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.
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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.
