Imagion Biosystems (ASX: IBX) (Company or Imagion), a company dedicated to improving healthcare outcomes through the early detection of cancer cells utilising its proprietary MagSense® imaging technology, is pleased to announce the Company has received $3.5 million of firm commitments under a strongly supported capital raising.
This capital raising was led by CPS Capital, as a placement of ordinary shares to Australian sophisticated investors and family offices raising $3.5m to fund the Company through the commencement of its Phase 2 clinical trial for HER2+ Breast Cancer in the USA.
IBX Executive Chairman, Robert Proulx commented, “We are very pleased with the strong demand we saw from investors following from our recently announced progress with the FDA on the IND submission for our upcoming HER2+ Breast Cancer Phase 2 clinical trial. I want to thank CPS Capital for their lead role and all the investors who have shown their support for our clinical plan.”
Details of $3.5m Capital Raising
The Company will raise $3.5m in new working capital (before costs) through a 2-tranche placement of new fully paid ordinary shares in the capital of the Company (New Shares), together with free attaching listed options (New Listed Options) to sophisticated professional investors (Placement). The Placement was managed by CPS Capital Group Pty Ltd (Broker and Lead Manager) (CPS Capital) with support from investors exceeding expectations.
The issue price for the Placement was $0.015 per New Share. For each New Share issued, investors will also receive one free attaching New Listed Option. The New Listed Options will be issued under the same terms as the Company’s existing listed options (IBXO), exercisable at $0.04 per listed option and expire on 13 December 2027. The offer price of the New Shares represents a 10% discount to the 10-day volume-weighted average price (VWAP) before the date the capital raising was announced.
The Directors have agreed to subscribe for New Shares to the value of $150,000 as part of the capital raising on the same terms and conditions, subject to shareholder approval at an Extraordinary General Meeting (EGM) to be held in September 2025.
The Placement will comprise of two tranches:
- Tranche 1: Placement of 45.0 million new shares at $0.015 per New Share to raise approximately $0.675 million utilising the Company’s existing placement capacity under ASX Listing Rule 7.1 and 7.1A, and
- Tranche 2: The issue of the balance of shares, representing a value of approximately $2.8 million, is conditional upon the Company obtaining shareholder approval at the EGM.
A resolution to approve the issue of the free attaching New Listed Options with the Placement will also be put to shareholders at the EGM.
The Lead Manager is to receive a capital raising fee of 6% on the proceeds of the Placement. CPS Capital will also receive a tranche of 26,250,000 unlisted options, exercisable at $0.04 (4 cents) and expiring 3 years from the date of issue (Lead Manager Options). The Lead Manager Options are to be approved by shareholders at EGM.
Use of Proceeds
Placement funds will be used to immediately advance IBX’s MagSense® imaging technology, specifically the HER2 Breast Cancer indication, and initiate the Phase 1 clinical programs for both prostate and ovarian cancer indications. The Company expects to commence its HER2 Breast Cancer Phase 2 clinical trial in the near term with key objectives being:
- The submission of an Investigational New Drug (IND) application with the Food and Drug Administration (FDA);
- The completion of drug manufacturing to support the clinical trial;
- Filing of new Intellectual Property (IP) applications related to molecular MRI;
- The initiation of the clinical trial and completion of the first patient cohort; and
- Collaborations with leading MRI experts to develop a quantitative MRI platform and AI-based modelling optimized for the MagSense® imaging technology.
Indicative Timetable
The settlement of the Tranche 1 is expected to occur on Tuesday, 5 August 2025 and allotment and normal trading of New Shares under Tranche 1 will occur on Wednesday, 6 August 2025.
Trading halt lifted, and shares recommence trading on ASX — Monday, 4 August 2025
Settlement of Tranche 1 — Tuesday, 5 August 2025
Allotment and normal trading of New Shares under Tranche 1 — Wednesday, 6 August 2025
General Meeting — Thursday, 18 September 2025
Settlement of Tranche 2 — Friday, 19 September 2025
Allotment and normal trading of New Shares under Tranche 2 and New Listed Options under Tranche 1 & 2 — Monday, 22 September 2025
The timetable is indicative only and remains subject to change at the Company’s discretion, subject to compliance with applicable laws and the ASX Listing Rules. The Company reserves the right to change the timetable at any time before New Shares and New Options are issued, subject to regulatory requirements.
All New Shares and New Listed Options issued under the Placement will rank equally with existing shares and listed options on issue. An Appendix 3B for the proposed issue of securities will follow this announcement.
