology with MRI scanners.”
The new collaboration continues a strong run of corporate activity for Imagion which last month raised $2.5m from shareholders via an oversubscribed entitlement offer at $0.01 per share.
Following announcement of the new collaboration, IBX shares rose to a high of $0.028 per share in the first 20 minutes of trade, a rise of 27% on their previous day’s close of $0.022.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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