The 4DMedical Ltd (ASX: 4DX) share price is flying this morning, up 30.5% in the first hour of trading.
4DMedical shares closed yesterday at 71 cents and are currently trading for 92 cents.
So, why are ASX investors bidding up the 4DMedical share price today?
World’s first dedicated lung scanner
In an early morning announcement, 4DMedical revealed it is launching the world’s first dedicated lung scanner – the XV Scanner – today. News that looks to be driving the 4DMedical share price higher.
The scanner has been installed at the Prince of Wales Hospital in Sydney. It will be unveiled today in the presence of Federal Minister for Health, Greg Hunt.
The Australian Government’s Medical Research Future Fund (MRFF) contributed $28.9 million towards the scanner’s development.
According to the release, the scanner will give doctors “unprecedented and highly visual insight into lung function”.
The company highlighted that the scanner provides numerous opportunities to drive its commercialisation plans.
4DMedical’s founder and CEO, Andreas Fouras said:
From a project delivery angle, the XV Scanner was completed on time and within budget despite challenges created by the ongoing COVID-19 pandemic.
From the viewpoint of doctors and patients, the scanner represents a seminal event in the global evolution of respiratory diagnostics, and from a commercialisation perspective, this scanner creates multiple opportunities to drive adoption of XV Technology.
Lung Foundation Australia CEO, Mark Brooke called the scanner “a breakthrough in innovation, holding significant promise for the 7 million Australians living with or impacted by lung disease”.
Brooke added, “This new technology promises to revolutionise diagnostic and imaging procedures for a range of lung diseases impacting children, adults and older Australians.”
4DMedical share price snapshot
Despite today’s big lift, the 4DMedical share price remains down by 30% in 2022. That compares to a year-to-date loss of 5% posted by the All Ordinaries Index (ASX: XAO).
The post Why is the 4DMedical (ASX:4DX) share price rocketing 30% today? appeared first on The Motley Fool Australia.
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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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