After announcing an MoU in November, the Aussie imaging technology company has signed a commercial agreement.
ASX-listed respiratory imaging tech company 4DMedical has formalised its partnership with global healthcare giant Koninklijke Philips with a teaming agreement for expansion of the firm’s XV Technology into the US Department of Veterans Affairs.
The two companies announced a Memorandum of Understanding in November, which saw 4DMedical’s share price jump 10% in a day.
Today’s announcement was “a major step forward” for 4D’s commercialisation strategy, according to a company press release.
“Philips has long-established and significant existing partnerships with both the VA and the Department of Defense going back 45 years, deploying 35% of the critical care information systems across the VA, and having Philips imaging solutions in 50% of VA hospitals,” said the company.
“Accessing this team of industry experts, with unparalleled relationships in global healthcare provides an unprecedented opportunity to accelerate 4DMedical’s go-to-market activities, particularly in the VA.”
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The next step is to formalise a reseller agreement under which 4DMedical’s XV Technology and Imbio portfolio will be added to Philips’ product catalogue and offered as a third-party solution providing access to both software and hardware, to other US-based federal agencies and commercial organisations in North America.
“Starting 2024 by formalising this teaming agreement with Philips is an exceptional way to commence the year and an incredible opportunity for 4D to accelerate our mission,” said 4D CEO and founder Andreas Fouras.
“The speed of executing the teaming agreement, so rapidly after signing the MoU, is testament to the leadership commitment by the team at Philips North America, where their service to veterans has been palpable throughout.
“The size and reach of Philips will dramatically accelerate the scaling of our offering with the VA.
“I am incredibly excited by the reach this will give our technology, and importantly, the impact this will have for millions of veterans and their caregivers.”
