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- Alcidion has been chosen as the preferred provider for an important healthcare IT project as part of a Consortium.
- The Company also notified that the project initiation is scheduled for the fourth quarter of CY2021.
- Recce Pharmaceuticals revealed that its lead compound RECCE® 327 had been registered in the ANZCTR.
ASX-listed leading provider of software solutions Alcidion Group Limited (ASX:ALC) has updated the market that it was selected as the preferred provider for an enterprise Healthcare Knowledge Management System. The Company also announced the acquisition of ExtraMed and provided an update on strong organic growth.
Another, healthcare stock Recce Pharmaceuticals Ltd’s (ASX:RCE), also performed well this week following a key announcement related to the registration of its lead compound RECCE 327.
With the key updates this week, the two stocks generated decent returns with ALC up ~14% and RCE increasing by 10%.
Let us now dive deep and discuss the announcements of ALC and RCE:
Alcidion selected as the preferred provider for a key healthcare IT project
On 15 April 2021, Alcidion disclosed that the Company had been selected as the preferred provider for major healthcare IT project as part of a Consortium. In this project, the Company will capture data and support clinical decision making across the Australian Defence Force.
As a preferred provider, the Company will offer the Longitudinal Health Record through its Miya Precision product, combining the data from Consortium partners and other systems in the Defence environment to support the HKM solution.
The Company also notified that the project initiation is scheduled for the fourth quarter of the calendar year 2021 and will be subject to final approvals from the government for the funding and solution.
Kate Quirke, the Managing Director and CEO of Alcidion, commented-
Acquisition of ExtraMed
Alcidion has acquired ExtraMed, a leading UK NHS provider with more than 20 years of track record specialising in providing patient flow management software that helps frontline staff make informed decisions based on real-time visibility of patient flow. With the acquisition, Alcidion will become the leader in the UK market for patient flow.
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Furthermore, this will improve the overall presence of Alcidion to 27 NHS Trusts, indicating a market share of ~19% of the NHS acute care market and providing additional touchpoints from which to cross-sell the broader product suite of Alcidion.
Strong March Quarter sales momentum
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Alcidion disclosed that in the third quarter of the FY21 strong sales momentum has continued with:
- Alcidion Group contracted revenue (except fourth-quarter revenue from ExtraMed) of AU$24.7 million recognised in the financial year 2021.
- The Company stated that almost AU$3.0 million revenue was added during the quarter, driven by several contract extensions in Australia, New Zealand, and the UK.
- The full-year revenue for FY20 now surpasses AU$18.6 million by 33%.
Recce Pharma Registered RECCE® 327 in ANZCTR
On 15 April 2021, Recce Pharmaceuticals announced that its lead compound RECCE® 327 or R327 had been registered in the ANZCTR (Australian New Zealand Clinical Trial Registry) for its Phase 1/2 clinical trials for topical burns.
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The Australian New Zealand Clinical Trial Registry is an online registry for the clinical trials being performed in Australia, NZ and elsewhere. The ANZCTR incorporates clinical studies from the complete spectrum of therapeutic areas, including pharmaceuticals, preventive measures, lifestyle, devices, surgical procedures, treatment, and rehabilitation strategies, along with complementary therapies. The Company further revealed that this registration signifies one of the final administrative stages to initiate the clinical trials.
The Company’s clinical trial involves 30 patients for the assessment of the safety and efficacy of R327.
Furthermore, Recce Pharmaceuticals stated that ten patients would get R327 daily over 14 days while a further 20 get therapy three times a week. The Company was looking forward to updating the market on clinical trial’s progression in the future.