Up 657% in a year, 4DMedcial shares rocketing another 20% today on big US news

4DMedical Ltd (ASX: 4DX) shares are lifting off today.

Again.

Shares in the respiratory imaging technology company closed yesterday trading for $2.89. In morning trade on Friday, shares are changing hands for $3.48 apiece, up 20.4%.

For some context, the All Ordinaries Index (ASX: XAO) is up 0.5% at this same time.

Today’s big gains will mark a new record closing high for the company (if maintained to close). And they see 4DMedical shares up an eye-watering 656.5% over 12 months.

This now sees the company commanding a market cap north of $1.7 billion, which could see it re-rated to list on the S&P/ASX 300 Index (ASX: XKO) next year.

Here’s what’s piquing ASX investor interest today.

4DMedical shares rip higher on new US deal

4DMedical shares are off to the races after the company announced that it has entered into a commercial arrangement for the clinical use of CT:VQ with United States-based Cleveland Clinic.

CT:VQ is the company’s CAT scan-based ventilation-perfusion software.

4DMedical noted that the Cleveland Clinic is consistently ranked among the top hospitals in the US. The agreement provides an introductory pricing period of one month to support clinical workflow integration, followed by full commercial terms.

Cleveland Clinic’s commercial launch of CT:VQ follows 4DMedical’s recent agreements with Stanford University and the University of Miami.

Investors look to be taking note, with the company saying it is establishing a growing network of premier academic medical centres deploying CT:VQ for advanced respiratory diagnostics.

What did management say?

Commenting on the deal that’s sending 4DMedical shares surging today, founder and CEO Andreas Fouras said, “Securing Cleveland Clinic as a CT:VQ customer is a major milestone for 4DMedical”.

He said the new agreement “validates both our technology and our commercialisation strategy”. Fouras added that, “Cleveland Clinic is one of the most respected healthcare institutions in the world.”

According to Fouras:

In just over three months since FDA clearance, we’ve established CT:VQ at three of America’s leading academic medical centres: Stanford, University of Miami, and Cleveland Clinic. This rapid adoption by elite institutions demonstrates the compelling clinical and operational advantages of CT:VQ over traditional nuclear VQ imaging.

Our AMC-focused strategy is working exactly as planned. These prestigious institutions serve as powerful reference sites that, combined with the Philips partnership, provide the platform to accelerate adoption across national health systems and community hospitals.

And helping to build excitement for the outlook for 4DMedical shares, Fouras concluded, “The momentum is extraordinary, and we’re just getting started.”

The post Up 657% in a year, 4DMedcial shares rocketing another 20% today on big US news appeared first on The Motley Fool Australia.

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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. 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 Scott Phillips.