ASX Health Stocks: ImpediMed extends SOZO contract with global pharma AstraZeneca

ImpediMed extends SOZO contract with AstraZeneca
IDT’s government grant rejected
4D Medical shows off lung scan device

The ASX 200 Health Index (XHJ) is trading lower by 0.65% at the time of writing, compared to the broader index which is up by 0.25%.

ImpediMed extends SOZO contract with AstraZeneca

ImpediMed (ASX:IPD) announced the second contract extension of its SOZO Digital Health Platform used in clinical trials being conducted for AstraZeneca.

AstraZeneca is currently using SOZO to track patient fluid volume in two separate clinical trials. The first trial is focused on heart failure and chronic kidney disease, and the second phase only on chronic kidney disease.

The Phase 2 trial was designed to study the efficacy, safety, and tolerability of a combination of two AstraZeneca drugs in patients with chronic kidney disease – and is expected to be completed in August.

The number of SOZO devices used in the study has increased from 200 to 223, and the contracts are expected to generate over $5.5 million in revenue across the trials.

ImpediMed has recognised approximately $3.5 million in revenue under these contracts through 31 December 2021, and the remainder will be recognised throughout the second half of FY’22 and first half of FY23.

SOZO is said to be the world’s most advanced, noninvasive BIS (bioimpedance spectroscopy) device, giving doctors a precise snapshot of fluid status and tissue composition in less than 30 seconds.

“To date, the feedback on SOZO has been very positive,” said ImpediMed CEO, Richard Carreon.

“This trial is providing a significant number of cardiologists and nephrologists, both in the US and globally, firsthand experience with SOZO,” he added.

ImpediMed share price today:

Government rejects IDT’s grant submission

Pharma services company IDT Australia (ASX:IDT) was down 12% today after announcing that its submission for the Manufacturing Collaboration Stream Grant has been unsuccessful.

The Manufacturing Collaboration Stream provides funding for a small number of large, transformational projects.

IDT had hoped to be involved in the Australian government’s plan to bring mRNA research into the country.

In December last year, the government announced that it will build a new manufacturing facility in Australia alongside Moderna as part of the plan to produce respiratory mRNA vaccines in the country.

“Whilst we are disappointed in the outcome of the MMI Collaboration Grant process, the company is continuing to progress several alternative strategic options,” says IDT’s CEO, Dr David Sparling.

“This includes IDT’s application to Round 2 of the MMI translation stream which remains live,” he said.

IDT Australia share price today:

4D Medical shows off new groundbreaking device

Respiratory device specialist, 4D Medical (ASX:4DX), has given invited guests a first look at its XV Scanner, the world’s first dedicated lung scanner that was launched yesterday.

The XV Scanner has been installed at the Prince of Wales Hospital in Sydney, after being inaugurated by Federal Minister for Health Greg Hunt yesterday.

The company has hailed the launch as a global medical breakthrough, which could change the way doctors scan our lungs.

The new XV scanner has the ability to provide detailed quantitative data on respiratory function via an automated scanning process.

It allows doctors to see in rich detail where the air is going in the lungs, and where the air isn’t going in just 10 seconds – which is something that’s never been done before according to 4DX.