The 4DMedical Ltd (ASX: 4DX) share price is soaring today after the company released its latest quarterly activity and cash flow report.
The medical technology company announced COVID-19 vaccines have allowed it to increase its commercial activities over the quarter ended 30 June 2021.
Right now, the 4DMedical share price is $1.44. That's 5.49% higher than it was at Friday's close.
Let's take a closer look at the quarter that's been for 4DMedical.
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What's driving the 4DMedical share price higher?
The 4DMedical share price is gaining on news of a successful fourth quarter.
The company has surpassed numerous clinical milestones. Additionally, the US COVID-19 vaccination rollout has given the company more access to hospitals and medical institutions.
Therefore, it believes its sales and marketing events will ramp up over the coming months.
Financial update
Over the June quarter, 4DMedical received $7.1 million in government grants and tax incentives. It also received a $600,000 customer receipts.
4DMedical spent $8.3 million on research and development, staffing, administration, and general operating. Its net operating cash outflows were $585,000.
At the end of the quarter just been, 4DMedical had $80.9 million of cash in the bank.
Clinical trails
The 4DMedical share price is likely higher due to productive clinical trials.
4DMedical now has 8 clinical trials approved by the US's Institutional Review Board (IRB).
Over the quarter, participants for 4DMedical's XV LVAS clinical trial began to be recruited.
The trial aims to find if XV LVAS can help treat patients with chronic obstructive pulmonary disease (COPD).
4DMedical says COPD is the third highest cause of death in the world and a "multi-billion dollar opportunity for 4DMedical's non-invasive, low dose technology".
4DMedical also entered a partnership to place XV LVAS at 8 US clinical sites.
There, between 75 and 100 late-stage COPD patients undergoing endobronchial valve procedures will be evaluated.
Finally, 4DMedical began the first clinical trial of its contrast-free Ventilation-Perfusion product.
The trial will be conducted in partnership with the University of Miami with the goal of speeding up the development of breakthrough lung technologies.
The company has also made headway with XV LVAS's pilot programs. They're reportedly going well and could evolve into future commercial relationships.
Other news
Its financial and clinical performance hasn't been all that's driven the 4DMedical share price lately.
Over the quarter, 4DMedical received a US$600,000 order from the University of Michigan.
The university bought one of 4DMedical's Permetium preclinical scanners and associated XV Technology.
Finally, 4DMedical subsidiary Australian Lung Health Initiative received $28.9 million of funding from the Australian federal government's Medical Research Future Fund.
The finds will go towards developing the XVD Scanner which analyses lung function.
Additionally, 4DMedical completed a $40 million capital raise and a $6 million share purchase plan to assist in the funding of this development.
4DMedical share price snapshot
Despite today's good news, it's still a bad year for the 4DMedical share price.
4DMedical's shares have dropped more than 40% year to date. They are also trading for 9% less than they were this time last year.
The company has a market capitalisation of around $401 million, with approximately 294 million shares outstanding.
