Ann: Imagion Biosystems December 2021 Investor Newsletter, page-40

Imagion Biosystems Ltd [ASX:IBX] is up 31% since we picked it. They’re developing a new nanoparticle technology for use in medical imaging for the early detection of cancer.

It has been a long time in the making, and they’re finally getting to phase 1 clinical trials, after some delays.

The good news is that they’re cashed up with almost $12 million in the bank at the end of September, and they have some really exciting technology that could indeed change the world.

The bad news is that they’re forecasting increased cash burn during the clinical trial phase. They also don’t seem to be doing a great job on delivering their promises on time. This can be partially forgiven for the disruptions of the pandemic, but they also haven’t been able to give a clear indication on a timeline for their trials, as you can see from the following statement from their September cash flow report:

‘Executive Chairman and CEO Bob Proulx said, “We are pleased to report that we now have four sites across three states actively screening patients for recruitment into the MagSense® Study with multiple cancer patients having been enrolled. As we see how the end of lock downs affects cancer screening, we will have a better indication over Q4 as to the likely cadence of recruitment going forward.”’

For now, we’re keeping IBX in our portfolio, but we want to see some traction in early 2022 on the clinical trials or we’ll consider cutting them