Cyclopharm
The Australian company behind Technegas, the inhaled ventilation agent, which spent thirty years as a product the United States could not buy and is now being installed across American hospitals.
Overview
Cyclopharm Limited (ASX:CYC) develops and sells Technegas through its operating company Cyclomedica Australia, which shares its Kingsgrove registered address. Technegas is used in 65 countries by the company's own count, with direct distribution in 17 and more than 5 million patient procedures to date.
The company's defining event was the US FDA approval of Technegas on 29 September 2023 under NDA 022335, opening the last major market that had been closed to it. Its first-half 2026 results reported US Technegas revenue up 74% year on year, from A$1.2m to A$2.1m, with revenue-generating US sites doubling from 35 at 30 June 2025 to 70 at 30 June 2026 and 83 by 12 August 2026, against a stated US lung imaging market of 5,139 sites. In July 2026 it announced a commercial installation across 11 clinical locations of University Hospitals in Cleveland, Ohio. Those commercial figures come from the company's own investor material rather than an independent source.
What makes Cyclopharm structurally unusual in this corpus is that it sells a generator and a consumable rather than a dose: the value sits in the installed base of Technegas systems, not in isotope supply, so its constraint is hospital adoption and reimbursement rather than reactor time.
Scorecard
All companies- approved products +6
- modalities +2
- regions +1
- registry trials +3
A puff of radioactive carbon particles so fine they travel with the breath into the depths of the lung, where they stick. A gamma camera then photographs which parts of the lung are getting air, which is compared with a second scan showing which parts are getting blood.
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