Cyclopharm Limited (ASX: CYC)Share Price and News
About Cyclopharm (ASX:CYC)
Cyclopharm is a radiopharmaceutical company specialising in nuclear medicine and molecular imaging.
The company's technology Technegas® produces ultra-fine radioactive particles for lung ventilation imaging, aiding in diagnosing various pulmonary diseases. Essentially it is a gas that patients 'inhale' to enable the lungs to be easier to scan.
Technegas has several advantages including that it:
- Is more diagnostically accurate, being able to reach parts of the lungs that other types of images cannot
- Uses less radiation, and thus administers a lower dosage to patient
- Works quickly and simply enabling a rapid diagnosis, and
- Can be administered to almost all patients.
Technegas is used to diagnose a lung condition called Pulmonary embolism (PE) which is a condition occuring when a blood clot (thrombus) becomes lodged in an artery in the lung and blocks blood flow to the lung. But it may be possible that in the future it could be used to detect other lung conditions which may be larger market opportunities like COPD and long-COVID.
From a business model perspective, Cyclopharm is a good business because it has a multi-faceted revenue model, including a one-off installation and training fee, ongoing recurring revenues from access fees and annuity sales revenues for per-patient consumables.
Cyclopharm has had a global presence for so many years, with operations spanning the Asia Pacific, Europe and the Americas. As of May 2025, it was in 66 countries.
Cyclopharm's Company History
The technology now known as Technegas was first discovered in the mid-1980s. It was registered as a drug in Europe in 1996 and it entered the Canadian market in 2004. The company was incorporated in 2005, bought the technology from its then owners (Vita Life) and listed on the ASX in 2007. In the 2010s it expanded into Asia.
By 2020, the company had penetrated 60 countries. The trouble is that the USA was not one of them and it had been knocked back a few times. This was not because clinical trials failed, but the FDA had other problems.
After completing a trial in 2020, the FDA issued a Complete Response Letter (CRL) in mid-2021 outlining things to be addressed including specific aspects of crucible manufacturing, dosimetry in children and better defining and validating the unique characteristics, production and delivery of the particle. The company took until March 2023 to to make another submission, but this was successful as the company received approval in October 2023.
By April 2025, 18 months later, the company exceeded US$1m in sales in the US. It has installed 27 Technegas systems (10 of which were installed in the first quarter of 2025 alone) and the country is the 4th largest country by revenue.
Future Outlook of Cyclopharm Limited (ASX: CYC)
Cyclopharm's immediate future is closely tied to the commercialisation of Technegas® in the United States. Now that the company has FDA approval for Technegas®, it has access to the largest nuclear medicine market globally.
The US market for diagnosing pulmonary embolism is estimated at approximately US$90m, presenting a significant revenue opportunity. The company has had a promising start, having achieved the US$1m sales milestone. Cyclopharm reported global sales revenue of A$27.6 million, a 4.7% increase from the previous year. However, it made a $13.2m loss (a figure nearly triple from the year before), indicating the company may have problems with its costs.
In the longer-term, the key catalyst will be expanding use of Technegas® in diagnosing and managing other respiratory conditions, including COPD and asthma, which could further expand its market reach. CYC has a formal program 'Beyond PE' for this purpose. It is early days and it may be a few years before we see Technegas commercialised in other indications, although the company recently commenced a 660-patient trial in France to see if Technegas can improve detection of residual pulmonary vascular obstruction.
Is Cyclopharm a Good Stock to Buy?
Overall, Cyclopharm presents a high-risk, high-reward investment opportunity. Prospective investors should monitor regulatory developments and the company's progress in penetrating new markets.
It has been 'so far so good' in the US and there is a big market opportunity there. However, the company needs to address its bottom line over the medium term, and it has set high ambitions so even growth slower than expected could deter some investors.
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Frequently Asked Questions
Cyclopharm's main product is Technegas®, a diagnostic agent used in lung ventilation imaging to detect pulmonary embolism and other respiratory conditions. It is a 'gas' that patients inhale so that their lungs become easier to scan and diseases are easier to detect.