Cyclopharm Ltd Images First Patients In Missouri & California After FDA Approval

Cyclopharm Ltd (ASX: CYC) has moved promptly to roll out its core radiopharmaceutical product following Federal Drug Administration approval last year.

The first clinical patients imaged with Technegas were at two clinical sites located in St Louis, Missouri, and Stanford, California.

The company is moving quickly to commercialise Technegas within days of installation and training at these sites.

Technegas is an innovative and broad-spectrum diagnostic lung imaging technology for visualisation of pulmonary ventilation and lung function.

The FDA approval paved the way for its use in supporting wider future indications across other respiratory disease states including Chronic Obstructive Pulmonary Disease (COPD), Asthma, Long COVID, and lung cancer.

Market size

The company estimates the market for Technegas used in Pulmonary Embolism to be worth about US$180 million annually.

Work is continuing to accelerate on converting the strong clinical demand into contract signoff.

James McBrayer, CEO, commented:

“Most significant is the fact that U.S. patients are now benefitting from our Technegas technology, joining those in 64 other countries globally where our leading imaging solution is already established.”

The company delivered record group revenue of $32.21 million for its financial year ending December 2023, up 29% on the prior comparable period (pcp).

This included record group sales revenue of $26.34 million, up 15.1% on pcp, Technegas™ related sales of $14.43 million, up 5.6% on pcp, and third-party distribution revenue of $11.91 million, up 29.3% on pcp.

The December cash balance of $11.73 million is sufficient to fund the initial U.S. rollout of TechnegasTM.

Cyclopharm was added to the All Ordinaries during the March 2024 quarterly rebalance.

 

 

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