Cyclopharm (ASX:CYC) has confirmed completion of the sale of its non-core cyclotron asset, receiving $6.2 million in proceeds as part of a broader strategy to sharpen its focus on the company’s global Technegas business.
The transaction, first outlined in Cyclopharm’s half-year results in August, provides additional balance-sheet strength and financial flexibility as the company accelerates commercial expansion of its proprietary lung-imaging technology across key international markets.
Cyclopharm said the divestment aligns with its long-term goal of becoming a global leader in functional lung imaging, while freeing resources to support new commercial and clinical programs. The company also reaffirmed its collaboration with radiopharmaceutical manufacturer Cyclotek, with both parties continuing to explore new partnerships in manufacturing, distribution, and clinical innovation across Australia and overseas.
Cyclopharm Managing Director and CEO James McBrayer stated that the sale marks a significant milestone in the company’s operational streamlining.
“The completion of this sale further streamlines our operations and provides additional financial flexibility to accelerate Technegas commercial growth,” he said. “Cyclotek has been a valued partner over many years, and we look forward to building on this relationship to pursue joint opportunities that enhance patient access to advanced nuclear medicine solutions.”
The company’s flagship product, Technegas, is a patented radiopharmaceutical technology used globally for functional lung ventilation imaging. Produced by heating dried technetium-99m in a carbon crucible at high temperature to create an ultra-fine radioactive aerosol, Technegas is inhaled by patients to enable precise imaging of lung ventilation under a gamma or SPECT camera.
Initially developed for the diagnosis of pulmonary embolism, the technology’s clinical use has expanded with advances in multimodality imaging and analytical software. Technegas is now being applied in the management of chronic obstructive pulmonary disease, asthma, pulmonary hypertension, and in interventional settings such as lobectomy planning and lung-volume reduction surgery.
Cyclopharm said the capital released through the asset sale will help sustain momentum in its international commercialisation program, including market growth in Europe, Asia, and North America.