Cyclopharm Ltd (ASX:CYC) will work with the Canadian Association of Nuclear Medicine (CANM) to broaden the use of functional lung imaging.
Cyclopharm’s Technegas generator is used for lung ventilation imaging.
The sales of Technegas generators and associated consumables are expected to lift Cyclopharm’s revenue to $6.1 million for the half year ended June 2016, a 21% increase over the prior corresponding period.
The company is also projected to post profit before tax and finance cost of $824,000 for 1H2016, a 177% growth compared to 1H2015.
This was the second straight year of record revenue and profits.
As part of its five year agreement with CANM, Cyclopharm will assist the association through cash and in kind to promote state-of-the-art nuclear medicine services across Canada and the rest of the world.
The partnership is consistent with Cyclopharm’s strategic objective of developing the U.S. market for Technegas, following the anticipated FDA approval.
Lung imaging continues to represent a major clinical tool in the field of nuclear medicine not only for the traditional use in pulmonary embolism but also diseases including asthma, pulmonary hypertension and lung cancer.
Earlier this month, the company advised that it received the largest ever single order for Technegas generators from China, worth $1.3 million.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.