ASX-listed Singular Health Group (ASX: SHG) has closed out the March quarter with a solid bank balance of more than $3.5 million – and a further $1 million is still slated to come from a key investor in its medical scanning technology.
A successful capital raise of $4.1 million, in addition to the receipt of about $850,000 in strategic investment from the venture arm of its United States master distributor Charlie Golf One Solutions (CG1), has significantly built the company’s kitty compared to a balance of just $13,000 at the end of last quarter.
Prominent global cryptocurrency identity Craig Sellars has also backed Singular with a $1 million investment that is awaiting shareholder approval.
The healthy bank balance caps a busy three months for the medical technology provider that included the receipt of a binding purchase order for its patented 3Dicom technology from Las Vegas-based Roseman University in Nevada. The US$100,000 (AU$152,000) binding purchase order is for a two-year period for 50 of the company’s 3Dicom research and development (R&D) licenses and 5000 of its 3Dicom Patient licenses for college students and patients treated at the university’s medical school.
The 3Dicom device allows practitioners such as dentists, surgeons and radiologists to convert conventional 2D MRI, CT and PET scans into immersive 3D images. The change provides a clearer insight into a patient’s medical problems and enables better surgical planning.
The product comes in three distinct categories – 3Dicom MD is used by medical practitioners for diagnosis and treatment, 3Dicom Patient allows patients to store medical records and works in conjunction with practitioners using the 3Dicom MD software, while 3Dicom R&D is primarily used as a learning and teaching aid in education facilities, including universities, around the world.
In February, Singular confirmed it had retained the international standard of certification for medical devices that is a prerequisite for continued regulatory approval for distribution across the majority of global markets. Management says the retention of its “ISO13485” certification demonstrates ongoing adherence to best-in-class global standards for quality assurance and medical device development.
The clearance proves compliance with regulatory and quality requirements of Health Canada, the Therapeutic Goods Administration in Australia, and the United States Food and Drug Agency (FDA) through that country’s Medical Device Single Audit Program.
In January, the company revealed it had locked in its first enterprise order for 3Dicom in the US, with 5000 licenses purchased by Techworks 4 Good on behalf of American veterans. It will allow veterans to upload and share medical records from their 3Dicom Patient account through online, desktop and mobile applications, greatly improving accessibility, portability and continuity of care.
With a healthy bank balance and the prospect of more cash to come from Sellers, Singular appears to be sitting pretty while significantly improving the network of markets for its 3Dicom software suite.
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