Imagion shares up 12% on the back of today's Magsense news
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Event: Possible MRI applications for MagSense
Finfeed noted this morning that Imagion Biosystems’ (ASX:IBX) anti-HER2 nanoparticles used in Imagion’s MagSenseTM technology, which provide specific targeting of cancerous cells, may also have potential as an MR imaging (MRI) contrast agent.
Importantly, the study shows the MagSenseTM nanoparticles may be equally effective as a multi-modal molecular imaging agent, generating detectable signals in two different imaging methods - super magnetic relaxometry (SPMR) and magnetic resonance imaging (MRI).
A targeted MagSenseTM nanoparticle detectable by SPMR, that also could be used as a contrast agent to enhance an MR image of specific tissue would create an opportunity for Imagion to work with the large installed base of existing MRI machines.
Commenting on the commercial significance of this development, executive chairman Bob Proulx said, “While development of our proprietary magnetic relaxometry technology has been our focus to date, this new preliminary work shows the potential for our MagSenseTM nanoparticles to work with MRI and could open up a new commercial pathway as a contrast agent that can be used to improve the effectiveness of MRI in the detection and monitoring of HER2 breast cancer.”
Finfeed’s take – 10.00am
Shares in Imagion Biosystems (ASX:IBX) have increased approximately three-fold since June on the back of significant developments with its early stage cancer detection technologies.
However, they could get a further boost on Monday after the company advised the market of early-stage evidence that the technology could have applications in improving magnetic resonance imaging (MRIs).
Today’s action
Imagion’s shares certainly did receive a boost with strong trading throughout the morning resulting in an increase from the previous day’s close of 4.1 cents to 4.5 cents just before midday.
Support continued throughout the afternoon, and at 2:45 PM the company shares were trading at 4.6 cents, representing an increase of 12.2% compared with Friday’s closing price.
The breadth of investor support was evidenced by the well above average trading volumes of 1.3 million.
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