Imagion Biosystems (ASX:IBX) is set to raise AU$3 million via the placement of 150 million shares priced at AU$0.02 apiece, along with 75 million options exercisable at AU$0.04, according to a Thursday filing with the Australian Securities Exchange.

The directors of the medical imaging company subscribed for an aggregate of 6.25 million shares and 3.125 million options, subject to shareholder approval, the filing said.

Proceeds will fund the MagSense platform's clinical programs in cancer diagnosis, and provide general working capital, according to the filing.

CPS Capital Group was the broker and lead manager for the placement.

Imagion Biosystems' shares fell nearly 14% in afternoon trade.

Price (AUD): $0.03, Change: $-0.0050, Percent Change: -13.51%