The Imagion Biosystems Ltd (ASX: IBX) share price is rebounding strongly after weeks of severe falls. This comes after the biotechnology and nanotechnology company provided an update on its MagSense HER2 breast cancer study.

During mid-afternoon trade, the Imagion share price is 60.47% higher at 6.9 cents.

What did Imagion announce to make its share price soar?

According to its release, Imagion advises it has completed the evaluation of its first five patients enrolled in the MagSense HER2 breast cancer Phase I first-in-human study.

Imagion said the interim data shows no safety issues reported by patients administered with the MagSense HER2 imaging agent. Primary results indicate that the dosage of the injectable was well-tolerated.

Furthermore, Imagion noted that from observation, the imaging agent reached the lymph nodes.

Imagion Biosystems executive chair, Bob Proulx commented:

We are encouraged by these preliminary observations from our investigators. It is very exciting to begin accumulating patient data and see the positive direction of these preliminary results.

We feel the results from the first five patients provide sufficient justification for us to continue the study.

Imagion plans to move forward by ramping up development and clinical studies that would support regulatory submissions.

Imagion said if one of the imaging methods is proven effective the MagSense HER2 test will be commercialised.

The MagSense test will be used as a non-invasive alternative to biopsies for cancer nodal staging.

More on the MagSense HER2 breast cancer study

The program aims to investigate the use of a MagSense imaging agent to increase the accuracy in detecting a patient's HER2 breast cancer. More specifically, it looks to see whether the patient's tumour has spread to the lymph nodes.

Traditionally, the current standard of care involves a biopsy or surgical removal of the lymph nodes to confirm metastases. Approximately half of HER2 breast cancer patients have no nodal disease, allowing MagSense to provide non-invasive procedures in detecting the cancer.

Each patient in the study receives an injection of the MagSense nanoparticle imaging agent and undergoes an MRI. While this occurs, MagSense magnetic relaxometry technology assesses a sample of the lymph node.

Imagion is expecting to enrol a total of 15 participants in the phase 1 study. The aim of the program is to determine the safety and tolerability of the MagSense imaging agent. The company is also exploring the nanoparticles' effectiveness for in vivo detection.

Imagion share price summary

Over the past 12 months, Imagion shares have lost 57%, with falls of 13.75% year to date.

The Imagion share price reached a 52-week low of 4.2 cents yesterday.

Imagion commands a market capitalisation of $48.21 million and has $1.12 billion shares outstanding.

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Shares in nanotechnology and biotech company Imagion Biosystems Ltd (ASX: IBX) charged higher today to finish 14% in the green. The Imagion Biosystems share price jumped from the open following a company response to a query from the ASX.

The ASX wanted to know why the company's share price spiked – in almost vertical fashion – over 40% from Friday's close to finish at 10 cents on Tuesday.

Imagion provided its answers in a detailed response to the ASX that was posted before the open today.

Here are the details.

What's up with the Imagion Biosystems share price lately?

Backtracking to the final week of October, Imagion released its quarterly report, covering several investment highlights.

The company, which specialises in medical diagnostic imaging technology, advised it had now enrolled multiple patients into a Phase 1 study of its novel imaging agent MagSense.

The study is investigating the safety of MagSense in its intended use, as a non-invasive alternative to detect early-stage HER2 breast cancer.

It also partnered with Global Cancer Technology during the quarter. The pair will develop Global Cancer's nanoscintillator technology, also potentially indicated in breast cancer albeit on the treatment side.

Imagion is set to receive funding from Global Cancer Technology as the pair combine technologies to search for a breakthrough in the disease segment.

Imagion also funded its first animal studies investigating MagSense as an imaging solution for prostate cancer.

The market appeared to have a delayed reaction to Imagion's quarterly update. From the close of trading last Friday to Tuesday's close, the Imagion Biosystems share price roared from 7.1 cents to a 3-month high of 10 cents.

It is this market activity that had the ASX contacting Imagion in search of some answers.

In a standard compliance letter from the ASX's Melissa Kostopoulous, the company was asked to explain any possible causes for the gain.

"Is IBX aware of any information concerning it that has not been announced to the market which, if known by some in the market, could explain the recent trading in its securities?"

How did Imagion respond?

The company replied that it was not aware of any such information. It did, however, make mention of the recent quarterly update, and in particular, the additional enrolments into its MagSense Phase 1 trial.

This is important to note because earlier in the year, Imagion had announced it was having difficulty achieving this due to COVID-19.

Even though the first patients had been enrolled, capturing further study participants was proving a challenge for Imagion.

Hence, the announcement it had secured additional patients in the study cohort can be deemed as a net positive for the company. This could have had an impact on its share price, the company said.

Imagion concluded that it is in fact in compliance with all ASX listing rules and requirements.

Imagion Biosystems share price snapshot

The Imagion Biosystems share price has posted a loss of almost 34% since January 1.

Yet, despite this, it has returned 18% to shareholders over the past 12 months. This is ahead of the benchmark S&P/ASX 200 index (ASX: XJO)'s return of around 14.5% in that time.

The post The Imagion Biosystems (ASX:IBX) share price leapt 40% in 2 days this week. What's happening? appeared first on The Motley Fool Australia.

The Imagion Biosystems Ltd (ASX: IBX) share price is taking off following the release of the company's quarterly report.

Over the third quarter of the calendar year 2022, the company moved forward with its MagSense Study and entered a new joint development agreement.

The market has reacted favourably to all the company has achieved. At the time of writing, the Imagion share price is 7.6 cents, which is 13.43% higher than its previous close.

Let's take a closer look at what the cancer imaging technology company has been up to over the 3 months ending 30 September.

The quarter just been for Imagion

The Imagion share price is surging on news the company has enrolled multiple patients in its MagSense HER2 Breast Cancer Phase I Study.

The study is looking to find if the company's novel imaging agent, developed specifically for breast cancer patients who test positive for the Human Epidermal Growth Factor Receptor 2 (HER2), is safe for use.

The company signed one hospital on as a clinical site during the quarter, and another since its end. Four hospitals have now agreed to be involved in the study.

The company's chair and CEO, Bob Proulx commented:  

As we see how the end of lock downs affects cancer screening, we will have a better indication over [quarter 4] as to the likely cadence of recruitment going forward.

Further, the company has partnered with Global Cancer Technology to develop its partner's novel nanoscintillator technology. The technology aims to treat breast cancer and will utilise Imagion's nanoparticle expertise.

Under the terms of their agreement, Global Cancer Technology will pay Imagion for research and development services. Meanwhile, Imagion will gain a holding in the product.

Finally, Imagion has used its grant from the CSIRO to fund the first round of animal studies for its MagSense prostate cancer imaging agent. Results of the animal studies are currently being analysed.

The company spent $2.2 million over the course of the quarter.

It stated its costs will probably increase in the near future as its MagSense clinical study gets up and running. Its costs will also likely grow as its development pipeline advances.

The company ended the quarter with $12 million of cash in the bank. That's enough to fund another 5.5 quarters if its expenses remain the same.

Imagion share price snapshot

Today's gains included, the Imagion share price has fallen 45% since the start of 2021. However, it is 8.5% higher than it was this time last year.

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The Imagion Biosystems Ltd (ASX: IBX) share price is rebounding strongly after weeks of severe falls. This comes after the company provided an update on its MagSense HER2 breast cancer study.

During mid-afternoon trade, the biotechnology and nanotechnology company's shares are 38.3% higher to 13 cents.

What was announced?

According to its release, Imagion advised that it has enrolled its first patient in the MagSense HER2 breast cancer Phase I first-in-human study.

The program aims to investigate the use of a MagSense imaging agent to increase the accuracy in detecting a patient's HER2 breast cancer. More specifically, the nanotechnology looks to see if the tumour has spread to the patient's lymph nodes.

Traditionally, the current standard of care involves a biopsy or surgical removal of the lymph nodes to confirm metastases. Approximately half of HER2 breast cancer patients have no nodal disease. Furthermore, this allows MagSense to provide non-invasive procedures in detecting cancer.

Each patient in the study receives an injection of the MagSense nanoparticle imaging agent and undergoes imaging by MRI. While this occurs, a sample of the lymph node is also assessed using the MagSense magnetic relaxometry technology.

Imagion is expecting to enrol a total of 15 participants in the phase 1 study. The aim of the program is to determine the safety and tolerability of the MagSense imaging agent. Furthermore, the company is also exploring the effectiveness of the nanoparticles for in vivo detection.

Imagion Biosystems executive chair, Bob Proulx commented:

We are very pleased to report our first patient has been enrolled in this ground-breaking study. Though recruiting newly diagnosed cancer patients into a research study can be challenging, we and our investigators remain confident we will reach our recruitment target. We are committed to explore all avenues to achieve our goal of completing this important study.

Imagion share price summary

Over the past 12 months, Imagion shares have gained more than 360%, but have fallen 10% on year-to-date performance. The company's share price reached an all-time high of 22.5 cents earlier this year.

Based on valuation metrics, Imagion commands a market capitalisation of roughly $135 million, with over $1 billion shares outstanding.

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The Imagion Biosystems Ltd (ASX: IBX) share price has rocketed 1,166% over the past 12 months due to a series of promising projects around cancer detection.

The company's bio is truly a mouthful: its principal business activities consist of nanotechnology, biotechnology, cancer diagnostics, and – the clincher — superparamagnetic relaxometry. 

What investors should know is that it develops medical devices focused around cancer screening technology.

Imagion's Magsense cancer screening technology

One of these tech projects, called Magsense, is a diagnostic imaging tool that can potentially increase the accuracy of magnetic resonance imaging scans (MRIs) and PMSA-PET scans. For the record, PMSA-PET scans are prostate cancer scans, which work by using radioactive dye to light up areas of the body.

What's more, the company's long term goal is to fully develop a cancer screening technology that's not only more accurate, but entirely radiation free. Scientific Advisory Board member Professor Lisa Horvarth explained Imagion's technology in slightly more detail.

MRI and PSMA-PET have limits of detection, so small cancer foci in lymph nodes may not be detected," she said. "Imagion's new imaging technology would allow precision mapping of the lymph nodes, identifying smaller foci of cancer that current imaging modalities are unable to identify. This would guide the treatment of the lymph nodes either by surgery or radiotherapy.

What's happening to Imagion's share price?

The Imagion share price has surged 1,166.67% over the past 12 months, from 0.012 cents per share to over 15 cents today. However, it's down 15% this month and 5% this week.

It's down nearly 2% today, despite a positive report to its shareholders regarding its expansion into breast cancer screening trials. The effects of COVID-19 on the healthcare sector are still hard to shake off: cancer diagnostic procedures dropped by 30% throughout the pandemic and still haven't recovered.

It revealed this month that the CSIRO have granted it $50,000 for a prostate cancer screening project related to its Magsense technology.

While the executive chair of Imagion Biosystems, Bob Proulx, was thankful for the government support.

"This collaboration with Monash, assisted by funding from CSIRO, helps jump start our prostate cancer project by leveraging the expertise at Monash University and provides a key opportunity to advance our MagSense technology for another important cancer indication," Proulx said.

"We're grateful for the support from the Australian Government through the Entrepreneurs' Programme and their recognition of the medical need for improved methods of prostate cancer detection."

Imagion "excited for what lies ahead"

It's worth noting that Imagion is still small cap and Magsense is still in its relative infancy. Its current market capitalisation is $157 million, ranking it 66th in the healthcare sector and 790th on the ASX All Ordinaries Index (ASX: XAO)

But its team clearly believe they're making progress.

"After much diligence and hard work, we are delighted to have finished the year with our first inhuman study established and open for enrolment," Proulx said in Imagion's 2020 Annual Report, released last month.

"We are excited for what lies ahead in 2021, particularly as the MagSense HER2 breast cancer phase one study progresses and we explore further development areas including manufacturing scale-up and preparing for a larger pivotal study."

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