Cyclopharm Limited

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.