Imagion cancer detection technology receives approval in India
Imagion Biosystems Limited (ASX:IBX), a company dedicated to improving healthcare through the earlier detection of cancer, has been issued patent #320872 from the Government of India Patent Office for the company’s core intellectual property related to detection, measurement and imaging using targeted magnetic nanoparticles.
The newly issued patent adds India to the company’s existing global market coverage which includes Australia, Canada, China, Israel, Japan, Russia, and the US.
Imagion Biosystems is developing a new non-radioactive and safe diagnostic imaging technology.
By combining biotechnology and nanotechnology, the company aims to detect cancer and other diseases earlier and with higher specificity than is currently possible.
Incidence of cancer on the rise in India
The term of the India patent extends to 2030, and with independent research indicating that the number of people receiving a diagnosis of cancer in India is expected to increase from 1.15 million in 2018 to 1.41 million by 2026, this is an extremely important development for Imagion.
Industry data released by the Indian Council of Medical Research (ICMR) has reported that breast cancer and lung cancer make up some of the most common cancers in the country, with nearly 60 per cent of breast cancer patients being diagnosed in late stages.
Underlining the importance of this development in terms of the group’s broader intellectual property portfolio, executive chairman Bob Proulx said, “Sadly, much like the rest of the globe, the incidence of cancer in India, particularly breast cancer, is growing.
‘’In markets like India where diagnoses often only occur in later stages, there is a huge opportunity to impact survival rates.
‘’The ability of our technology to detect cancer earlier, without the use of radiation or invasive procedures fulfils an unmet need in the diagnosis and management of cancer.”
Global market estimated to be $2 billion
Imagion Biosystems’ current focus on diagnostic imaging addresses a $2 billion market worldwide.
This includes breast, prostate, lung and ovarian cancer, which Imagion’s MagSense technology looks to address.
India will become a growing part of the addressable market due to the size of its population and its growth, as well as the development of cancer diagnostic technology in the country, of which MagSense seeks to be a part of.
The second half of 2019 has been a watershed period for Imagion with the company’s technology receiving ‘’breakthrough device’’ designation by the FDA in July, effectively clearing the way to accelerate development.
Such was the importance of the FDA’s decision that Imagion’s shares surged 100% in a matter of days.
Other important developments included the emergence of new data demonstrating the potential imaging utility of its nanoparticles for detecting HER2 breast cancer cells.
This study represented the company’s first reported results demonstrating that the anti-HER2 nanoparticles used in Imagion’s MagSenseTM technology, which provide specific targeting of cancerous cells, may also have potential as an MR imaging contrast agent.
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