Optiscan Delivers Flexible GI Scope Prototype and Expands Veterinary Imaging Pipeline

Quarterly Highlights and Strategic Partnerships

Optiscan Imaging Ltd (ASX:OIL) has reported a robust quarter ending December 31, 2024, underscoring its commitment to innovation in medical imaging technology. The company achieved several milestones, including the delivery of its first flexible gastrointestinal (GI) endomicroscope prototype to the University Medical Centre of the Johannes Gutenberg University Mainz for clinical evaluation. This milestone is a critical step in integrating advanced scanning technology into flexible probes, a key focus area under the Cooperative Research Centres Projects (CRC-P) grant.

Further strengthening its research collaborations, Optiscan signed a Collaborative Research Agreement with the University of Minnesota College of Veterinary Medicine to explore confocal imaging applications in veterinary oncology. Concurrently, an agreement with Monash University was secured to develop artificial intelligence (AI) solutions for gastroenterology imaging, reflecting Optiscan’s strategic emphasis on combining hardware innovation with cutting-edge software capabilities.

Product Development and Clinical Progress

The InVue® product development program advanced substantially, with manufacturing completed for the system required in the Royal Melbourne Hospital breast cancer study. Patient recruitment is scheduled to begin in Q3 FY25, with expanded US trials planned pending FDA approval. Additionally, Optiscan finalized enhancements to its pathology laboratory device, an innovative alternative to frozen section biopsy, with an unveiling planned for Q3 FY25 targeting the diagnostic tissue pathology market.

On the telepathology front, Optiscan progressed its cloud-based streaming platform to a Minimum Viable Product (MVP) stage, integrating features such as remote session management and automated reporting. This platform aims to streamline workflows for remote users and facilitate clinical data collection across study sites globally.

Market Expansion and Financial Position

Optiscan’s business development efforts yielded tangible results, particularly in the US and China. The company delivered a ViewnVivo® system to a Chinese academic institution and issued sales quotes to two Tier 1 US research universities. The US sales pipeline grew by approximately $750,000 on a weighted basis during the quarter, reflecting increased traction in pre-clinical imaging markets.

Financially, Optiscan reported receipts from customers of $379,000 for the quarter, contributing to a cash balance of $7.28 million at quarter-end. This represents a 72% increase in year-to-date cash receipts compared to the previous year, driven largely by payments from Carl Zeiss Meditec and the Chinese distributor. The company also secured $398,000 in government grant funding under the CRC-P program, reinforcing its R&D investment capacity.

Veterinary Imaging and Regulatory Pathways

Recognizing the veterinary medicine market as a significant growth opportunity, Optiscan initiated the development of a dedicated veterinary imaging device tailored to companion animal diagnostics, with a planned unveiling in early FY26. The company is actively engaging with veterinary sector experts and building foundational relationships through participation in key industry conferences such as the American College of Veterinary Pathologists and American College of Veterinary Surgeons meetings.

Regulatory progress includes preparation of a US FDA pre-submission package for the InVue® and InVivage® systems, with lodgement expected in early Q3 FY25. This step is crucial for clarifying regulatory pathways and advancing clinical trial approvals in the US market.

Outlook and Team Strengthening

Optiscan’s CEO Dr. Camile Farah emphasized the company’s focus on sustained growth through innovation and strategic partnerships. The quarter also saw the addition of a seasoned Mechanical Engineer, Anders Knudtzen, whose expertise is expected to accelerate R&D projects. External consultants were engaged to bolster regulatory affairs and project management capabilities, supporting key initiatives in robotic surgery and veterinary imaging.

With multiple parallel projects progressing toward critical milestones, Optiscan is well-positioned to capitalize on expanding markets in precision imaging, digital pathology, and veterinary diagnostics. The company’s strong cash position and government funding underpin its ability to execute its strategic roadmap through FY25 and beyond.