- Hydrix (HYD) signs a long-term partnership agreement with Scandinavian Realheart, a Swedish company developing the world’s first four-chamber Total Artificial Heart (TAH)
- Under the partnership, Hydrix will develop the control system for the TAH, helping to accelerate the pathway to clinical trials in 2024
- The first stage of the multi-stage program will be delivered in FY 2023, generating revenue of approximately $2 million in that year
- Hydrix last traded at 9 cents per share
Hydrix (HYD) has signed a long-term partnership agreement with Scandinavian Realheart, a Swedish company developing the world’s first four-chamber Total Artificial Heart (TAH).
Under the partnership, Hydrix will develop the control system for the TAH, helping to accelerate the pathway to in-patient clinical trials in 2024. The first stage of the multi-stage program will begin in FY 2023, generating revenue of approximately $2 million that year.
The company said the partnership affirms Hydrix’s credentials in cardiovascular technology development, having provided Mechanical Circulatory Support (MCS) controller development services to companies for more than 10 years.
This includes Ventricular Assist Devices (VAD) that help a struggling heart to pump blood, and Total Artificial Hearts — a complete heart replacement for where a donor heart is unavailable or unsuitable.
Realheart CEO Laura Perkins said Hydrix’s controller is technically very advanced, and for those who live with the TAH in the future, the design must be easy to use.
“We are convinced that their experience in safety critical controller systems design is also characterised by a strong focus on human user needs experience which will ensure we can offer our patients and carers, the best controller for meeting these needs and expectations,” Ms Perkins said.
Hydrix Executive Chairman Gavin Coote said the first half year-on-year client revenue growth of 40 per cent, coupled with a healthy qualified sales pipeline and client contract wins like this one, will strengthen the company’s FY23 outlook.
Hydrix last traded at 9 cents per share.