Imagion Biosystems Limited (ASX:IBX), a company dedicated to improving healthcare through the earlier detection of cancer, is pleased to announce that the Company’s principal collaborator, the MD Anderson Cancer Center, has agreed to convert a significant portion of the current sponsored research program fees payable by the Company into Imagion Biosystems shares.
The MD Anderson Cancer Center, the world’s largest cancer research and treatment organization, has been working collaboratively with Imagion Biosystems to develop and validate the magnetic relaxometry technology since 2014. As previously reported by the Company, the MD Anderson Cancer Center created a Magnetic Relaxometry Research Laboratory in the Department of Imaging Physics and has been collaborating with the Company by applying resources to help validate biological models, improve computational algorithms, and develop new nanoparticle chemistries under a three-year sponsored research program.
“We are delighted to welcome the MD Anderson Cancer Center as a shareholder of the Company,” said Bob Proulx, Executive Chairman of Imagion Biosystems. “They have been an excellent collaborator helping to unlock the potential value of our technology. We look forward to building upon our strong relationship with MD Anderson and translating our technology into value for our shareholders.”
A total of 10,529,053 new ordinary shares (New Shares) will be issued to MD Anderson in lieu of approximately A$793k (out of A$848,795) in research program fees payable by Imagion Biosystems. The New Shares will be subject to a voluntary escrow period of three months from the date of issue.
The Company intends to seek shareholder approval for the purposes of ASX Listing Rule 7.1 for the issuance of the New Shares at its forthcoming Annual General Meeting on May 31 2018 (AGM). Accordingly, the Company has amended Resolution 9 in its Notice of AGM dated May 2 2018, pursuant to the Notice of Amendment which will follow this announcement.