Singular Health has announced its memorandum of understanding with US-based Provider Network Solutions has moved to its next phase, due to a successful proof of concept.
Singular Health has announced its memorandum of understanding with US-based Provider Network Solutions has moved to its next phase, due to a successful proof of concept.
In November, the Bibra Lake-based health technology company told the market it had signed a four-stage MOU with PNS, for the use of its 3Dicom software.
Singular also tapped investors for $3.7 million, by issuing 41.1 million new fully paid ordinary shares at an issue price of 9 cents per share – a price with a 6 per cent premium to the 15-day volume weighted average price.
Proceeds from the capital raise were allocated towards further development of its 3Dicom software, along with aiding its progression of a commercial pilot program with PNS.
Both parties are hopeful Singular’s medical file transfer protocol – which allows access to imaging data – has the opportunity to potentially shrink the duplication of imaging costs to risk providers and payors.
The software is able to search, retrieve, share and analyse – with AI from remote demonstration venues – within minutes.
Annually, it’s estimated $US30 billion worth of duplicate medical imagery is accrued by the US healthcare industry.
“With the successful completion of Phase 1 we look forward to furthering our already extensive engagement with PNS, including in respect of the planning and budgeting for the paid pilot,” managing director Denning Chong said.
“It has been very productive and smooth working with PNS and we are tremendously excited to have the opportunity to implement our solution throughout the PNS network and then to the wider MSO network.”
Phase two of the MOU, expected to be finalised by the middle of this year, will involve development of the pilot program, with detailed budgeting and planning at the forefront.
On December 23 last year, Singular confirmed it had appointed longstanding radiologist Dr Ronny Low as a technical advisor, with the company confident he will aid its US-based ambitions.
Singular last traded at 27.5 cents, down 2 per cent, as of 11.37am AWST.
