Sharemarket analysts Pitt Street Research have released a positive appraisal of medical imaging company Imagion Biosystems and its MagSense non-radioactive and safe diagnostic imaging technology.
Specialised MagSense nanoparticles are coated with tumour targeting antibodies and can be administered by simple intravenous injection.
Weak, but highly sensitive magnetic fields are used to locate the nanoparticles which only bind to the targeted tumour cells.
The analysts said that MagSense can potentially improve on positron emission tomography (PET) and conventional magnetic resonance imaging (MRI) imaging modalities.
Having received approval from the US Food and Drug Administration, Pitt Street Research said that MagSense was a game changer in cancer diagnostic imaging.
“MagSense is an important improvement in the standard of care and could allow for highly sensitive, specific and safe detection of certain cancers at a much earlier stage.
“Imagion is currently in phase 1 trial (in-human study) of MagSense for HER2-positive breast cancer, and in pre-clinical stages for diagnosis of prostate, ovarian and brain cancers.
“The market opportunity for HER2-positive breast cancer alone is significant given that MagSense can eliminate lymphadenectomy in possibly 50 percent of the patients and remove uncertainties related to mammograms.”
The analysts said that Imagion had identified an accelerated commercialisation path for the technology.
This followed encouraging feedback from an independent panel of breast cancer radiologists, which highlighted the potential use of its imaging agent for detection of tumour cells in lymph nodes by an MRI scanner.
Pitt Street Research said: “Thereafter, Imagion decided to prioritise the use of its MagSense imaging agent with the large installed base of MRI sites to accelerate commercialisation, which markedly increases the overall opportunity.
“Moreover, Imagion recently received positive feedback from the FDA in relation to its proposed phase 2 design for its HER2 imaging agent.
“The company is now planning a multi-site phase 2 clinical trial in the US and hopes to file an Investigational New Drug (IND) application in Q4 2023 or Q1 2024.”
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Picture: Imagion Biosystems