ALAMEDA, Calif., Feb. 21, 2019 /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 Drug Abuse of the National Institutes of Health under Award Number 2R44DA041814. This grant will provide $1.8 million over two years for Magnetic Insight's development of a clinical-scale neurovascular magnetic particle imaging system. The project is led by Dr. Patrick Goodwill, Chief Technology Officer at Magnetic Insight, and Professor Max Wintermark, Chief of Neuroradiology at Stanford University. The company was previously awarded a $223,000 Phase I SBIR grant in 2015 to develop a small-scale prototype.
Magnetic Insight was founded to commercialize MPI, a new imaging modality that directly detects magnetic nanoparticle tracers. Because the tracers are not normally found in the body, MPI has exceptional contrast and enables new applications in deep-tissue imaging of functional events and disease states. MPI's unique contrast, safety, and speed solves several limitations and concerns of current neurovascular imaging protocols. A neurovascular MPI system enables safe diagnosis, staging, and monitoring of devastating diseases such as stroke, aneurisms, and other vaso-malformations. Successful development of a neurovascular MPI imager marks the beginning of a new field of diagnostic imaging comparable in scope to the introduction of MRI, CT, and Ultrasound.
"We recently launched Magnetic Particle Imaging into the small animal imaging market, where it is actively being used by clinician scientists and researchers to investigate cancer, stroke, and cell therapy development," said Anna Christensen, President and CEO of Magnetic Insight. "As we scale MPI to a clinical size, the technology's unique capabilities give clinicians a new way to noninvasively diagnose and improve the treatment of life changing neurovascular diseases."
About Magnetic Insight
Magnetic Insight is an early stage diagnostic imaging company accelerating preclinical research with direct translation into the clinic founded by the leaders of the Magnetic Particle Imaging (MPI) program at UC Berkeley and by leaders in industry. MPI is an ultrasensitive, safe and quantitative technology, capable of high contrast detection of iron oxide nanoparticles. MPI will provide faster, safer and more accurate detection of early disease states, blood flow and cell therapy monitoring. www.magneticinsight.com
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