Hydrix says heart implant device may get Oz approval before year-end
Health & Biotech
Health & Biotech
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Engineering innovation company Hydrix (ASX:HYD) is maintaining news flow around its heart-monitor device that has the market excited.
Hydrix announced that a fifth patient in Singapore has received a successful implant of the AngelMed Guardian device, and been discharged from hospital.
Hydrix’s involvement in the project began in July 2019, when it acquired the distribution rights for AngelMed throughout the Asia-Pacific region.
The AngelMed Guardian is a form of preventative healthcare technology.
It can be inserted for patients with preexisting heart conditions, and acts as an advanced monitoring system for any irregularities.
The company said it’s now in discussions with “key stakeholders” for AngelMed implants to be carried out on Australian shores, under the TGA’s Special Access Scheme.
Subject to regulatory approval, the company said there is “potential for implants in Australia in the December 2020 quarter”.
As a diversified engineering firm, Hydrix is also developing applications in fields such as mining equipment and robotics.
But it’s the potential for a commercial application of the AngelMed device which has excited markets, awakening Hydrix shares from a multi-year slumber.
The company’s stock price surged in August, following the announcement of the first successful implant in Singapore.
Markets also reacted to the first successful US implant on October 1, as part of a continued access study with the US Food & Drug Administration.
Shares in the company rose by around 15 per cent at the opening bell this morning before easing back slightly.
For the Asia-Pacific markets Hydrix is targeting, the company said around 500,000 each year experience an “acute coronary syndrome event”.
The company said that for context, accessing one per cent of that market could result in annual revenues of around $35m.
Dividing the revenue total by one per cent of the addressable market results in an indicative price per unit for the AngelMed device of $7,000.