Strong debut for ImpediMed
Thursday, 25 October, 2007
Brisbane medical device company ImpediMed has made a successful debut on the stock exchange, closing at 90c from an issue price of 72c.
The company, a spin-out from UniQuest, the commercialisation arm of the University of Queensland, has developed a range of non-invasive devices to detect secondary lymphoedema following breast cancer treatment.
Early diagnosis and treatment of lymphoedema is considered the best way of preventing progression and irreversible damage.
In addition to breast cancer patients, the devices will also be useful for the 200,000 Australians with primary lymphoedema and the secondary form, acquired after operations, accidents and chronic venous diseases.
ImpediMed has received FDA clearance to market the company's primary device, ImpXCA, for clinical assessment of secondary lymphoedema in the arm.
ImpediMed's chairman, Mel Bridges, said the company estimated that the potential market for its existing products was around US$4.4 billion.
"We are developing a number of non-invasive medical innovations which will also make a significant difference to the quality of life for patients being tested for other diseases," Bridges said in a statement.
"The success of ImpediMed's secondary lymphoedema detection devices is making it possible for us to generate investment in these projects as well."
The primary research behind the device was undertaken by Associate Professor Leigh Ward from UQ and colleagues from QUT, Dr Bruce Cornish and Dr Brian Thomas.
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