Imagin noted that it closed an oversubscribed non-brokered private placement for $1.914 million in gross proceeds.
The medical device company will use the funds to complete development of its i/Blue Imaging System, advance along the U.S. Food and Drug Administration's (FDA) approval pathway and increase the device's market exposure.
In the near term, Imagin intends to carry out pilot production of i/Blue, which should be finished and validated by mid-2020. Subsequently, the biotech will submit an application for device approval to the FDA.
Simultaneously, Imagin will keep working to increase awareness of i/Blue in the urology marketplace by attending trade shows and developing relationships with key opinion leaders. Also, the company will "continue to build on its intellectual property and create distribution channels in the urology marketplace," the release noted.
"2019 was a momentous year for the Company as we advanced our deep understanding of the i/Blue System™ and moved into the final stages of development. Our unique value proposition is well positioned for a very promising 2020 with the goal to provide patients suffering from bladder cancer potentially better outcomes," President and CEO Jim Hutchens said in the release.
"Among our many 2019 activities, I consider our meetings at the AUA to be the most important. We were able to introduce the i/Blue technology to North America's top urologists, who helped us define user needs and further refine the system. We were very encouraged by their overwhelmingly positive feedback on the i/Blue Imaging System’s key features—simultaneous dual images and adaptability to almost any endoscope—to advance the use of blue light in treating bladder cancer," Hutchens noted.
The company noted that with i/Blue development completed, "the technology can be readily adapted to accommodate additional FDA-approved contrast agents, such as Indocyanine green (ICG) used in laparoscopic surgeries, significantly expanding Imagin’s market potential."
In summary, Mr. Hutchens said, "We are excited to enter 2020 closer to delivering the benefits of the i/Blue System to the medical community to help cancer patients and increasing the visibility of Imagin Medical. Our ongoing goal is to become a resource to physicians and their patients as we progress, and to continue building shareholder value."
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