Micro-X (ASX:MX1) signs A$8M contract with Australian Stroke Alliance

Highlights 

  • Micro-X has executed AU$8.0 million Project Agreement with the Australian Stroke Alliance (ASA) to act as the technology partner for the development of lightweight stroke diagnostic imaging technology.
  • The stroke diagnostic imaging technology is targeted at prehospital stroke diagnosis in air and land ambulances.

Australian X-ray technology firm Micro-X Ltd (ASX:MX1) announced on 23 September 2021 that it has executed an AU$8.0 million Project Agreement with the Australian Stroke Alliance (ASA) to act as the technology partner for the development of lightweight stroke diagnostic imaging technology.

The stroke diagnostic imaging technology is targeted at prehospital stroke diagnosis in air and land ambulances.

It is pertinent to mention that ASA, which delivers urgent stroke care on roads and in the air, was granted AU$40 million for its ‘Stroke Golden Hour’ project proposal to transform prehospital stroke care from the Federal Government’s Medical Research Future Fund (MRFF) ‘Frontier Health Program’.

ASA had also announced that Micro-X would be a technology partner due to its unique electronic x-ray tube capabilities, which provide the potential to miniaturise diagnostic brain CT imaging.

Following the ASA executing its head Contract with the MRFF, Micro-X and the ASA have today executed a Project Agreement for up to AU$8.0 million of funding at a contract signing event hosted at the Royal Flying Doctor Service hangar at Adelaide Airport and witnessed by Senator the Hon Simon Birmingham, Minister for Finance. 

Key terms of the Project Agreement

The key terms of the Agreement provide for technology services and product prototypes to be developed and delivered by Micro-X in return for payment against a series of agreed milestones. The bulk of the work and payments to Micro-X are in the first 2 to 3 years of the Project Agreement.

Meanwhile, the stock MX1 was spotted trading at AU$0.290 per share on ASX at 1.58 PM AEST.

Bottom Line:  

MX1 believes that the mobility of its technology will act as a game-changer to prehospital stroke care, particularly in remote and rural areas. In addition, the proliferation of stroke imaging in air and land ambulances will make a massive impact on stroke survival and recovery rates.

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