WA biotech emerging?
WA biotech company Resonance Health (ASX: RHT) has finally moved into the black with its image analysis technology, primarily in the form of FerriScan® quantitative MRI image analysis, developed to assess the degree of liver iron overload in haemochromatosis. Since 2005-06 (when the company underwent a share consolidation and major belt tightening), revenues from FerriScan have increased from $0.3m to $2.3m and during 2008-09 the company reported its first profit of $617k. The company is looking to apply its technology to the diagnosis of liver fibrosis (as an alternative to liver biopsy) in a broader range of liver diseases and to a much wider market, all by 2012. The inability of the test to make it onto the MBS Schedule has been a major revenue block but regulatory approval by the FDA and other European agencies has seen these markets begin to open. Lisa Dunne, Managing Director since 2003, has been a driving force along with Perth Radiological Clinic's Dr Martin Blake, UWA scientist Prof Timothy St Pierre, board chairman and biotech investor Dr Stewart Washer and major shareholder Mr Simon Panton.
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