Proceeds from the private placement of shares completed in August 2017 provided IC Targets AS with funding for entering into an exclusive worldwide license agreement with GE Healthcare (GEHC) for use of mangafodipir trisodium (“mangafodipir”) in vivo imaging. This agreement with GEHC is a key element of the revised business plan of IC Targets. With the agreement, the company has obtained access to the original contrast agent for use in clinical studies and subsequently also for commercialization of the patented proprietary cardiovascular indication.
Magnetic resonance imaging (MRI) is the fastest growing imaging modality, with more than 35 million procedures being performed in 2015 using Contrast Agents (CAs). All marketed MRI CAs contain the rare earth metal gadolinium (Gd). In recent years, regulatory health authorities have raised concerns about the use of Gd-based CAs (GBCAs). Thus, access to mangafodipir also provides IC Targets with a short-term business opportunity within the original indication liver and pancreas MRI. Presently, manufacturing and distribution agreements are being explored.