Cyclopharm’s record year for radiopharmaceuticals

Radiopharmaceutical producer Cyclopharm has announced record sales revenue for 1H FY23 of $15.3 million, up 39 percent on the previous corresponding period.

Sales of its Technegas product were steady on the previous corresponding period, with third party distribution sales up 116 percent on the PCP to $7.7 million.

For the first time third party sales exceeded the company’s own sales, which are made through more than 1,500 nuclear medicine departments utilising its Technegas diagnostic functional lung imaging technology and equipment.

Technegas is an ultra-fine dispersion of radio-labelled carbon, produced by using dried Technetium-99m in a carbon crucible, micro furnaced for a few seconds at around 2,750°C.

The resultant gaseous substance is inhaled by the patient via a breathing apparatus, which then allows multiple views and tomographic imaging with a nuclear medicine camera.

Cyclopharm Managing Director James McBrayer said the company’s financial performance in the first half of 2023 reflected the underlying strength of the business.

McBrayer said: “A standout performance in third-party sales also highlights the ability to leverage our global sales, service and regulatory infrastructure, to not only support our core Technegas technology across 64 countries, but to continue to expand our earnings base with the successful sale and service of third party products in Cyclopharm’s 18 direct markets.”

Cyclopharm also continues to make progress towards obtaining US Food and Drug Administration approval to begin sales of Technegas in the United States.

The UDFDA approval date remains at 29 September, 2023.

The company spent $2.3 million in the first half on the USFDA approval process, with the FDA’s inspection of its Sydney manufacturing facilities expected to be completed by 29 September.

“The US market represents an opportunity for Cyclopharm, to not only significantly increase sales of the Technegas product suite, but to accelerate opportunities to explore expansion of the use of Technegas in the treatment and management of additional and much larger indications, such as Chronic obstructive pulmonary disease (COPD), asthma and Long Covid.”

Technegas is best known for its use in diagnosing Pulmonary Embolism (PE).

Cyclopharm has $187.9 million in cash reserves at 30 June, putting it into a strong financial position to launch Technegas in the large US market, according to the company.

Further reading:
Cyclopharm achieves record half year results

Picture: University of Newcastle/Trial of Technegas generator