4DMEDICAL LIMITED (ASX: 4DX)
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4DMedical completed an oversubscribed $25m Securities Purchase Plan (SPP), raising a total of $45m with its $20m placement. The funds will be used to accelerate the commercialization of the company's respiratory imaging software and strengthen its balance sheet. New shares issued under the SPP will be allotted on 31 May 2023, with trading commencing on ASX on 1 June 2023.
4DMedical has made significant progress in developing its CT-based ventilation-perfusion product (CT:VQ), which visualizes and quantifies regional ventilation and perfusion in the lungs. The breakthrough technology allows for vascular perfusion analysis without the need for contrast, providing valuable diagnostic information and reduced costs for hospitals. First clinical data was presented at the American Thoracic Society (ATS) annual conference, showcasing the potential benefits of CT:VQ for a wider range of patients with lung conditions.
4DMedical has been granted Authority to Operate (ATO) at Harry S. Truman Memorial Veterans Hospital. The ATO allows 4DMedical to deliver automated scans through its SaaS platform at this site. The milestone brings the company closer to gaining National ATO, enabling authorization at all 171 major clinical centers within the VA network.
4DMedical completes a A$20m share placement to accelerate commercialization of its respiratory imaging platform. Strong demand for the placement, with participation from both new and existing institutional and sophisticated investors. A Share Purchase Plan (SPP) of approximately A$15m will be offered to eligible shareholders in Australia and New Zealand.
4DMedical wins a commercial pilot with the U.S. Department of Defense for its respiratory imaging technology. The pilot involves performing a fixed number of scans on full commercial terms within the Military Health System. This milestone has the potential to grow and validates the utility of XV Technology® in providing respiratory health insights.
4DMedical successfully completes the first commercial XV LVAS® scan within the Veterans Health Administration at the Harry S. Truman Memorial Veterans Hospital. The scan assists physicians in diagnosing and treating lung diseases and conditions, such as COPD, long COVID, asthma, and exposure to airborne hazards. 4DMedical's dual strategy for VA engagement includes simultaneous bottom-up and top-down approaches, with the first commercial scan as significant validation of the bottom-up approach.
4DMedical announces further information on its contract with the University of Miami, with minimum guaranteed fees ranging from AUD$1 million to AUD$1.5 million for the five-year term. These fees provide the University of Miami with defined volumes and types of SaaS scans, with additional fees for scans beyond the minimum. The contract is related to 4DMedical's respiratory imaging technology, including its FDA-cleared X-ray Velocimetry Lung Ventilation Analysis Software (XV LVAS®) and CT LVAS™.
4DMedical signs a five-year SaaS contract with the University of Miami to provide XV LVAS® ventilation reports. The contract expands on the existing relationship between the two organizations, involving joint clinical research on Chronic Obstructive Pulmonary Disease (COPD). This agreement represents a significant milestone in 4DMedical's commercialization strategy and validates the efficacy and utility of XV Technology®.