Australians are a smart bunch. Although the pavlova is disputed, we gladly claim awesome inventions like the black box flight recorder, spray-on skin, the cochlear implant, plastic money and fairy bread (arguably the greatest invention of them all).
Whilst I’m not sure much could compete with fairy bread, 4DMedical (ASX: 4DX) are giving it a red hot go, presenting their fully operational XV lung scanner to the public.
Installed in the Research Imaging NSW facility at the Prince of Wales Hospital in Randwick, Sydney, the scanner was unveiled in a ceremony attended by the likes of Federal Minister for Health and Aged Care, Greg Hunt MP.
Headed up by former Monash University academic Andreas Fouras, the global medtech company is developing their patented XV Technology to better image and understand airflow through the lungs. Their XV Lung Ventilation Analysis Software (XV LVAS) is capable of quantifying ventilation in 4D, with low levels of radiation, offering a superior alternative to other diagnostic methods such as x-ray.
With their XV software already FDA approved and commercialised, pulling $0.2m of sales revenue for 1H FY22, bringing the physical scanner to the clinic is the next frontier. The installation in the Prince of Wales Hospital will support this as the Company works with numerous medical researchers to progress a series of clinical trials to validate the tech and see the scanner achieve regulatory clearance by late 2023. The Company has proven their ability to stick to timelines and deliver, having designed, built and deployed the first XV scanner in an Australian hospital within a year of receiving government funding.
“The XV Scanner represents a transformative moment in lung health history. Today’s unveiling is a major milestone in our XV Technology platform’s path to commercialisation,” said CEO and Founder, Dr. Andreas Fouras. “It is fitting that the Federal Minister of Health and Aged Care was here for today’s ceremony, as the Government’s landmark Medical Research Future Fund provided valuable funding for the development phase of our XV Scanner. We look forward to progressing the product through clinical trials whilst also exploring early commercialisation opportunities.”
The Company is keen to tap into the respiratory diagnostic market which is currently valued at over USD $31 billion per annum, and growing thanks to the rise in long-COVID.
4DX rounded out the half year ended 31st December 2021 with a cash balance of $60.2 million giving them a solid base to continue clinical work to commercialise their XV Scanner.
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