New contract with US dept. of defence....

Medical tech biz 4D Medical seeks to raise $20 million; Bells tapped

Sarah Thompson, Kanika Sood and Emma Rapaport

May 5, 2023 – 8.48am

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4D Medical, the four-dimensional lung imaging software company backed by Australia’s Medical Research Future Fund, was in the market for fresh funds on Friday, buoyed by a new contract win with the US Department of Defence.

Bell Potter was offering the shares, which are up 183 per cent year-to-date, at 91¢ apiece via a $10 million placement and share purchase plan to raise another $10 million.

4D Medical shares have been on a tear. Jason South

The offer price was pegged at a 2.5 per cent discount to the volume weighted average price traded on the ASX over the past five days, according to a term sheet sent to investors.

Shares in the medical technology business doubled over two trading sessions in mid-April after the Melbourne group signed a contract to supply software imaging services to the University of Miami’s research centre. That followed an agreement to supply Australian diagnostic imaging clinic operator I-MED Radiology.

“We’ve really proven over the last few years that we see things that the picture of a still lung from a CT [computed tomography] scan really can’t deliver,” the company’s chief executive, Andreas Fouras told The Australian Financial Review last month.

4D Medical was placed in a trading halt on Thursday.