Imagion Biosystems Limited announced it has entered into a Joint Development Agreement (Agreement) with Global Cancer Technology (GCT), to develop GCT's novel nanoscintillator technology for the treatment of breast cancer. Under the terms of the Agreement, Imagion will be paid for certain R&D services while gaining an ownership interest in the arising GCT nanoscintillator product. The Agreement is staged into phases with the first two phases being defined. Phase 1 relates to `Nanoscintillator Synthesis' and is expected to have a duration of between 9-12 months with estimated costs of USD 450,000-USD 500,000. Phase 1 will involve Imagion developing a protocol for synthesizing the yttrium aluminum garnet nanocrystals doped with a praseodymium scintillator. Phase 2 relates to `Coating and Linker Chemistries' and is expected to have a duration of between 9-12 months with estimated costs of USD 450,000-USD 500,000. Phase 2 will involve Imagion developing surface chemistry to enable a linker (holding a therapeutic payload) to be to the nanoscintillator crystals. The estimated costs above include material, labor and any third party or subcontracted costs and will be invoiced by Imagion to GCT. Neither the estimated timing or costs are binding on either party and are included within the Agreement as a guide only and are subject to change. Preliminary works have commenced in relation to Phase 1 of the Agreement.