Global Strategic Alliance & MSA with Image Analysis Group
Released
Released
Announcement PDF
ASX Announcement– 17 September 2026
Resonance Health Ltd ABN: 96 006 762 492
141 Burswood Road, Burswood, WA 6100, AUSTRALIA Postal: PO Box 108, Victoria Park, WA 6979, AUSTRALIA
www.resonancehealth.com T + 61 8 9286 5300 / info@resonancehealth.com
GLOBAL STRATEGIC ALLIANCE &
MASTER SERVICES AGREMENT WITH IMAGE ANALYSIS GROUP
Highlights
• Strategic Alliance & Master Services Agreement executed with Image Analysis Group (IAG), a London-
headquartered global imaging clinical research organisation whose DYNAMIKA™ platform has
supported more than 700 clinical trials since 2007
• Resonance’s MRI analysis endpoints; FerriScan®, FerriSmart®, HepaFatScan®, HepaFatSmart®,
LiverSmart® and CardiacT2*, to become orderable endpoints within IAG’s global imaging business
• Resonance gains access to IAG’s broader imaging infrastructure and global reader network for multi-
modality clinical-trial studies
• Resonance becomes IAG’s Australian delivery partner for clinical trials: feasibility, ethics, local
sponsorship, TrialsWest sites, and a pathway to eligible R&D activities that may qualify for Australia’s
R&D Tax Incentive
• Alliance targets high-growth indications including obesity and metabolic disease (VAT/SAT, liver fat,
and muscle mass/muscle quality measures in development), iron overload disorders, MASH/MASLD,
hepatology and oncology
• Non-exclusive framework; initial 24-month term with renewal ability; no minimum volume or revenue
commitments; revenue dependent on work orders executed
Resonance Health Partners with Global Imaging CRO, Image Analysis Group
Resonance Health Limited (ASX: RHT) (Resonance or Company) is pleased to announce that the Company has
entered into a Strategic Alliance & Master Services Agreement (Agreement) with Image Analysis Limited, trading
as Image Analysis Group, a London-headquartered global imaging clinical research organisation (IAG).
The Strategic Alliance & Agreement Details
IAG operates across the UK, EU, USA, India, China, and Australia and has supported more than 700 clinical trials
on its proprietary DYNAMIKA™ platform since 2007, including publicly announced collaborations with leading
global pharmaceutical companies.
The Agreement creates a two-way commercial pathway where; (i) IAG incorporates Resonance’s specialised
quantitative MRI endpoints into its global clinical trial strategies and proposals, and (ii) Resonance gains access to
IAG’s broader imaging infrastructure, global reader network and its DYNAMIKA™ platform for multi-modality
studies.
Pursuant to the Agreement, Resonance’s regulatory-cleared Software-as-Medical-Device (SaMD) services
including FerriScan®, FerriSmart®, HepaFatScan®, HepaFatSmart®, LiverSmart® and CardiacT2*, become
orderable endpoints within IAG’s global imaging strategies and proposals, still analysed and/or overseen by
Resonance’s ISO 13485-certified core laboratory, but delivered through IAG’s DYNAMIKA™ platform.
IAG’s overseas customers (comprised of global pharma company sponsors) gain Australian in-country service
delivery through any of Resonance’s business units, including SaMD services, clinical trial sites (TrialsWest), and
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Australian clinical trial advisory (CRO or Resonance Clinical) businesses. Collectively, the Resonance business
segment services include; feasibility, ethics, local Australian sponsor, trial performance through the Company’s
100% owned TrialsWest sites, and assistance in relation to eligible R&D activities that may qualify for Australia’s
R&D Tax Incentive.
The alliance is particularly focussed on obesity and metabolic disease programmes, where global pharma sponsors
increasingly need to understand changes in body composition, not just body weight. The combined offering brings
together IAG’s DXA body-composition and muscle imaging workflows with Resonance’s quantitative SaMD MRI
capabilities, including visceral and subcutaneous adipose tissue (VAT & SAT), liver fat assessment through
HepaFatScan®, and muscle mass and muscle quality assessments currently in development.
The Agreement also complements the Company’s research and development (R&D) pipeline, including the non-
invasive MRI Liver Fibrosis device, whose extended proof-of-concept (EPoC) trial is fully enrolled. Business
development initiatives highlighting the new strategic alliance are initially planned for Europe, the United States
of America, Australia, and China.
Strategic Rationale and Potential Upside
The Agreement provides Resonance with capital-light global distribution of its regulatory cleared SaMD endpoints
into IAG’s established worldwide sponsor customer base and growth pipeline, without the cost of building
equivalent international business-development infrastructure. The Australian gateway adds a second channel of
inbound work from IAG’s global customers, complementing the Company’s existing Resonance Clinical and
TrialsWest operations. Resonance also gains access to IAG’s multi-modality imaging infrastructure and reader
network for its own client programmes. The financial impact of the Agreement will depend on the number and
size of work orders executed under it and cannot be reliably quantified at this date.
An engagement of Resonance’s services by one or more of IAG’s global pharma customers would be documented
and contracted by execution of work orders under the Agreement. The work order would specify the exact
Resonance services to be delivered and the estimated budget, costs, and timelines for delivery of those services.
Dr Olga Kubassova, CEO and President of IAG, said:
“This partnership reflects our continued commitment to building an integrated global imaging ecosystem that
removes friction for our sponsors, wherever their trials are located.
“By combining Resonance Health's specialised MRI expertise with IAG's global reach and DYNAMIKA™ platform,
we're offering sponsors a more efficient path to reliable imaging endpoints across therapeutic areas.”
Resonance Health’s CEO & Managing Director, Mr Andrew Harrison said:
“This is disciplined growth inside our core domain and significantly expands the global reach of our SaMD
technologies. Our regulatory-cleared endpoints will become available to IAG’s global sponsor network, while IAG’s
clients gain access to Resonance’s Australian clinical trial infrastructure and specialised quantitative MRI
capabilities.
We are delighted to be working with IAG’s founder, Dr Olga Kubassova, and her team. Olga’s global reputation in
clinical trial imaging speaks for itself, and the calibre of the organisation she has built is exactly why this
partnership makes sense for our sponsors and our shareholders.
Together, we can address more of the biomarker assessments increasingly demanded by the next generation of
clinical trials – from iron and liver fat today to non-invasive liver fibrosis, body composition, and muscle quality, as
our portfolio expands.
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We grew Group revenue from $4M in FY23 to $15.8M in FY26. Partnerships such as this provide an opportunity to
extend our SaMD technologies and services into larger international clinical trial networks while continuing to
build recurring, scalable revenue within our core areas.”
Key Terms of the Agreement
The Agreement is non-exclusive and provides for the mutual provision of services under the framework of a
mutual master services agreement. Services provision by Resonance and/or IAG is facilitated through the
execution of individual work orders, with the first two work orders to comprise pilot studies to assess and
streamline workflows and determine whether to continue with the Agreement.
1. Key contractual terms of the Agreement include: an initial term of 24 months, renewing automatically for
successive 12-month periods unless either party gives notice of non-renewal, with either party able to
terminate at any time for convenience on 90 days’ notice and in-progress work orders continuing to
completion;
2. non-exclusive and no minimum volume or revenue commitments; and
3. detailed commercial terms, including transfer pricing and referral arrangements, remaining confidential.
Further Information
https://investors.resonancehealth.com
This announcement has been authorised for release in accordance with the delegated authority of the Board of
Directors of Resonance Health Limited.
For further information:
Andrew Harrison
Managing Director & CEO
E: andrewh@resonancehealth.com
P: +61 8 9286 5300
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About Resonance Health
Resonance Health is an Australian healthcare technology and services company. The Company’s services are used
globally by clinicians in the management of human diseases and by pharmaceutical and therapeutic companies in their
clinical trials. Resonance Health has gained endorsement by leading physicians worldwide for providing high-quality
quantitative assessments essential in managing diseases and drug development. Resonance Health’s dedication to
scientific rigour and quality has enabled it to achieve regulatory clearances for a range of Software-as-Medical Devices
(SaMDs) in the USA, Europe, UK, and Australia, and to proudly carry ISO 13485 certification for the design and
manufacture of medical devices. Regulatory cleared SaMD products, some of which incorporate Artificial Intelligence
(AI), include:
▪ FerriScan®, a core-lab product that provides an accurate assessment of liver iron concentration (LIC) through non-
invasive MRI-based technology, for use in the assessment of individuals with iron overload conditions.
Internationally recognised as the gold standard in LIC assessment.
▪ FerriSmart®, an AI-trained, non-invasive MRI-based device for the automated real-time assessment of LIC in
participants, calibrated against the global gold standard, FerriScan®.
▪ HepaFatScan®, an MRI-based solution which provides a reliable non-invasive assessment of liver-fat in liver tissue
for use in the assessment of individuals with confirmed or suspected fatty-liver-disease.
▪ HepaFatSmart®, an AI-trained, non-invasive device for the automated real-time multi-metric assessment of liver-
fat in participants, for the assessment of individuals with confirmed or suspected fatty liver disease.
▪ LiverSmart®, an AI-trained, non-invasive MRI-based multi-parametric device combining FerriSmart® and HepaFat-
AI® into a consolidated report providing accurate assessment of LIC and liver fat.
▪ CardiacT2*, the most widely accepted MRI method for assessing heart iron loading. Resonance Health offers a
dual analysis of FerriScan® and CardiacT2*.
The Company has a development pipeline of additional medical imaging analysis products and services, including the
MRI Liver Fibrosis Project, aimed at accurately assessing the presence and progression of liver fibrosis utilising non-
invasive MRI analysis. The Company also has a clinical trials business which both manages clinical trials in Australia and
includes the site management operations of TrialsWest. Stakeholders, including clinicians, participants, and
shareholders, are encouraged to follow on LinkedIn and register their interest at: www.resonancehealth.com
About Image Analysis Group (IAG)
IAG is a London-headquartered imaging clinical research organisation founded in 2007, supporting more than 700
clinical trials with centralised image management, radiological review, cardiac safety, histology and AI-enabled imaging
endpoints across oncology, musculoskeletal, autoimmune, metabolic, rare disease and neurological indications. IAG's
proprietary DYNAMIKA™ platform provides cloud-based data collection, quality control and central review operating
under 21 CFR Part 11, SOC 2 Type II and ISO 13485 frameworks, with project management across the UK, EU, USA,
India, China and Australia. www.ia-grp.com
Disclaimer & Forward-Looking Statements
This announcement has been prepared by Resonance Health Ltd (“Resonance Health” or “Company”) and may contain
forward-looking statements that are based on current expectations and beliefs and are subject to numerous factors
and uncertainties that could cause actual results to differ materially from those described. Forward looking statements
contained in this release may include statements about future financial and operating results, status of regulatory
submissions, possible or assumed future growth opportunities and risks and uncertainties that could affect Resonance
Health’s products and services.
These forward-looking statements are not guarantees of future performance, involve certain risks, uncertainties and
assumptions that are difficult to predict, and are based upon assumptions as to future events that may prove inaccurate.
Actual outcomes and results may differ materially from what is expressed in any forward-looking statement in which
Resonance Health expresses an expectation or belief as to future results. There can be no assurance that the statement
or expectation or belief will result or be achieved or accomplished. Resonance Health will not update forward-looking
statements unless required by law.
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