Singular Health Group (ASX:SHG) experienced a significant surge in its stock price, shooting up by 60% following a breakthrough deal in the US. The Australian healthcare company secured a purchase order for 3Dicom licenses from Roseman University of Health Sciences in Las Vegas, Nevada. The two-year contract includes 50 licenses for research and development (R&D) purposes and 5,000 patient licenses, with a total value of approximately $152,000. While the contract amount may not be substantial, it signifies a significant milestone as Roseman University becomes the first US college to adopt Singular Health’s 3Dicom R&D software for medical education. This move opens up opportunities in a market that is projected to reach USD$17.6 billion by 2027.
The 3Dicom software allows students at Roseman University to study and explore complex anatomy and pathology by accessing thousands of medical cases in both 2D and 3D from open-source DICOM libraries. Singular Health Group’s software provides a valuable tool for medical education and research.
This purchase order follows recent orders received from Majmaah University in Saudi Arabia, underscoring the growing interest in Singular Health’s technology.
In addition to the purchase order, Singular Health Group also announced the deployment of non-diagnostic artificial intelligence (AI) models into their 3Dicom R&D software. This enhancement will enable the rapid segmentation and analysis of CT and MRI models, allowing users to select, add, remove, replace, and quantitatively analyze individual anatomical structures. The integration of AI technology further enhances the diagnostic performance of the software.
Meanwhile, several ASX-listed cannabis companies made announcements this morning. ECS Botanics (ASX:ECS) secured a lucrative $9 million offtake agreement with UK-based Rokshaw for the supply of medicinal cannabis dried flower over three years. The supply will begin this financial year with an initial minimum order volume of 600kg per annum. As part of the agreement, ECS has granted Rokshaw a three-strain UK market exclusivity for GMP medicinal cannabis dried flower.
Little Green Pharma (ASX:LGP) experienced a 12% surge in its stock price after disclosing the receipt of a $5 million research and development (R&D) rebate from the Australian Tax Office. This rebate marks the largest R&D claim made by Little Green Pharma to date, reflecting its substantial investment in research and development in the fiscal year 2023.
Overall, these developments highlight the positive growth and advancements in the health and cannabis sectors on the ASX. Singular Health Group’s breakthrough deal in the US, along with the expansion of its software capabilities, showcases the company’s commitment to innovation in medical education and research. Meanwhile, ECS Botanics and Little Green Pharma’s respective agreements and rebates demonstrate the continued interest and support for medicinal cannabis in both domestic and international markets.
As the global health and cannabis industries continue to evolve, companies like Singular Health Group, ECS Botanics, and Little Green Pharma are well-positioned to capitalize on the opportunities presented by these growing markets.
