We have received a number of enquiries directly – and also observed that there’s been some questions raised on this forum – about a “partnership” with Global Cancer Technology.
We wanted to take the opportunity to explain what this is.
From the beginning we have noted that our nanoparticles have commercial potential across a wide range of biomedical applications, including imaging, screening and treatment of a range of diseases. It is part of our strategy to identify and engage with collaborative partners that have complementary technologies to avail ourselves of those opportunities. Such collaborations will, in the early stages, allow us to explore and assess new applications, while allowing us to keep our focus on our immediate goal of commercializing our first indication for our MagSense™ technology for HER2 breast cancer. These collaborations enable us to generate data and insights about our nanoparticles, and could lead to more formal partnerships, supply agreements or joint ventures.
The collaboration with Global Cancer Technology (GCT), a private company based in San Diego, is one such example. GCT holds the rights to a novel nanocrystal scintillator technology which they have in-licensed. We see their technology as being complementary to our targeting nanoparticles insofar as combining their nanocrystal scintillators with our MagSense™ nanoparticles may make it possible to provide simultaneously image and treat a tumour. While this is an exciting prospective approach to cancer treatment, it is currently at a very early exploratory stage, leveraging our expertise in nanoparticle synthesis to see if the GCT nanocrystal scintillating particles can be made and coupled to our MagSense™ nanoparticles.
To date our efforts and expenditures have been small as we did not want to use significant capital resources to fund this work. Since there are no significant commercial terms associated with this agreement (minimal costs to us and no incoming revenue), it does not pass a threshold of materiality and is not suitable to announce on the ASX platform.
We note that GCT has recently filed a Form 1-SA in the US to raise funds, and that they have identified the development of their nanocrystal scintillating particles for the treatment of COVID-19 as a possible use of funds. If this project comes to fruition, there is possibility that Imagion could become the manufacturer and supplier of the nanoscintillating particles for GCT, but this work is not yet funded.
We will be watching GCT’s progress with interest and wish them the best for their upcoming fund raising, and will keep our investors informed of any significant or material updates.
Thanks as always for your support of IBX and interest in our work
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