Science technology company Manhattan Scientifics Inc (OTCQB: MHTX), the initial funder and owner of over 50 million shares of Imagion Biosystems Ltd, a developer of a non-radioactive and highly sensitive diagnostic imaging technology, announced on Wednesday that Imagion has reached significant milestones in early cancer detection technology.

Imagion introduced groundbreaking imaging agent technology in 2022, demonstrating safety in Phase 1 studies with real breast cancer patients. The company also pioneered a clinical study utilising magnetic nanoparticles for targeted cancer imaging, revolutionising non-invasive cancer detection.

In 2023, independent validation confirmed two crucial findings from Imagion's Phase 1 data, reinforcing its focus on using MRI for molecular imaging of cancer. This approach offers a faster and more cost-effective path to commercialise its imaging agents.

In addition, Imagion is in discussions with the U.S. FDA to advance its MagSense HER2 development for breast cancer detection into Phase 2 studies. Despite challenges, Imagion remains confident that progress is not adequately reflected in the current share price.

To sustain its technological advancements, Imagion also secured a financing agreement with Mercer Street Capital and will USD3.5m in funding this quarter through its ATO tax credit, ensuring steady access to working capital.