ASX Health Stocks: Lumos, Singular, and Imricor all jump today after deals and approvals
Health & Biotech
Health & Biotech
Health diagnostics tech company, Lumos Diagnostics (ASX:LDX), surged 13% today after announcing two new agreements with US-based women’s health company, Hologic, Inc. (NASDAQ:HOLX).
The agreements include contracts for the development of, and intellectual property rights for, custom reader and point-of-care (POC) technologies.
The IP Agreement has a value of US$10m (non-refundable), payable to Lumos by the end of June 2024.
The Development Agreement component meanwhile has a value of up to US$4.7m which will be payable over the next 18-24 months dependent on the achievement of specified milestones.
Lumos says the agreements strengthen Lumos’ balance sheet and provides a pipeline of revenue-generating partnerships in POC diagnostics.
The agreement also provides Hologic with an exclusive licence in the field of foetal fibronectin to Lumos proprietary reader and POC technologies that will be incorporated into the next generation product under development.
Hologic is a leading innovator and diagnostics service provider in women’s health in the US.
Singular Health (ASX:SHG) also jumped 13% this morning after announcing a binding enterprise licence order for 5,000 annual licences of the 3Dicom Patient software in the US.
The licences were purchased by TechWorks 4 Good on behalf of US Veterans, to enable greater understanding and portability of medical records of Vets.
Whilst details of the deal is confidential, SHG is able to say that the revenue generated from this order exceeds the total direct-to-consumer sales of the 3Dicom software in the 2023 calendar year of ~$50,000 by more than 40%.
Veterans in the US number more than 18 million. Whilst in active service, healthcare is provided through the Military Health System (MHS), but upon discharge, veterans are often unable to retrieve and subsequently share their images except through requesting their medical records via CDs.
The 3Dicom for Veterans initiative, developed in collaboration with TechWorks 4 Good in Florida, enables veterans to upload and share their medical records from their 3Dicom Patient account available via online, desktop, and mobile applications for greatly improved accessibility, portability, and crucially, continuity of care.
Meanwhile, the developer of MRI-compatible medical devices, Imricor Medical Systems (ASX:IMR), rose 6% this morning after revealing that it has obtained Medical Device Marketing Authorization from the Saudi Food & Drug Authority.
The approval has allowed the company to launch commercialisation efforts in the Kingdom of Saudi Arabia (KSA) for the iCMR cardiac ablation device – with the first sale expected in KSA within six months.
The KSA is a significant market for Imricor, especially in light of the Saudi Vision 2030 Health Sector Transformation Program. In total, the Kingdom performs nearly 50,000 cardiac ablation procedures annually.
Imricor’s Cchair and CEO, Steve Wedan, said this was a strategically significant approval for Imricor, marking Middle East as the second region now in commercialisation.
“We are extremely pleased to receive SFDA approval, and the timing is great, with the Arab Health Medical Expo commencing in less than three weeks,” he said.