Micro-X (ASX:MX1) shares riding high on MRFF Funding Award

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Summary

  • Micro-X received MRFF funding for lightweight brain CT scanner testing via MRFF funding.
  • The Company is confident that the brain CT product would be the fourth pillar of its commercialisation strategy.
  • Micro-X has also planned a close collaboration with other ASA members to ensure the best opinions to all aspect of designing process.

ASX-listed hi-tech player Micro-X Limited (ASX:MX1) updated the market that the Australian Stroke Alliance has obtained an award of funding under the Medical Research Future Fund (MRFF) Frontier Health Program of the federal government. Micro-X is a member of the Australian Stroke Alliance (ASA).

Following the announcement of MRFF funding award, MX1 shares moved significantly up and were trading ~12% higher at AEDT 12:48 PM before hitting A$0.400 at AEDT 2:57 PM, 6.666% higher.

MRFF Frontier Health Grant in a nutshell

On 26 February 2020, Australian Federal Health Minister, Greg Hunt, announced A$100 million funding from the MRFF ‘Frontier Health Program’ across three projects for the development of new technologies. These technologies are for the improvement of diagnosis as well as treatment of epilepsy, lung disease, and stroke.

The MRFF has awarded A$40 million to the ASA for its ‘Stroke Golden Hour’ project proposal. This funding is to develop lightweight stroke diagnostic imaging technology for pre-hospital stroke diagnosis in air and land ambulances.

© Pichetw | Megapixl.com

The award is believed to be amongst the leading medical research awards ever to be given in Australia. Moreover, it is subject to formal contracting requirements which are anticipated to be finalised in the upcoming months.

Micro-X funded with A$8 million to develop brain CT scanner

With the MRFF funding, Micro-X will receive almost A$8.0 million throughout the life of the project. The objective of the ASA project is patient imaging testing of lightweight brain CT scanner for prehospital stroke diagnosis in air and land ambulances.

The Company is confident that on completion, brain CT product would be the fourth pillar of its commercialisation strategy for the proprietary, cold cathode X-ray technology.

In Stage 1 of the ASA Frontier Health programme, Micro-X had completed imaging trials on cadavers with the Melbourne Brain Centre and then initiated development of cone beam tomographic image reconstruction algorithms.

This initial effort generated early and encouraging imaging performance with the ability to handle the current diagnostic standard of care, a traditional x-ray 8-slice helical CT.

In this second stage of collaboration with the ASA, Micro-X will focus on below mentioned four areas:

Moreover, as a part of the program, the Company intends to build on established relationships and formally subcontract with-

  • Fujifilm in Japan.
  • The Johns Hopkins University in Baltimore.
  • The MADA Health Collab Team in Melbourne.

Micro-X has also planned a close collaboration with other ASA members, particularly the Melbourne Brain Centre at Royal Melbourne Hospital, the Australian Stroke Foundation, the Royal Flying Doctor Service as well as designers and operators of ambulance to make sure the best inputs to all aspect of the design process.

Peter Rowland Managing Director of Micro-X commented-

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