- Imagion presented prostate cancer research data at World Molecular Imaging Conference (WMIC)
- Receipt of $2.5 million R&D tax incentive (post-quarter end)
MELBOURNE – Imagion Biosystems (ASX:IBX), a company dedicated to improving healthcare through the early detection of cancer, today released its Appendix 4C Quarterly Cashflow report and update on company activities for the quarter ending 30 September 2022 (Q3 FY2022).
Executive Chairman and CEO Bob Proulx commented, “Our study sites have seen an increase in screening of eligible patients during the last two quarters which has resulted in additional enrolments in our Phase I breast cancer study and we remain encouraged by the results we are seeing. The prostate cancer data we presented at the WMIC was also very encouraging and supports our plan of using our magnetic nanoparticle technology to develop magnetic imaging agents for multiple types of cancer to address the large unmet need of making non-invasive detection of cancers more accessible and affordable while avoiding the use of radiation and improving patient care.”
Summary of Activities
MagSense® HER2 breast cancer study
Enrolment into the MagSense® HER2 Breast Cancer Phase I study has continued during the quarter with results continuing to be in line with prior updates. The study remains open with all sites actively screening for eligible patients.
MagSense® prostate cancer research update
During the quarter our Vice President of Research and Pre-Clinical Development, Dr Marie Zhang, presented our most recent research data related to our prostate cancer imaging agent at the 2022 World Molecular Imaging Congress (WMIC). The preclinical research data provides strong evidence that the Company’s magnetic nanoparticle technology has the potential to target prostate cancer tumours expressing the Prostate Specific Membrane Antigen (PSMA) with high specificity, accumulating preferentially in tissues expressing PSMA and not in other vital organs. Importantly, the research shows the imaging agent is detectable by both MRI and the Company’s proprietary magnetic relaxometry technology. The data presented follows from the initial work supported by a CSIRO Innovations Connections grant. Further studies will be needed to substantiate the imaging agent’s ability to detect clinically significant disease.
Summary of cash flows
Imagion’s cash balance at 30 September 2022 was $5.3 million, a decrease of $3.2 million from the prior quarter. The Company reported an operating cash outflow of $2.8 million in the quarter, 10% up on the prior quarter’s operating cash outflow and in line with the Company’s expectations.
Administration and corporate costs, and staff costs increased slightly on the prior quarter while research and development costs reduced slightly. Repayment of borrowings and interest costs increased during the quarter. These increases relate to the allocation of rent for our San Diego facility, in line with the lease accounting provisions of the accounting standards.
As previously mentioned, as the MagSense® HER2 Breast Cancer Study progresses and the Company advances its development pipeline, research and development expenditures and staff costs are expected to increase in the coming quarters.
Subsequent to quarter end Imagion received it’s AU$2.5 million research and development tax incentive from the Australian Taxation Office (ATO) in respect of the 2021 year. Within the attached Appendix 4C the Company is showing an estimate of 1.9 quarters of cash flow remaining, if the research and development tax incentive had been received prior to 30 September 2022, the Company would have been showing an estimate of 2.7 quarters of cash flow remaining.
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