Imagion Biosystems (ASX:IBX) has announced the receipt of a second grant from the Australian Government Department of Industry, Science, Energy and Resources for research of its MagSense® PSMA imaging agent for prostate cancer detection.
The imaging technology company says the $50,000 grant will be used to continue preclinical research in collaboration with Monash University and to focus on Magnetic Resonance Imaging (MRI).
Imagion Biosystems says it used the first grant in 2021 to support its early preclinical research efforts that were reported at the World Molecular Imaging Conference in September 2022.
It also says prostate cancer is the second most common cancer in men and the grant will help Imagion Biosystems further develop its imaging technology to improve early detection, and avoid exposing patients to radiation.