DraxImage will assist CYC with the development and financing of the phase III clinical trials for Technegas, and any other steps required to file for and obtain USFDA approval.
DraxImage president Martyn Coombs said: "Jubilant DraxImage is excited about this opportunity to participate with Cyclopharm in the clinical development and potential US market introduction of this innovative nuclear medicine product. The execution of this Term Sheet demonstrates DraxImage’s commitment to invest in and grow the sustainability of ventilation/perfusion imaging in the US and our continued passion to bring innovative products that enable physicians to deliver high quality diagnostics to their patients".
Cyclopharm CEO James McBrayer said: "Cyclopharm is thrilled with the opportunities this transaction represents. DraxImage is the USA market leader for nuclear medicine lung imaging. We are confident that the synergies that exist between our organizations will ensure faster acceptance of our proprietary technology".