The 4DMedical Ltd (ASX: 4DX) share price is in the green this morning. That's after the healthcare company announced it will be conducting a clinical pilot with I-Med for its respiratory scanning technology.
At the time of writing, shares in the company are trading for $1.62 – up 1.57% after earlier hitting $1.65. The ASX All Ordinaries Index (ASX: XAO), meanwhile, is 0.75% lower.
Let's take a closer look at today's news.
4DMedical share price rises on latest announcement
In a statement to the ASX, 4DMedical announced an agreement to commence Phase Two of its clinical pilot program with I-MED Radiology Network (I-MED), after the successful completion of Phase One.
The company says its technology provided "valuable insights" into a plethora of respiratory diseases, including asthma, silicosis, and long-COVID. Long-COVID refers to the continuation of symptoms felt by some covid patients long after acquiring the infection.
Phase one trials were conducted in Victoria. 4DMedical says the next stage will be completed in a different state "over the remainder of the year". The company is still looking into a commercial partnership with I-MED going forward.
Investors clearly love today's announcement, judging by the rising 4DMedical share price.
Management commentary
4DMedical founder and CEO Andreas Fouras said:
We are very excited to be conducting a clinical pilot with I-MED – a leader of pioneering new medical imaging technologies – to provide doctors and patients with improved insight into their lung health. Phase One of the clinical pilot was an overwhelming success with radiologists and patients reporting strong positive feedback. Although the partnership is not generating revenue at this stage, we aim to secure a commercial XV LVAS contract with I-MED provided that Phase Two is successful.
I-MED General Manager of external partnerships and government relations Mark Simpson added
Patients involved in the Phase One pilot overwhelmingly reported a positive experience. Beyond the technical success of the program, this important comfort and compliance metric shows we can adopt such transformative technologies without detriment to patient satisfaction, sustaining our ongoing commitment to outstanding patient care.
4DMedical share price snapshot
Over the past12 months, the 4DMedical share price has increased around 14%. It's underperformed the All Ords Index by approximately 12 percentage points in that time.
4D Medical has a market capitalisation of around $342 million.
