Company Interview / Cyclopharm wins major US clinical backing

Key points:

Technegas named ventilation agent of choice in new global nuclear medicine lung imaging guidelines McBrayer emphasises shift from pulmonary embolism only to broader chronic lung disease applications Large US addressable market and high‑margin consumables model seen as core growth drivers

James McBrayer from Cyclopharm (ASX:CYC) sets out why he sees the latest US nuclear medicine guidelines as a transformational moment for the company’s Technegas lung imaging agent. McBrayer states the guidelines name Technegas specifically as the ventilation agent of choice, rather than using a generic term, which he regards as rare and highly influential for clinical and purchasing decisions. He notes Technegas is already used in 67 countries and is viewed as an enabler of modern lung imaging, shifting US practice away from techniques that have changed little in decades.

McBrayer highlights that the guidelines support expanded use of lung imaging beyond pulmonary embolism, into chronic respiratory conditions such as COPD, asthma and pulmonary hypertension, which he estimates create a US “beyond PE” addressable market of over US$1 billion, versus about US$180 million for pulmonary embolism alone. He points to more than 230 publications and 2,400 citations referencing Technegas as underpinning clinical confidence.

Commercially, McBrayer characterises Cyclopharm’s model as “razor and razor blade”, with each Technegas system installation driving high‑margin (>90%) consumables revenue. With around 5,200 US nuclear medicine lung imaging sites, he sees significant runway for institutional adoption and considers the company past peak cash burn and well placed for growth in the US and globally.