In the emerging field of molecular communication (MC), testbeds are needed to validate theoretical concepts, motivate applications, and guide further modeling efforts. To this end, this paper presents a flexible and extendable in-vessel MC testbed based on superparamagnetic iron oxide nanoparticles (SPIONs) dispersed in an aqueous suspension as they are also used for drug targeting in biotechnology.The transmitter is realized by an electronic pump for injection of the SPIONs stored in a syringe via a Y-tubing-connector. A second pump generates a background flow for signal propagation in the main tube, e.g., modeling a part of a chemical reactor or a blood vessel. For signal reception, we employ a commercial susceptometer, an electronic device including a coil, through which the magnetic particles move and non-intrusively generate an electrical signal. We identify the physical mechanisms governing transmission, propagation, and reception of SPIONs as signal carriers and propose a simple twoparameter mathematical model for the system's channel impulse response (CIR). Reliable communication is demonstrated for model-agnostic and model-based detection methods for experiments with 400 random symbols transmitted via on-off keying modulation with a 1 s symbol interval. Moreover, the proposed CIR model is shown to consistently capture the experimentally observed distance-dependent impulse response peak heights and peak decays for transmission distances from 5 cm to 40 cm.