29 July 2020
Highlights
- $5M raised in an oversubscribed placement at 4.5c per share – equivalent to 30 day VWAP, and a 33.9% premium to 60 day VWAP.
- Strongly supported by existing domestic institutional investors and sophisticated investors, along with new institutional investors from Australia and the UK.
- Funding provides certainty of capital beyond completion of first-in-human study currently on track to commence in Q4.
- Funding allows IBX to commence preparations for a pivotal study and accelerate R&D in additional indications.
MELBOURNE — Imagion Biosystems (ASX: IBX), a company dedicated to improving healthcare through the earlier detection of cancer, is pleased to announce the successful completion of a placement of 111,111,111 fully paid shares at 4.5c per new share, raising a total of $5M.
The placement, led by Evolution Capital Advisors, was strongly supported by existing Australian institutional investors; new and existing sophisticated investors; and facilitated the entry of several new institutions from Australia and the UK onto the Imagion share register.
The funds raised ensure Imagion Biosystems has sufficient capital past the completion of its first-in-human study of its MagSense™ HER2 breast cancer Phase 1 study, which the company aims to commence in Q4. It also allows Imagion to begin work on additional indications, such as prostate cancer, to build the MagSense™ product pipeline, and accelerate our preparations towards a pivotal study for regulatory and commercial clearance of the HER2 test based on a successful outcome of the Phase I study.
“As we have gained confidence that our plans for our first Phase I study remain on track, this capital raise provides certainty that we have funds sufficient to not only see us past the completion of the first-in-human study, but to begin expanding our focus beyond the FIH study. This ultimately will add value, build pipeline depth and breadth, and enable us to reach our destination more quickly,” said Bob Proulx, Executive Chairman of Imagion Biosystems.
-ENDS-
Authorisation & Additional information
This announcement was authorised by the Board of Directors of Imagion Biosystems Limited
About Imagion Biosystems
Imagion Biosystems is developing a new non-radioactive and safe diagnostic imaging technology. Combining biotechnology and nanotechnology the Company aims to detect cancer and other diseases earlier and with higher specificity than is currently possible. Imagion Biosystems listed on the Australian Securities Exchange (ASX) in June 2017.
For further information please visit www.imagionbiosystems.com
Australian Media & Investor Relations
Kyahn Williamson, WE Communications
we-AUimagionbiosystems@we-worldwide.com
+61-3-9866-4722
U.S. Media Contact:
Matthew Wygant
matthew@biotechwriting.com
+1-408-905-7630
