Imagion Biosystems (ASX:IBX) has entered into an agreement with StarFish Medical to design and develop its MagSense instrument platform for clinical applications.
MagSense bio-imaging detection technology uses disease specific targeting nanoparticles and highly sensitive detectors to locate tumours and other diseased cells by their molecular signature.
The company’s bioimaging and nanomagnetic detection systems have been developed specifically to detect cancer and other diseases earlier and with higher specificity than is currently possible.
The agreement with StarFish initiates the first phase in the development of the industrial design of Imagion’s MagSense instrument.
StarFish Medical is Canada’s largest medical device design, development and contract manufacturing company.
The agreement is expected to help translate Imagion’s current prototype systems into a product that can meet regulatory requirements for use in first-in-human testing.
StarFish will provide Imagion with a mockup of the instrument before committing to the building of prototypes for human studies and market development.
In parallel with this design project, the company is continuing to work towards the manufacturing of its formulated nanoparticles, followed by stability and toxicity studies.
Imagion commenced trading on the ASX in June 2017 after raising $12 million from its initial public offering (IPO).
The proceeds of the IPO positions the company to build towards its first in-human clinical studies of its proprietary MagSense technology, expected in the second half of 2018.