CYC Signs US National Agreement with HCA for Technegas

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Stock Cyclopharm Ltd (CYC.ASX)
Release Time 23 Jan 2025, 8:19 a.m.
Price Sensitive Yes
 CYC Signs US National Agreement with HCA for Technegas
Key Points
  • Cyclopharm signs major contract with HCA Healthcare, one of the largest US healthcare providers
  • Agreement allows deployment of Technegas in up to 169 HCA nuclear medicine departments
  • Technegas is the preferred agent of choice in 65 countries outside the US for diagnosing lung conditions
Full Summary

Cyclopharm Limited (ASX: CYC) has announced the signing of a major contract with Hospital Corporation of America Healthcare (HCA), one of the largest single healthcare providers in the United States. This agreement marks a significant milestone for the company, allowing the deployment of Technegas in up to 169 nuclear medicine departments across HCA's extensive network. HCA Healthcare operates over 180 hospitals and approximately 2,400 sites of care in 20 states, making it one of the most comprehensive hospital networks in the US. The national contract was instigated by HCA after multiple of its sites entered into independent discussions with Cyclopharm regarding Technegas. This prompted HCA head office to create a broad-based contract, bypassing the need for individual site contract negotiations and streamlining the deployment of Technegas technology. The agreement further underscores the commercial demand for Technegas, which is already the preferred agent of choice in 65 countries outside the US for diagnosing lung conditions, including pulmonary embolism, hypertension, chronic obstructive pulmonary disease (COPD), and other respiratory diseases. Cyclopharm CEO James McBrayer stated that the partnership with HCA Healthcare, a leader in delivering quality care to millions of patients annually, will allow for the accelerated availability of Technegas across the US and reinforce the company's commitment to improving outcomes for patients with respiratory conditions. The agreement also opens discussions with the HealthTrust Purchasing Group (HealthTrust), HCA's affiliated group purchasing organization that serves a further network of over 1,800 hospitals in the USA.

Outlook

This agreement not only extends the footprint of Technegas in the US market but also sets the stage for its broader adoption within HealthTrust's extensive network. Cyclopharm is proud to support HCA in its mission to provide exceptional care and is eager to see the positive impact of its technology on patients and clinicians alike.