News and Announcements
4Dx Announces $1million Grant
- Published May 11, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Wholesale Investor is pleased to provide members with the following update on 4Dx Limited and the current investment opportunity.
4Dx Limited is pleased to announce its first 510(k) premarket submission to the U.S. FDA. This is a significant early milestone for the Company and they anticipate notification of clearance of the application in the second half of 2017. Additionally, on 19 April 2017, 4Dx was joined at Monash University by Minister for Industry and Employment Wade Noonan, who announced a A$1million grant to 4Dx and its consortium partners, Monash University and Hydrix, for the 4Dx Preclinical Scanner Project.
Under the agreement, the consortium will manufacture and deliver two 4Dx preclinical scanners to two major research hospitals in the U.S. by the end of 2017, beginning with the delivery of a scanner to Cedars-Sinai Medical Center in Q3. The grant not only accelerates the deployment of 4Dx preclinical scanners, but also accelerates user validation of the software platform in the field. Furthermore, 4Dx has received tremendous feedback from the recent clinical validation data presentation at the 2017 International Workshop on Pulmonary Imaging at the University of Pennsylvania, opening several opportunities for new collaborations with high profile U.S. institutions, which have the potential to expand 4Dx reach into the U.S. market.
The first submission to the FDA, securing consortium support for preclinical scanners, and the announcement of preliminary human data at a major international conference has pleasingly generated significant investment interest in 4Dx. In particular, interested parties are keen to invest ahead of any increase in valuation that typically accompanies FDA clearance.
As a result, 4Dx is open for investment up to a maximum of A$10million, prior to a formal capital raise following FDA clearance. Funds will be used across several key areas, including go-to-market activities in the U.S.
Investment will close to new shareholders in mid- May 2017 with a current offer price of A$0.37 per share, valuing the company at A$42 million. For an updated view of 4Dx, and the investment opportunity, please click to download the Company Overview.
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