Medical technology business Artyra (ASX: AYA) has pocketed $15 million from a placement to professional or sophisticated investors as it looks to fast track the commercialisation of its patented Salix artificial intelligence (AI) platform used to detect heart disease.
More specifically, the proceeds will be used to accelerate regulatory applications for its Salix Coronary Plaque (SCP) and Salix Coronary Flow (SCF) products, customer implementation, clinical studies, regulatory costs, as well as research and development initiatives.
The company also plans to launch a flagship plaque study known as SAPPHIRE to ramp up the commercial adoption of its Salix software in new US hospital centres.
Lucrative US market
Artyra is focused on the US market as it seeks to capitalise on an attractive reimbursement pathway and minimal competition for its diagnostic products. It estimates the targeted addressable market for diagnosis of coronary artery disease in America to be valued at US$4.4 billion.
The company expects its Coronary Anatomy product to receive regulatory clearance from the US Food and Drug Administration (FDA) in March. Formal FDA approval for the group’s Coronary Plaque and Coronary Flow products is anticipated to follow later in the year.
Notably, Artrya has already sealed three strategic five-year agreements with US organisation to deploy Salix upon FDA approval. It also remains in discussions with other American healthcare systems for potential implementation of the product.
Traction in Australia
At home, Artrya’s commercialisation push is already showings sings of progress with the company recently locking in a three-year commercial agreement with renowned healthcare provider, Sonic Healthcare Australia.
Here, the Salix Coronary Anatomy platform will be integrated into all Sonic radiology centres that perform Coronary Computed Tomography Angiography (CCTA) scans for coronary heart disease.
Artrya chief executive officer, Mathew Regan, commented:
“The Company continues the regulatory pathway to expand FDA approvals this year with a portion of Placement proceeds applied to accelerate regulatory applications for our SCP & SCF products, along with customer implementation costs including the Sonic Healthcare Australia Radiology commercial agreement announced on 12 February 2025.”
The deal will generate revenue for Artrya through an attractive Software-as-a-Service (SaaS) subscription model. Initial revenue is anticipated in the fourth quarter of the current financial year.
Milestone Australian contract
Sonic has now become the first large radiology group in Australia to leverage Salix technology for the diagnosis of coronary artery disease. It is the second largest diagnostic imaging provider in Australia with more than 125 radiology centres scattered around the nation.
Sonic also boasts a network of 1,800 radiologists and pathologists, and is supported by more than 17,000 medical scientists, radiographers, sonographers, technicians, and nurses.
Mathew Regan added:
“Our contract with Sonic is a significant milestone for our commercial growth in Australia. We are thrilled to partner with a globally leading healthcare provider who is also Australia’s second largest radiology group, placing our lifesaving, AI-driven technology in the hands of Australian clinicians to improve the diagnosis of the world’s number one killer, heart disease.”
Filling a gap in the market
According to Artrya, heart disease kills more people than all cancers combined. However, the company believes incumbent methods for detecting high-risk plaques that causes heart attacks to be outdated and ineffective.
Instead, it sees its Salix AI enabled software as a more effective solution by providing clinicians with accurate, real-time information on the existence and extent of plaque in arteries.