WA med-tech Singular Health Group has boosted its coffers to the tune of $823,475 courtesy of a government-backed research and development (R&D) tax incentive refund.
The refund relates to the company’s activities regarding its 3Dicom medical device (MD) software with Sony Electronics’ Spatial Reality Displays and research into using more cost-effective materials in its 3D printing facilities.
Singular is a medical technology company utilising advanced technologies to deliver personalised healthcare with solutions such as fully-immersive 3D medical imaging, medical artificial intelligence (AI) models, surgical design and advanced manufacturing of patient-specific medical devices.
Compatible on both Windows and Mac computers, the company’s 3Dicom MD allows practitioners such as dentists, surgeons and radiologists to convert conventional two-dimensional MRI, CT and PET scans into immersive 3D images.
Singular has saddled up with Sony Electronics to pair 3Dicom MD as a complementary application for the global giant’s second-generation Spatial Reality Display. The new Sony product allows for 3D displays without the need for special glasses through the deployment of high-speed vision sensors that follow a viewer’s eye movement.
The company is selling its product on a “software-as-a-service” (SaaS) basis, with a view to creating a long-term and growing annuity stream from customers paying a regular fee.
On the hardware front, the company formed a subsidiary, Singular 3DP, to buy the printing assets and business of Bibra Lake-based Global3D – an advanced printing business that produced ankle-foot orthoses and prosthetic test sockets to connect prosthetics to an amputee’s limb. It revealed significant structural and functional improvements at its manufacturing facility, including adding vapor-fusing capabilities to the existing selective laser sintering 3D printing process.
Vapor fusing chemically binds the individual 3D-printed layers for an improved surface finish suitable for skin contact and colouring processes.
Management has established two distinct divisions within its Singular 3DP – Global3D, which specialises in industrial printing and hardware sales; and MediCAD, focusing on patient-specific medical devices such as orthotics and prosthetics.
Singular plans to ramp up MediCAD’s activities to boost its presence in the orthotics and prosthetics market and drive brand awareness among Australia’s 600-plus practising orthotists and prosthetists, with initiatives including a website that will offer online ordering and next-day, flat-rate shipping.
It also plans to lodge a $120,000 R&D claim for its activities related to Singular3DP in the coming weeks.
Our ongoing research and development activities throughout the past financial year included activities such as the integration of our 3Dicom MDTM software with Sony Electronics’ Spatial Reality Displays, the further development of our Medical File Transfer Protocol and hybrid on device and cloud infrastructure, and research with new, more cost-effective materials in our 3D printing facility. Singular Health Group chief executive officer and managing director Denning Chong
Earlier this year, Singular unlocked the tax incentives with a forward loan of $458,984 from specialist R&D financial institution Radium Capital. The company says it will now repay the loan in its entirety, with the remaining cash from its refund earmarked for general working capital.
Singular made headlines last year for getting all-important approval from the United States Food and Drug Administration for its 3Dicom MD and now looks set to break into the global health market after attaining international standard certification for quality management – a prerequisite for gaining regulatory approval for distribution.
With a boost to its working capital, Singular is making some hefty strides in the med-tech space.
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