Medical device maker ImpediMed Ltd (ASX:IPD) has entered into a five year clinical trial agreement with Mayo Clinic of Rochester, Minnesota, to explore additional uses for its body fluid status monitoring technology.
The Mayo Clinic is one of the largest integrated nonprofit medical group practices in the world.
Under the agreement, clinical trials will be conducted at multiple U.S. locations and will look to expand the uses for the BIS technology, potentially including cardiology, nephrology, wellness and fitness.
ImpediMed’s device uses bioimpedance spectroscopy (BIS) technology to assess Lymphoedema, which is swelling caused by the build-up of lymph fluid because of damage to the lymph nodes, often caused by cancer treatment.
In March, ImpediMed closed a successful private placement of $75 million and held $86.1 million cash as on 31 March 2016.
Fund manager Fidelity International acquired shares in the placement as well as having bought shares on market to take its shareholding in the company to 30.9 million shares or 8.2%, up from 21.1 million shares or 7.2%.
The company’s BIS technology is already available in Australia for oncology treatment and has FDA clearance in the U.S. for assessing secondary unilateral lymphedema.
Total revenue for the March quarter, the first quarter since the commercial launch of lymphoedema technology in the U.S., was $1.5 million.
ImpediMed has signed up with 17 new cancer centres in the U.S. in the March quarter and is targeting 50 of the top 500 cancer centres in CY2016.
The company’s next goal is to use its technology for monitoring chronic heart failure, which has an estimated US$31 billion market in the U.S.
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