Melbourne-based lung imaging medtech startup 4Dx has secured crucial deals with two of the top 50 hospitals in the US, ahead of closing a A$5 million funding round.
The company is close to closing its funding round, and now has contracts with UCLA hospitals, the Cleveland Clinic, and has a deal with Cedars Sinai in Los Angeles, which funded the majority of its first clinical trial.
4Dx Limited is an early stage medical technology company established to commercialise four-dimensional lung imaging technology: 4DxV.
Its technology identifies parts of the lungs which are receiving less air. This helps the early diagnoses of lung diseases and more effective treatment.
The company had hoped to receive clearance from the US Food and Drug Administration by mid-year, but its clinical trials are still ongoing.
Without FDA approval 4Dx's lung imaging technology can't be promoted to the public, but the hospitals it partners with are able to conduct their own clinical trials.
The company estimates the market size in the US at US$12.5 billion (A$16.3 billion). By signing deals with the top hospitals in the US, 4Dx is aiming to generate positive word-of-mouth praise and position itself as the leader in lung-imaging technology.
4Dx has also started investing in its next product, which measures blood flow in the lungs.
The two products covers all issues in the lungs, which make it a more sophisticated and cheaper option to other products on the market.