CYCLOPHARM LIMITED — AGM Information 2019

May 20, 2019

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CYCLOPHARM (CYC) AGM Presentation 2018 Financial Year Results

21 May 2019

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Disclaimer

Certain views expressed here contain information derived from publicly available sources that have not been independently verified.

The presentation includes certain statements, estimates and projections with respect to the anticipated future financial performance of Cyclopharm Limited and as to the markets for the company's products. Such statements, estimates and projections reflect various assumptions made by the directors concerning anticipated results, which assumptions may or may not prove to be correct. Cyclopharm Limited has not sought independent verification of information in this presentation..

While the directors believe they have reasonable grounds for each of the statements, estimates and projections and all care has been taken in the preparation, no representation or warranty, express or implied, is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness of statements, estimates and projections contained in this presentation. Such statements, estimates and projections are by their nature subject to significant uncertainties, contingencies and assumptions.

To the maximum extent permitted by law, none of the Cyclopharm Limited, its directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of information contained in this presentation. All references to dollars unless otherwise specified are to Australian dollars.

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Chairman’s Address

David Heaney

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Managing Director’s Address

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James McBrayer

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CYCLOPHARM BUILDING FOR GROWTH

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Profitable & Growing MedTech underlying business is cash positive and issuing dividends

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First in class

Technegas technology generating sales from 57 countries and named as the agent of choice in the Canadian & European EANM Guidelines

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Recurring USFDA Optionality revenue approval expanding into from high margin set to more than indications beyond PE could dwarf the consumable sales quadruple the near term USA similar to an existing CYC sales opportunity annuity model from Pulmonary Embolism (PE)

FY2018 Results Highlights

Group Sales Revenue $13.40 million Gross Margin $10.85 million Net Loss After Tax ($0.04) million including USFDA investment Total Dividend 1.0 cents per share Underlying Technegas EBITDA[1] $1.90 million FDA Trial expenses ($2.96) million Strong balance sheet[2] $9.19 million of cash reserves as @ 31 Jan 2019 Guidance Affirmed The Board expects continuing modest growth in underlying Technegas volumes from existing markets for FY19

Note 1: Underlying Results represent results from the division excluding R&D tax incentive, reversal of contingent consideration, FDA expenses, Pilot Clinical Trial expenses and net expenses for Germany Note 2: Cash reserves as at 31 December 2018 was $5.85 million

Operating Highlights

• Technegas is a substantially de-risked commercial

• proposition with significant upside in the US market

• Total global sales of $104 m from 2010

• Technegas currently available in 57 countries

• Over 195,000 patient procedures in 2018

• Over 4,200,000 patient procedures since 1986

• ~1,600 Technegas generators sold globally

• CYC is growing, underlying business is profitable and dividend paying company

• Stable gross margins of greater than 80%

CYC : 5 year
Share Price(17 May 2019)	$1.23
Shares on Issue	68.7 million
Market Capitalisation	$84 million
Cash(30 April 2019)	$7.14 million

• Around 80% of historical revenue is recurring

consumable sales

Technegas world’s best functional lung ventilation imaging agent

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Easy Only need 3D images No Cost
to prepare and 3 to 4 breaths provide contraindications effective
administer functional
imaging through
to the alveolus
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Pulmonary Embolism

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Symptoms
~3 million are varied with
diagnosis confirmed
cases of PE p.a.
either through CTPA or
but could be 30% a nuclear medicine Nuclear Medicine
much higher of pulmonary ventilation‐perfusion using 3‐D imaging is the
embolisms are fatal if study most accurate method
left untreated of diagnosis
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Diagnosing Pulmonary Embolism in the USA

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OPPORTUNITY TO DISPLACE
CTPA:
USA = 4 million studies p.a.
High radiation burden
to rule out PE CTPA delivers at least 27 times
more radiation to the breast as
compared to V/Q SPECT
Nuclear
Contraindications
Medicine
CTPA should not be performed
Predominantly with pregnancy, renal impairment,
contrast media allergy, diabetes
Planar Imaging 85 [%]
15 [%] AKI
CTPA
Acute Kidney Injury
radiology occurs in up to 13%
$90m USD of CTPA cases
nuclear medicine Lower Clinical Sensitivity
ventilation imaging Planar = 67%
CTPA = 82%
market (Planar)
SPECT = 93%
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Technegas FDA Clinical Trial Process and Design

• Study • Non‐inferiority structural ventilation study comparing Xe133 vs. Technegas Specifics • Special Protocol Assessment Granted

• Special Protocol Assessment Granted

• • Total estimated trial cost $7.5 million USD with $5.85m USD spent to date

• Assumes 240 patient study at up to 10 clinical sites

• CYC completed a preliminary 40 patient trial submitted to the FDA

• 135 Patients enrolled as at 17 May 2019

• Face to Face meeting with the FDA on 11 October 2018 – constructive guidance provided relating to an alternative 505(b)2 New Drug Application Pathway and a variation to the existing trial expected to expedite patient enrolment approved

	1H 2018	1H 2018	2H 2019	2020
	Finalise	Submit Preliminary	Submit NDA	Commence US
Timeline	Trial Site Recruitment	Trial Results for FDA Review		Commercialisation

Building from a strong & well established foundation

Near term opportunities providing significant growth potential beyond PE toward patient management

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USA Market nuclear medicine ventilation imaging market to diagnose PE equal to $90m USD with reimbursement already in place

Targeting USA CTPA PE market opportunity to convert CTPA to nuclear medicine imaging by shifting market to SPECT imaging

Half billion combined sufferers of Asthma and Chronic Obstructive Pulmonary Disease globally. Trials underway

Clinical Study Strategy Beyond PE Underway

Hunter Medical Research Institute

100 patient trial targeting phenotyping and response to therapy in severe asthma. 100 patients enrolled as at 17/05/2019

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Woolcock Institute

100 patient trial to commence 2Q 2019 targeting the diagnosis of mild to moderate COPD and response to therapy

Other clinical trials initiated

Lung Volume Reduction, assessment of Lung Transplant patients and early detection of COPD and response to therapy

Protocol development underway

Clinical trial to determine the effectiveness of early detection of COPD in asymptomatic smokers

Ultralute Update

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• Ultralute™ has the potential to bring significant cost savings in the delivery of pharmaceuticals used in nuclear medicine by extending the useful life of Molybdenum‐99 (Mo‐99) generators by up to 50%.

• First test sales in 2018,

• Decision taken to register Ultralute[TM] as a medical device technology within Europe

• Medical Device registration expected to broaden its overall market acceptance and optimise the commercial value of this technology.

• A full commercial launch of Ultralute[TM] in Europe is expected to commence following registration as a medical device targeted in late 2019.

• Meaningful commercial sales of Ultralute™ within the medical device category in Europe are expected in 2020.

2019 Strategic Priorities and Outlook

Strategic Goals & Guidance	Activity	Timeframe
United States	Continue patient recruitment	Ongoing
FDA Approval &	Finalise clinical trial sites (Mayo and Univ of Utah)	1H 2019
Commercialisation	Finalise paediatric plan and submit to USFDA	1H 2019
	Complete internal development of pharmaceutical and device manufacturing requirements to comply with USFDA requirements	1H 2019
	Submit New Drug Application to the USFDA	2H 2019
	Initiate USA Commercialisation Plan	1H 2019
Indication Expansion	Continue UoN‐HMRI‐JHH clinical trial	Ongoing
	Commence new pilot trials in Canada and Australia	1H 2019
	Commence COPD trial Woolcock Institute	1H 2019
	Expand clinical marketing	Ongoing
New Product – UltraluteTM	Registration as a medical device technology in Europe	2H 2019
Expand Product & Service Offering	Identify and evaluate business prospects targeting growth, product extension, diversification, improved distribution models, accretion and enhanced returns	Ongoing
	Evaluate other acquisition opportunities	Ongoing
2019 Guidance ‐ Affirmed	Continued underlying solid Technegas sales and underlying earnings growth	FY 2019
	Expenditure of approximately AUD $3.4 million on FDA approval process and regulatory / operational readiness for US launch
	Finalise operational and regulatory readiness for USFDA launch
	Ongoing investment in trials to support expanded use of Technegas supported by AusIndustry R&D grants

CYCLOPHARM BUSINESS CASE

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Profitable & Growing MedTech underlying business is cash positive and issuing dividends

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First in class

proprietary product sales to 57

countries with 4 million studies to date

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Recurring

revenue

from consumables similar to an annuity model

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USFDA approval Optionality set to quadruple the into indications size of the existing PE beyond PE into chronic business and further respiratory disease leverage penetration management could into the CTPA market deliver exponential growth

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Thank You

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AGM Formal Business

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2019 AGM Formal Business

Resolution	Business	For *	Against	Abstain	Proxy’s Discretion	Excluded
1	Remuneration report	28,764,048	31,617	1,854,369	13,211,332	12,185,066
2	Re-election of Tom McDonald	42,835,100	-	-	13,211,332	-
3	Removal of Nexia Sydney Audit & Assurance as Auditor	42,792,280	2,460	40,360	13,211,332	-
4	Appointment of Nexia Sydney Audit Pty Ltd as Auditor	42,794,740	-	40,360	13,211,332	-
5	Approval for share buy-back	42,813,061	22,039	-	13,211,332	-
6	Issue of shares to Managing Director	40,962,919	39,180	1,833,001	13,211,332	-
7	Issue of options to Managing Director	40,963,506	38,593	1,833,001	13,211,332	-
8	Increase in the Maximum Aggregate Annual Remuneration of Non- Executive Directors	28,759,211	57,822	1,833,001	13,211,332	12,185,066

*Includes Open Useable Proxies that have instructed the Chairman to vote on their behalf and have voted in favour of the resolution.

20

Group Underlying Performance

Solid Underlying Financial Results

Year ended 31 December ($000’s)	2018	2017
Consolidated sales	13,404	13,189
Gross margin	10,855	10,740
Gross margin % sales	81.0%	81.4%
Consolidated EBITDA	655	1,043
Add back:
CPET / UltraluteTM division EBITDA	335	457
Reversal of contingent consideration	(314)	-
Unrealised gain on forward exchange contract	(275)	-
Expenses net of writebacks for Germany	410	677
FDA expenses and other pilot trial expenses	3,216	2,855
R&D Tax Incentive	(2,122)	(2,391)
Technegas Underlying EBITDA	1,905	2,641

During the year, CYC continued to implement its strategic priorities, which are to:

1. Accelerate the path to regulatory approval to sell Technegas into the world’s largest and new highly prospective US market;

2. Pursue sales of Technegas in new applications: Chronic Obstructive Pulmonary Disease (“COPD”) and Asthma which are significantly larger markets than the Pulmonary Embolism market where CYC traditionally operates;

3. Identifying, developing and commercialising complementary innovative technology such as Ultralute™; and

4. Leveraging our core global regulatory strengths, fiscal discipline, strong balance sheet and welldeveloped expertise in nuclear medicine and pulmonary healthcare to seek out complementary technologies and businesses.

Group Balance Sheet

Financial Foundation to Leverage Growth Strategy

Year ended 31 December ($000’s)	2018	2017
Cash	5,855	8,690
Other current assets	9,600	8,139
Non-current Assets	8,082	6,548
Total Assets	23,537	23,377
Current Liabilities	5,219	5,212
Non-current Liabilities	1,302	916
Total Liabilities	6,521	6,128
Net Assets	17,016	17,249

During the year, CYC continued to implement its strategic priorities, which are to:

• Low debt & cash on hand – provides balance sheet and funding flexibility

• Funding used toward USFDA clinical trial enrolment and New Drug Application submission

• Strong financial position supports ongoing investment in R&D and expansion into new markets and indications

Group Cash Position

Cash Position Funding Growth

Year ended 31 December($000’s)	2018	2017
Operating Activities	(1,107)	(682)
Investing Activities	(1,403)	(1,136)
Financing Activities	(353)	5,828
Net (Decrease ) / Increase in Cash	(2,863)	4,010
Opening Cash	8,690	4,591
Foreign Exchange	28	89
Closing Cash @ 31 December ($000’s)	5,855	8,690
Closing Cash @ 30 April 2019 ($000’s)	7,137

• Capital Raising $6.59 m June 2017 with 90% Shareholder Participation

• Benefited from expanded R&D tax Incentive Program resulting in Other Income of $2.12 million

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Clinical Information

Technegas is the preferred ventilation agent

Endorsed by the guidelines from the European[5] and the Canadian[6] Associations of Nuclear Medicine (EANM & CANM)

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“ Using 99m‐Tc‐Technegas is according to clinical experience better than the best aerosols ”
“ Technegas is preferred to DTPA in patients with COPD ”
“ For ventilation, 99m‐Tc Technegas is the best‐aerosol particularly in patients with COPD ”
“ Liquid aerosols are inferior for SPECT and should not be used unless Technegas is not available ”
“ The best widely available agent for ventilation is 99m‐Tc‐Technegas ”
“ Because of the very small particle size, this agent is distributed in the lungs almost like a gas and deposited in alveoli by diffusion, where they remain
stable, thus providing the best possible images for ventilation SPECT ”
“ Another advantage is that only a few breaths are sufficient to achieve an adequate amount of activity in the lungs, reducing time and personnel
exposure to radiation ”
“ Technegas is considered the agent of choice in the COPD population as there is less central airway deposition, better peripheral penetration, and it
does not wash out as quickly as traditional aerosols ”
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1. Bajc M, et al. Eur J Nucl Med Mol Imaging 2009; 36(8): 1356‐70

2. Leblanc M, et al. CANM 2018; https://canm‐acmn.ca/resources/Documents/Guidelines_Resources/MasterDocument_Final_Nov_21_incl‐Exec‐Sum_ver3_Dec.%2012_.pdf

Superior to competitive nuclear medicine products

Technegas Easy 3 to 4 breaths

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3D images
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No Cost‐effective contraindications

Xenon ‐ 133

DTPA Tc99m

True radioactive gas inhaled with full face mask

Constant inhale ‐exhale breathing for 15 mins

No 3D images limited to planar imaging resulting in inferior clinical outcomes

Requires special rooms to contain radioactive gas in the event of a release

Wet Aerosol impacts efficacy and clinician interpretations

Creates hotspots in presence of lung diseases, which is a frequent comorbidity in PE

Diagnosing Pulmonary Embolism with V/Q SPECT

COMPARED TO CTPA:

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Primary imaging Detects PE
procedure at subsegmental level [3]
when
Excellent diagnostic Non‐invasive
PE is suspected [7]
performance [8] Aids patient comfort
and compliance [9] , even
Sensitivity 93.0%
in COPD patients [10]
Specificity 93.3%
NPV 96.1%
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Less radiation burden V/Q SPECT delivers 27 times less radiation to the breast as compared to CTPA[11]

Minimal exclusion criteria V/Q SPECT can be performed in case of pregnancy[11‐12] , renal impairment[13] , contrast media allergy[13] and diabetes[3]

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Higher clinical sensitivity
V/Q SPECT has a higher sensitivity to
diagnose PE compared to CTPA (93% vs
82% respectively) [8] .
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1. Roach PJ, et al. J Nucl Med 2013; 54: 1588‐1596 7. Waxman AD, et al. J Nucl Med 2017; 58: 13N‐15N 8. Hess S, et al. Semin Thromb Hemost 2016; 42(8): 833‐845

2. Sánchez‐Crespo A, et al. Nucl Med Commun 2008; 29(2): 173‐177 12. Bajc et al. Eur J Nucl Mol Imaging 2015; 42: 1325‐1330 10. Nasr A, et al. ECPRM 2017; 4(3): 85‐91 13. Miles S, et al. Chest 2009; 136: 1546‐1553 11. Isidoro J, et al. Phys Med 2017; 41: 93‐96

Hybrid V/Q SPECT/CT

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Ventilation SPECT Low‐dose CT Fused SPECT/CT
V/Q SPECT provides functional information on
ventilation and perfusion of the lungs [14‐15]
Low‐dose CT provides anatomical information
Lobar distribution of ventilation
such as fissures delineation [16]
Combination of functional and anatomical
information allow for objective results through
Percentages, volumes and counts of individual lobes
quantitative software [15‐16]
(Images and 3D quantification provided by MMI)
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IMPROVES DIAGNOSTIC CAPABILITIES AND OFFERS ANATOMICALLY‐BASED QUANTIFICATION OF LOBAR CONTRIBUTION FOR INTERVENTIONAL THERAPIES

1. Reinartz P, et al. J Nucl Med 2004; 45: 1501‐1508

2. King GG, et al. Semin Nucl Med 2010; 40(6): 467‐473

3. Provost K, et al J Nucl Med Technol 2017; 45(3): 185‐192

Beyond PE applications of V/Q SPECT/CT

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Diagnosis and Preoperative Preoperative assessment Planning radiation Advanced approach to
follow‐up of assessment of of lung resection therapy to target tumors phenotyping chronic
Pulmonary Embolism [3] Endoscopic Lung candidates with while preserving airways diseases such
and Volume Reduction borderline pulmonary functional lung zones [21‐22] as asthma and COPD
Chronic (ELVR) reserve [19‐21] and identifying patient
thromboembolic candidates [18] likely to respond to
pulmonary treatment [4,23‐24]
hypertension
(CTEPH) [17]
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1. Roach PJ, et al. J Nucl Med 2013; 54: 1588‐1596 4. Farrow C, King GG. Semin Nucl Med 2019; 49(1): 11‐15 17. Ohira H, et al. J Nucl Cardiol 2015;22(1): 141‐157 18. Hsu K, et al. J Bronchology Interv Pulmonol 2018; 25(1): 48‐53

2. Mortensen J, Berg RMG. Semin Nucl Med 2019; 49(1): 16‐21 20. Wechalekar K, et al. Semin Nucl Med 2019; 49(1): 22‐30

3. Elojeimy S, et al. AJR Am J Roentgenol 2016; 207(6): 1307‐1315 22. Eslick EM, et al. Semin Nucl Med 2019; 49(1): 31‐36

4. Jögi J, et al. Int J Chron Obstruct Pulmon Dis 2014; 10: 25‐30 24. Bajc M, et al.. Int J Chron Obstruct Pulm Dis 2017; 12: 1579‐1587

Treatment response in asthma patient

Case 1

CLINICAL HISTORY Male patient of 25 years old with life‐ long asthma REFERRAL

Evaluation of asthma treatment efficacy

PROTOCOL Ventilation SPECT/CT imaging at baseline and after methacholine challenge before and after asthma treatment

BASELINE METHACHOLINE

Bronchoconstriction after methacholine challenge worsened ventilation function and increased ventilation heterogeneity. This was predicted by baseline peripheral ventilation heterogeneity

After treatment, ventilation improved and is more homogeneous on ventilation SPECT imaging, at baseline and also after methacholine‐ induced bronchoconstriction

Images and data were kindly provided by the Woolcock Institute of Medical Research

VENTILATION SPECT/CT TO MONITORE TREATMENT RESPONSE IN PATIENTS WITH LIFELONG ASTHMA

Planning lung volume reduction surgery

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Case 2
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CLINICAL HISTORY Male patient of 64 years old with emphysema

REFERRAL Assessment of lung ventilation function before planning endoscopic lung volume reduction

PROTOCOL

VQ SPECT/CT imaging with Technegas as ventilation agent

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CORONAL FUSION SAGITTAL FUSION UPPER LOBES LOWER LOBES
TRANSVERSE TRANSVERSE
FUSION FUSION
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The ventilation SPECT/CT scan reveals the function of the lower lobes is severely affected. The left oblique fissure is intact so the left lower lobe should be a good target lobe for endobronchial valves insertion.

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Assessment for collateral ventilation was confirmed using CHARTIS assessment tool during the procedure.

Lobar 3D quantification provided by Hermes

Decision: 3 valves were inserted into the left lower lobe.

Images and data were kindly provided by Macquarie Medical Imaging

VENTILATION SPECT/CT AS A TOOL TO ASSIST IN PREDICTING FUNCTIONAL LUNG VENTILATION PRIOR TO LUNG VOLUME REDUCTION

Clinical Research

2018

Ongoing studies

• FDA clinical trial phase 3 (Multiple sites, USA)

The United States FDA (USFDA) phase 3 clinical trial is a non‐inferiority structural ventilation study comparing Technegas with Xenon‐133 in a total of 240 patients.[19]

• Hunter Medical Research Institute (Newcastle, Australia):

100 patients with chronic airways diseases will undergo V/Q SPECT imaging with a low‐dose CT scan to illustrate detailed images of airspaces and blood vessels in the lungs. 30 patients will have a follow‐up image taken to provide important insights into early treatment response.[20]

• NCT03054870 – A comparison of Technegas and Xenon‐133 planar lung imaging in subjects referred for ventilation scintigraphy

• NCT03054870 – A comparison of Technegas and Xenon‐133 planar lung imaging in subjects referred for ventilation scintigraphy 26. ACTRN12617001275358 ‐ Can functional lung ventilation imaging identify treatable traits in obstructive airway disease?

Clinical Research

2018

2019

Upcoming studies

• Woolcock Institute ‐ Sydney, Australia:

Ventilation SPECT as a clinical tool to determine disease characterization and treatment response in 84 patients with asthma and COPD

• The Centre hospitalier de l'Université de Montréal (CHUM) Montreal, Canada: Quantitative ventilation lung SPECT/CT scan with Technegas to assess early small airway disease in smokers

• Dalhousie University ‐ Halifax, Canada:

Using Technegas SPECT and quantification lung imaging in patients with small airways disease post lung transplant and post hematopoietic stem cell transplant

• Macquarie University ‐ Sydney, Australia:

Procedure evaluation for ELVR with endobronchial valves targeting lower lobes in severe COPD patients

• Macquarie University ‐ Sydney, Australia:

Measurement of small airway function for bronchial thermoplasty procedure (Sydney)

References

between V/Q lung scintigraphy in SPECT technique and multislice spiral CT. J Nucl Med 2004; 45: 1501‐1508

1. Fawdry RM, et al. Initial experience with Technegas – a new ventilation agent. Australas Radiol 1988; 32(2): 232‐238

2. King GG, et al. V/Q SPECT: utility for investigation of pulmonary physiology. Semin Nucl Med 2010; 40(6): 467‐473

3. Senden TJ, et al. The physical and chemical nature of Technegas. J Nucl Med 1997; 38: 1327‐1333

4. Roach PJ, Schembri GP and Bailey DL. V/Q scanning using SPECT and SPECT/CT. J Nucl Med 2013; 54: 1588‐1596

5. Provost K, et al. Reproducibility of lobar perfusion and ventilation quantification using SPECT/CT segmentation software in lung cancer patients. J Nucl Med Technol 2017; 45(3): 185‐192

6. Farrow C, King GG. SPECT Ventilation imaging in asthma. Semin Nucl Med 2019; 49(1): 11‐15

   1. Ohira H, et al. The role of nuclear imaging in pulmonary hypertension. J Nucl Cardiol 2015;22(1): 141‐157

7. Bajc M, et al. Eur J Nucl Med Mol Imaging 2009; 36(8): 1356‐70

8. Leblanc M, et al. CANM 2018; https://canm‐

9. acmn.ca/resources/Documents/Guidelines_Resources/MasterDocument_Final_Nov_21_incl‐Exec‐ Sum_ver3_Dec.%2012_.pdf

10. Hsu K, et al. Endoscopic lung volume reduction in COPD: improvements in gas transfer capacity are associated with improvements in ventilation and perfusion matching. J Bronchology Interv Pulmonol 2018; 25(1): 48‐53

11. Waxman AD, et al. Appropriate use criteria for Ventilation‐Perfusion imaging in pulmonary embolism: summary and excerpts: J Nucl Med 2017; 58: 13N‐15N

12. Mortensen J, Berg RMG. Lung scintigraphy in COPD. Semin Nucl Med 2019; 49(1): 16‐21

13. Hess S, et al. State‐of‐the‐art imaging in pulmonary embolism: Ventilation/perfusion single‐photon emission computed tomography versus computed tomography angiography – Controversies, results, and recommendations from a systematic review. Semin Thromb Hemost 2016; 42(8): 833‐ 845

14. Wechalekar K, et al. Pre‐surgical evaluation of lung function. Semin Nucl Med 2019; 49(1): 22‐30

15. Elojeimy S, et al. Overview of the novel and improved pulmonary ventilation‐perfusion imaging applications in the era of SPECT/CT. AJR Am J Roentgenol 2016; 207(6): 1307‐1315

16. Eslick EM, et al. SPECT V/Q in lung cancer radiotherapy planning. Semin Nucl Med 2019; 49(1): 31‐ 36

17. Sánchez‐Crespo A, et al. A technique for lung ventilation‐perfusion SPECT in neonates and infants. Nucl Med Commun 2008; 29(2): 173‐177

18. Jögi J, et al. The added value of hybrid ventilation/perfusion SPECT/CT in patients with stable COPD or apparently healthy smokers. Cancer‐suspected CT findings in the lungs are common when hybrid imaging is used. Int J Chron Obstruct Pulmon Dis 2014; 10: 25‐30

19. Nasr A, Lindqvist A and Bajc M. Ventilation defect typical for COPD is frequent among patients suspected for pulmonary embolism but does not prevent the diagnosis of PE by V/P SPECT. EC Pulmonology and Respiratory Medicine 2017; 4(3): 85‐91

20. Bajc M, et al. Identifying the heterogeneity of chronic obstructive pulmonary disease by V/P SPECT: a new tool for improving the diagnosis of parenchymal defects and grading the severity of small airways disease. Int J Chron Obstruct Pulm Dis 2017; 12: 1579‐1587

21. Isidoro J, et al. Radiation dose comparison between V/P‐SPECT and CT‐angiography in the diagnosis of pulmonary embolism. Phys Med 2017; 41: 93‐96

22. Bajc et al. V/P SPECT as a diagnostic tool for pregnant women with suspected pulmonary embolism. Eur J Nucl Mol Imaging 2015; 42: 1325‐1330

23. NCT03054870 – A comparison of Technegas and Xenon‐133 planar lung imaging in subjects referred for ventilation scintigraphy

24. ACTRN12617001275358 ‐ Can functional lung ventilation imaging identify treatable traits in obstructive airway disease?

25. Miles S, et al. A comparison of single‐photon emission CT lung scintigraphy and CT pulmonary angiography for the diagnosis of pulmonary embolism. Chest 2009; 136: 1546‐1553

26. Reinartz P, et al. Tomographic imaging in the diagnosis of pulmonary embolism: A comparison