- Melbourne-based 4DXMedical (4DX) has won a $28.9 million government grant to fuel the development of its world-first lung scanning technology
- The government bursary was awarded to 4DX’s Australian Lung Health Initiative consortium for its respiratory imaging XDV Scanner, which looks to provide a safe and rapid lung scanning function for children
- Funding is set to be distributed in tranches over the next five years in a push towards commercialising the technology
- The first round of units are expected in Australian hospitals for clinical trials within the next 12 months
- 4DX shares are in the grey on the back of the news, trading at $1.7
Melbourne-based 4DXMedical (4DX) has won a $28.9 million government grant to fuel the development of its world-first lung scanning technology.
The Australian Lung Health Initiative, a consortium led by 4DX, will be
awarded the funds in tranches over the next five years from the Federal Government’s Medical Research Future Fund (MRFF).
The cash boost will be used to develop the company’s patented respiratory imaging platform, the XDV Scanner, which provides low dose, contrast free and rapid lung analysis for adults and children.
Considered the first of its kind, the scanner seeks to surpass limitations found typically in similar models, which can lead to higher risks of cancer development in children after exposure to ionising radiation.
The XVD Scanner looks to address these limitations by meeting the need for a safe, accurate and sensitive lung health assessment for children and adults.
The company secured exclusive rights to commercialise XVD Scanners and will take on global sale and marketing of the product.
It marks the second grant for 4DX under the initiative after winning $1.1 million to deliver a concept model, with the stage two bursary set to push the product into commercialisation.
Deployment of first units expected to Australian hospitals for clinical trials within the next 12 months.
The winning project entitled “4D Functional Analysis: A New Frontier in Lung Health for Children”, was chosen by the MRFF Frontier Health and Medical Research initiative, which seeks to support researchers developing health and medical breakthroughs bearing potential for global-scale impacts.
The formal grant agreement will be finalised and executed with the Commonwealth “as soon as practicable.”
4DMedical Founder and CEO Andreas Fouras described the initiative as a major opportunity for the company.
“The successful development and commercialisation of the XVD Scanners will be a huge breakthrough in pulmonary healthcare,” he explained.
“Dedicated XV scanners will provide greater access for vulnerable patients to receive respiratory diagnostics, and substantially increase the market for our SaaS offering,” he concluded.
4DX shares are in the grey on the back of the news, trading at $1.73 at 3:11 pm AEDT.