National Institutes of Health Awards Magnetic Insight with a $1.5M Phase II SBIR grant to support the first commercial multimodal preclinical magnetic particle imaging system
ALAMEDA, Calif., Aug. 1, 2018 /PRNewswire/ -- Magnetic Insight, Inc., leader in magnetic particle imaging (MPI) solutions, announced today that it was awarded a Small Business Innovation Research (SBIR) Phase II grant from the National Institute of Biomedical Imaging and Bioengineering of the National Institutes of Health under Award Number R44EB020463. This grant will provide $1.5 million over two years for Magnetic Insight's continued development of the Momentum MPI scanner.
Magnetic Insight was founded to commercialize Magnetic Particle Imaging (MPI), a new imaging modality that directly detects magnetic nanoparticle tracers. The technology enables deep tissue imaging of functional events and disease states. Because the tracer is not normally found in the body, MPI offers exceptional contrast and high sensitivity. While many traditional imaging studies involve the use of radiation or toxic agents, MPI raises the bar in imaging safety by using a non-radioactive, non-toxic tracer. The technology is also linearly quantitative, giving researchers reliable and easy to analyze results. The technology is already transforming preclinical research, therapy development, and will soon be translated to the clinic.
The company was previously awarded a $650,000 Phase I SBIR grant in 2015. Funding was used to develop a working prototype of the first field free line magnetic particle imaging system for commercialization.
"The Phase II grant was reviewed by thought leaders in academia and industry. It received a rare, perfect impact score of 10 which is a testament to MPI's significance, innovation, and strength of the team" said Anna Christensen, President and CEO of Magnetic Insight. "We are excited for the next stage of growth of the company where we will leverage complementary modalities and add new features to accelerate our customer's research in cell therapy, stroke and inflammation."
About Magnetic Insight
Magnetic Insight is an early stage diagnostic imaging company accelerating preclinical research with direct translation into the clinic. Magnetic Particle Imaging (MPI) is an ultrasensitive, safe and quantitative technology, harnessing high contrast detection of iron oxide nanoparticles. MPI will provide faster, safer and more accurate detection of cells, blood flow and targeted biological events. www.magneticinsight.com
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SOURCE Magnetic Insight Inc.