Shares of Imagion Biosystems (ASX:IBX) rose by up to 28.6% to A$0.018, reaching their highest level since July 21.

If these gains remain stable, this would make it the stock’s most successful day since July 11.

The medical imaging company has announced its entry into an agreement with Prestige Biopharma to develop a platform that can diagnose pancreatic cancer in its early stages.

The deal encompasses preclinical feasibility research.

Imagion Biosystems added that if the research yields positive outcomes, both companies might agree to extend their collaboration to further enhance the technologies.

The year-to-date stock of Imagion Biosystems has fallen 41.7% as of the most recent market closure.

Imagion Biosystems (ASX:IBX) is a medical imaging company aiming to develop and commercialize magnetically sensitive nano-particles for disease detection, especially cancer.