We've signed a Strategic Alliance & Master Services Agreement with Image Analysis Group (IAG), a London-headquartered global imaging clinical research organisation that has supported more than 700 clinical trials since 2007 on its DYNAMIKA™ platform.

Under the agreement, our MRI analysis endpoints, FerriScan®, FerriSmart®, HepaFatScan®, HepaFatSmart®, LiverSmart® and CardiacT2*, become orderable within IAG's global imaging business, still analysed and overseen by our ISO 13485-certified laboratory. In return, we gain access to IAG's imaging infrastructure and global reader network for our own multi-modality studies, and we become IAG's Australian delivery partner for clinical trials, covering feasibility, ethics, local sponsorship and our TrialsWest sites, with a pathway to activities that may qualify for Australia's R&D Tax Incentive.

The alliance targets growth areas including obesity and metabolic disease, iron overload disorders, MASH/MASLD, hepatology and oncology, and it complements our existing R&D pipeline, including our MRI Liver Fibrosis device.

It's worth being clear-eyed about the shape of this deal: it's non-exclusive, runs an initial 24 months with renewal options, carries no minimum volume or revenue commitments, and either party can terminate on 90 days' notice. Revenue will depend entirely on the work orders actually executed under it, and the financial impact cannot be reliably quantified at this stage. The first two work orders will be pilot studies to test the workflow before the parties commit further.

We see this as a capital-light way to extend our regulatory-cleared technologies into a much larger international sponsor network, building on the revenue growth we've delivered from $4M in FY23 to $15.8M in FY26.

If you have questions about this announcement, we'd welcome you asking them through the question box on this page.