After the COB today Cyclopharm (ASX:CYC) lodged the following with the ASX:

Cyclopharm with their Technigas product are in a fight to the death with 4DX with its recently FDA approved and US reimbursable  CT:VQ™ technology.

Regal Funds Management has 11% of CYC.  Looking like another Opthea moment for Phil.

For CEO and founder of 4DMedical(ASX:4DX), Andreas Fouras the latest share price run must be a welcome and long awaited vindication of his life’s work.

As at the 30/6/25 he has through his interest in Velocimery Consulting Pty Ltd 65.7m shares in 4DX or 16% of the company. Worth today around $110m.

His personal holding outside of Velocimetry appears to be much smaller, at around 6m director options.

According to the FY25 annual report Helen Fouras (presumably his wife) has voting power in Velocimetry Consulting Pty Ltd of “above 50%”. Whilst Andreas has voting power “above 20%”. 

I hope Andreas has been, and continues to be nice to his Mrs. 

Seems just like the rest of us, Andreas is only one fat-arse comment away from career and financial ruin. 

Below are my notes and comment from webinar:

CT:VQ™ market is around 1m scans a year in the US and a value of around $1b.

Superior technology to the current radiopharma procedures in:

• No contrast agents – ie either radioactive dust or injectables into bloodstream
• Clearer image
• More accessible with 14,500 existing scanners in US
• Better workflow
• Better patient experience
• Lower cost.

Questions: Costs and Sales pricing:

Was cagey, but said expected $600 per procedure, about the same as their LVAS product and it costs about $4 each (said this with a straight face). Said a share of this will need to go to the hospitals. $300m of sales would be just the beginning

(Importantly said this was the first time 4DX was selling a product that was a replacement product, not something new). Said product was ready for rollout.

Conversion to paying customers:

Had never given a free trial for any 4DX product where the practice did not end up paying.

Medicaid Reimbursement:  Said confident will have by the end of the year.

VA and DoD progress: said had a team in Washington. Spoke of the value of their XV LVAS product and gave example of DoD burns pit scans versus a biopsy. Their existing scan cost around $1k (?) versus $30k for a biopsy.

Asked about PME partnerships: refused to comment, but did say product was technically compatible

CME approvals; Said focus of on the US where 40% of the market and 50% of the profits are.

It is interesting the changes in Department of Health and Human Services (Robert Kennedy) and how the US healthcare landscape is changing. Today announcement from PNV in response to New York Times press speculation. It would seem PNV is on the right side of the muted changes with a low cost product. Similarly the same thing seems to apply with 4DX and their offerings. (Contrast this with BOT and its old school management whose major skills and experience appear to be in rorting the US insurance and government reimbursement system. And just how they appear to have come unstuck, for that and other reasons.

Andreas was his in a black T shirt and looking his usual disheveled self. His demeanor was slightly more upbeat than his previous webinars over the years and he took questions. He said that he and his team will working around the clock to make this work.  Looks good to me and I think you can be reasonably sure Andreas is working for you the shareholder and will not be spending his evenings rooting whores and snorting lines of cocaine.   Share price is off post his presentation, so f&%$ed if I know what I got wrong.