TrivarX - Stabl-Im™ and the Race to Earlier, Safer Brain-Cancer Imaging - Neurological Diagnostics
- Noel Ong
- 5 minutes ago
- 6 min read
Announcement
TrivarX Limited (ASX: TRI) announced a binding option to acquire Stabl-Im™, a stable-isotope MRI platform intended to enable early, repeatable, non-invasive detection and monitoring of brain tumours and metastases—an area with high unmet clinical need and limited safe imaging options. The transaction is paired with a $4.2m placement cornerstone by Dr Daniel Tillett (founder/CEO of Nucleics and MD/CEO of Race Oncology, ASX: RAC), signalling both technical belief and strategic alignment.
Highlights - Neurological Diagnostics
Strategic acquisition: TRI secures an exclusive option over 100% of Stabl-Im™ IP and associated stable-isotope cancer diagnostic IP from Nucleics Pty Ltd.
Clinical thesis: Stabl-Im labels replicating cells and reads them on standard MRI, aiming to detect tumour activity before lesions reach the 2–3 mm visibility threshold typical of surveillance MRI. No ionising radiation; designed for safe, repeatable monitoring.
Unmet need & market: Brain metastases affect up to ~20% of adult cancer patients; survival in advanced disease remains poor. TRI frames neuro-oncology imaging as a >US$2.5bn by 2030 opportunity, while the broader brain-metastases therapeutics market is projected to US$8.82bn by 2035.
Clinical path: Phase 1 first-in-human planned for CY26, focused on safety, imaging precision, and reproducibility, followed by multi-site expansion.
Funding & runway: $4.2m placement at $0.008/share (≈30% discount to 15-day VWAP $0.0116), with Directors $200k (subject to approval) and lead-manager options; use of funds spans IP completion, manufacturing & QC, regulatory engagement, and TRI’s existing AI/diagnostics programs.
People & validation: Cornerstone support from Dr Tillett and ongoing technical input to TRI’s preclinical/clinical setup adds credibility and execution depth.
What Is Stabl-Im™?
Healthy adult neurons rarely replicate. Tumour growth reactivates cellular replication. Stabl-Im proposes to label those replicating cells with safe, stable isotopes and then use conventional MRI to detect the signal, providing a non-invasive read-out of tumour activity that can be repeated for surveillance without radiation or surgery. If validated, this could pull detection earlier than morphology-only MRI (which typically registers lesions ≥2–3 mm), enabling timelier intervention and finer-grained response monitoring.
Nucleic’s Founder and CEO, Dr Daniel Tillett, commented:
“We developed the Stabl-Im IP with the vision to transform how clinicians can detect and monitor metastatic brain tumours – safely, non-invasively, and earlier than ever before. This agreement with TrivarX marks an important next step in bringing this vision to life. TrivarX's experience and commitment to diagnostics and precision neuro-medicine make them the ideal partner to advance this breakthrough technology and take it to the clinic. I feel fortunate to be able to support TrivarX as both a cornerstone investor and ongoing collaborator. Stabl-Im has the potential to deliver a step-change in neuro-oncology care and I look forward working with TrivarX to see patients and shareholders benefit from this exciting technology.”
TrivarX’s Non-executive Chairman, David Trimboli, commented:
“This transaction marks an important evolution for TrivarX, firmly strengthening our position in the neurological diagnostics sector, while providing exposure to the fast-growing brain cancer imaging market. The addition of Stabl-Im alongside the Company’s existing technology suite establishes a very powerful platform, for objective, data-driven diagnostics across mental health and neurology.”
“Alongside this agreement, the Company has secured new funding to rapidly advance clinical development initiatives for Stabl-Im providing a strong foundation for clinical development. Securing cornerstone participation from Dr Tillett, adds further validation ot the Company’s pending strategy and I would like to take this opportunity to thank him, as well as existing shareholders for their ongoing support. We look forward to working alongside Daniel to deliver meaningful advancements in noninvasive diagnostics in the years ahead.”
Why This Matters
Clinical gap: Despite advances in systemic therapies, prognosis in brain metastases remains poor, and imaging windows can arrive too late for optimal management. A safe, repeatable, activity-based modality would be clinically meaningful if it reliably brings forward detection and tracks early treatment response.
Economic frame: TRI references a >US$2.5bn neuro-oncology imaging market by 2030 (CAGR >7%) and a therapeutics market growing toward US$8.82bn by 2035—adjacent spaces where better diagnostics can influence patient flow, therapy selection, and monitoring.
Next Steps
Near-term: IP finalisation; manufacturing and QC validation of stable-isotope compounds; FDA and EU pre-submission activities; external regulatory/medical consultants engaged. Dr Tillett to provide ongoing support through preclinical/clinical set-up.
Clinical path: Phase 1 in CY26, readouts centered on safety, imaging precision, and reproducibility, with interim data used to advance into broader multi-site trials. Stabl-Im complements TRI’s mental-health diagnostics (MEB-001; single-lead algorithm ECG for cMDE screening).
Financing Overview
Placement: $4.2m via 525m shares @ $0.008, in two tranches (T1 within LR 7.1 capacity ≈14% of SOI; T2 subject to shareholder approval around early December). ~30% discount to 15-day VWAP ($0.0116). Lead manager 6% fee; 20m options at $0.015 (3-year expiry) subject to approval. Directors $200k (approval required).
Use of funds: IP completion & DD, Stabl-Im development, TRI’s AI/diagnostics programs, working capital & admin.
Acquisition mechanics:
A$250k option fee for a 90-day exclusive option.
If exercised, no upfront cash/equity, but deferred consideration via performance shares:
Class A (250m) → converts 1:1 upon successful Phase 1 within 4 years.
Class B (500m) → converts 1:1 upon successful Phase 2 within 4 years.
Success definitions specified (Phase 1: safe/well-tolerated; Phase 2: statistically significant efficacy vs placebo/SOC on primary endpoint, acceptable safety).
150m options to Ora Capital Pty Ltd and Twenty1 Corp Pty Ltd (50/50), subject to approval, for introducing/facilitating the acquisition.
Samso Concluding Comments
What I like here is a message—earlier, safer surveillance of brain tumours—and a technical path that fits existing MRI workflows. If Stabl-Im™ can reliably tag replication and show a clean, repeatable signal, clinicians get a timelier window to act. That’s a meaningful clinical proposition, not a marketing slogan. And this is a good investable story.
If management can execute well, then manufacturing consistency, protocol discipline, and transparent engagement with regulators will tell us if this can move beyond a neat laboratory story. Looks like Phase 1 (safety, signal quality, reproducibility) is the first box that needs to be ticked, as the study design will matter as much as the data.
It looks like the first three points to watch would be: (1) validated QC of the labelled compounds, (2) the imaging endpoints and how they’re measured, and (3) the cadence of readouts. Markets tolerate time; they punish silence and drift.
The cornerstone backing helps, and the platform logic across TRI’s programs is sensible. I think we can all agree that from here, it’s about turning intent into clinical proof. As Samso always encourages—do your own work: read the filings, track the trial registry, and weigh the evidence when it lands.
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