Imagion Biosystems Ltd Launches $3.75M Placement for US Cancer Imaging Trial
Capital secured: Imagion locks in $3.75m to launch US cancer imaging trial
Imagion Biosystems (ASX: IBX) has received $3.75 million in firm commitments under a strongly supported placement, providing the funding to commence a US-based cancer imaging clinical trial. The raise follows the recently announced clearance by the US Food and Drug Administration (FDA) of the Company’s Investigational New Drug (IND) application.
Proceeds will be used to fund the commencement of the MagSense® HER2 imaging agent Phase 1b/2 clinical trial across multiple sites in the USA. The placement was led by CPS Capital Group Pty Ltd (CPS Capital) as a placement of ordinary shares to Australian sophisticated investors and family offices.
For investors, the significance is clear. This is the funding bridge that converts a regulatory milestone into an active clinical programme, moving the Company from approval to execution.
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Inside the $3.75m placement structure
The placement comprises a two-tranche issue of new fully paid ordinary shares, with attaching options offered to participants. The key terms are as follows:
- Total raise: $3.75 million (before costs)
- Issue price: $0.012 per New Share
- Structure: Two-tranche placement of fully paid ordinary shares
- Free attaching options: One IBXO listed option for every two New Shares acquired
- Option terms: Exercisable at $0.04, expiring 13 December 2027 (same terms as existing IBXO options)
- Discount: 24.32% to the 10-day volume-weighted average price (VWAP) before the announcement date
- Director/management participation: Up to $100,000 on the same terms, subject to shareholder approval at the EGM
Two tranches explained
The placement will be settled across two stages, with the larger portion conditional on shareholder approval:
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Tranche 1: 49.3 million New Shares at $0.012 raising approximately $592,000, utilising the Company’s existing placement capacity under ASX Listing Rule 7.1.
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Tranche 2: The balance of approximately $3.2 million, conditional upon the Company obtaining shareholder approval at an EGM expected in August 2026.
A resolution to approve the issue of the free attaching listed options attributable to both tranches will also be put to shareholders at the EGM.
As Broker and Lead Manager, CPS Capital is to receive a 4% capital raising fee and a 2% management fee on gross proceeds. CPS Capital will also receive a tranche of 30,000,000 IBXO listed options (Lead Manager Options), subject to shareholder approval at the EGM.
| Term | Detail |
|---|---|
| Total raise (before costs) | $3.75 million |
| Issue price | $0.012 per New Share |
| Option ratio | 1 IBXO option per 2 New Shares |
| Option strike / expiry | $0.04, expiring 13 December 2027 |
| Discount to 10-day VWAP | 24.32% |
Director commentary
Robert Proulx, Executive Chairman
“We are very pleased with the strong demand we saw from investors following our milestone achievement receiving clearance from the FDA for our MagSense® imaging to proceed with the clinical trial. The successful submission of the IND represents a major technical and organisational accomplishment for the company being recognised by our shareholders and the markets. With this kind of shareholder support we can continue to advance our MagSense® molecular imaging technology and change how cancer is detected. I want to thank CPS Capital for their lead role and all the investors who have shown their support.”
What is MagSense® molecular imaging?
MagSense® is described by the Company as a first-of-its-class MRI imaging agent that enables clinicians to detect cancer earlier and with greater precision. It uses non-radioactive, bio-safe magnetic nanoparticles rather than conventional radioactive tracers.
The technology advances what is known as molecular MRI. Put simply, this means targeting cancer at a molecular level rather than relying on standard imaging alone, with the aim of improving diagnostic certainty.
The Company notes broad application potential across a range of cancers, including HER2+ breast cancer, prostate cancers, and ovarian cancers. For investors, a differentiated, radiation-free diagnostic platform may carry appeal within a large oncology imaging market, although commercial outcomes remain dependent on clinical results and regulatory progress.
Where the money goes: funding the Phase 1b/2 trial
Placement funds will be used primarily to fund the start of the Phase 1b/2 clinical trial in HER2+ breast cancer. The Company has commenced trial activation activities and expects patient recruitment to begin later in Q3 of this year, with the announcement dated 25 June 2026.
Key funded activities include:
- Initiation of the clinical trial and completion of the first cohort of patients
- Ongoing drug manufacturing activities of the MagSense® imaging agent to support clinical development
- Development of Intellectual Property (IP) related to molecular MRI
- Collaborations with leading MRI experts to further develop quantitative MRI techniques and AI-based modelling optimised for the MagSense® imaging technology
How the trial is structured
As previously disclosed, the trial consists of multiple parts:
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Part A: Establish a further safety profile of MagSense®. N=<10, with MRIs taken at multiple time points to identify the optimal imaging time.
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Part B: Establish the effective lowest dose and post-dose imaging schedule for Part C. N=<20, anticipated to take approximately six months.
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Part C: Compare the diagnostic performance of MagSense® to Standard of Care. N=40.
The Company anticipates near-term progress to include the commencement of enrolment, first patient dosed, and completion of the first cohort of participants.
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Key dates and what comes next
The Company has provided an indicative timetable for the placement, which remains subject to change at its discretion and in compliance with applicable laws and the ASX Listing Rules.
- Thursday, 25 June 2026: Trading halt lifted, and shares recommence trading on ASX
- Monday, 29 June 2026: Settlement of Tranche 1
- Tuesday, 30 June 2026: Allotment and normal trading of New Shares under Tranche 1
- August 2026: General Meeting
- August 2026 (soon after shareholder approval): Settlement, allotment and normal trading of New Shares under Tranche 2 and New Listed Options under Tranches 1 and 2
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 is to follow the announcement.
For investors, the August EGM shapes up as the next key catalyst. Shareholder approval is required to unlock the bulk of the funding under Tranche 2, clearing the path toward first patient dosing in the HER2+ breast cancer trial.
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