Imagion Biosystems secures USD 2.59M in capital commitments

Imagion Biosystems, Ltd announced that it has secured firm commitments for AU$3.75M (US$2.59M) in new capital following the FDA’s clearance of the company’s IND application for a Phase 2 clinical trial. The raise will fund the commencement of the clinical trial of the MagSense® imaging agent in HER2+ breast cancer. The company has already begun trial activation activities and expects to begin patient recruitment later this year.

“We are very pleased with the strong demand we saw from investors following our milestone achievement of receiving clearance from the FDA for our MagSense® imaging to proceed with the clinical trial,” said Executive Chairman Robert Proulx. “The successful submission of the IND represents a major technical and organizational accomplishment for the company. With this kind of shareholder support we can continue to advance our MagSense® molecular imaging technology and change how cancer is detected.”

The raise was led by CPS Capital Group Pty Ltd in a two-tranche placement with support from investors “exceeding expectations.” Tranche 1 will be a placement of 49.3 million new shares at AU$0.012 for a total of AU$592,000 utilizing the company’s existing placement capacity. Tranche 2 will include the balance of shares, representing approximately AU$3.2 million, pending shareholder approval at an EGM.
MB Bureau