ASX-listed medical technology company, Singular Health has completed two transformational deals that may pave the way for it to tap into the US$4.48 billion medical software and 3D printing market. The transactions have allowed the company to accelerate its “Scan to Surgery” initiative that combines medical visualisation software with additive manufacturing for the global healthcare industry.
The acquisition of Virtual Surgical Planning software and intellectual property from private Australian company, VR Surgical has now been completed. A 25 per cent stake in Melbourne-based Australian Additive Engineering has also been secured.
Singular Health received overwhelming shareholder approval at an extraordinary general meeting earlier this month to complete the deals that it says move it closer to near-term commercialisation of an end-to-end personalised planning platform for the spinal and maxillofacial surgical sectors.
The company believes it is now well positioned to become a principal player in the Scan to Surgery market around the world.
Scan to Surgery is a disruptive technology and process that could revolutionise planning and execution of surgical procedures, reducing costs while improving patient outcomes.
Following our due diligence and the successful EGM, we are excited to kickstart our Scan to Surgery initiative with this software acquisition and investment into an Australian-owned and operated medical-grade 3D printing facility.
Scan to Surgery will enable medical practitioners to visualise radiological images using our proprietary Volumetric Rendering Platform, deploy our Artificial Intelligence models to segment relevant anatomy and use the integrated Virtual Surgical Planning software to manipulate this anatomy and design patient specific medical implants and guides that will be 3D printed at the AAE facility and delivered for surgical use. All this in one piece of software.
Singular Health outlaid A$500,000 in cash and shares for VR Surgical and paid $300,000 for the 25 per cent stake in Australian Additive Engineering.
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