Unfortunately, COVID seems to be here to stay, with re-infections becoming the new norm, and people dropping like flies. (I, of course, being of superior birth, am yet to contract the spicy flu, but time will tell.)
The pandemic saw growth in a few industries like eCommerce, however an interesting subset of pandemic profiteers emerged, and seem to be sticking around.
Whilst hand sanitiser and toilet paper moguls have had their day, respiratory imaging company 4DMedical (ASX: 4DX) is gaining serious momentum and has begun commercialising their tech.
4DX are the creators of a world first lung scanner to better diagnose and monitor patients with respiratory issues such as long COVID. Their patented XV Technology platform facilitates this via their FDA approved XV Lung Ventilation Analysis Software (XV LVAS). The software can be used with existing equipment, or with 4DX’s proprietary XV Scanner. The tech dynamically quantifies ventilation throughout the lungs without exposing the patient to excessive levels of radiation like with other diagnostic modalities.
The Company signed a three year national contract with prominent Australian medical imaging company, I-MED Radiology. As the country’s largest outsourced provider of radiology, this partnership offers 4DX the unique opportunity to see their tech utilised in many different cases, in different locations. The contract builds on the already existing commercial agreement between the companies with multiple clinics already having XV Technology successfully integrated.
The partnership has now evolved to the two entities agreeing to establish a Lung Centre of Excellence which will further leverage 4DX’s technology.
The tech is garnering interest from global institutions too, with investigators from Johns Hopkins and the University of Miami recently presenting findings of a study around Chronic Obstructive Pulmonary Disease at the International Conference of the American Thoracic Society. The study used 4DX’s XV LVAS tech and indicated that the platform shows “significant promise” as a tool to classify the disease. This is especially promising for the Company as COPD is a significant health issue and the third leading cause of death, worldwide.
There are currently eight more clinical trials ongoing to aid the Company’s commercialisation process. By installing their software and scanners in prominent medical institutions the Company can enlist the expertise and feedback of key opinion leaders and drive brand awareness in the medical community. Hospitals currently involved in clinical trials in both the US and Australia include Cleveland Clinic, Duke Vanderbilt and The Alfred.
As the Company begins to shed their ‘pre-revenue’ status, their cash balance is starting to rise, with the Company rounding out the June quarter with $51.1 million in the bank. Cash receipts for the quarter were $3.7 million in government grants and tax incentives, plus $2.0 million in customer receipts.
“The commercialisation of our unique medical technology continued in earnest over the June 2022 quarter,” said Managing Director and CEO, Dr Andreas Fouras.
“A key highlight was the very significant contract we signed with I-MED, Australia’s largest outsourced provider of radiology. It will see our XV Technology rolled out across the country. We anticipate that 4DMedical will generate material additional revenues on the back of this now wider I-MED agreement.
“We were also thrilled to see the release of another package of study results indicating that 4DMedical’s XV LVAS technology has significant promise as a tool to phenotype of classify COPD disease, Such trials remain a crucial component of our commercialisation strategy, and we are now eagerly awaiting the results of other studied being undertaken at US and Australian hospitals that are now in the wrap-up stage.”
Samantha Freidin is a business journalist at Emerald Financial whilst also completing a Masters of Marketing and Digital Communications at Monash University.
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