Neurophet said on the 30th that it signed a supply contract with Raffles Hospital for its brain neurodegeneration imaging analysis software, Neurophet AQUA.
Neurophet AQUA is software that ultrafast quantifies a patient's brain magnetic resonance imaging (MRI) to assess brain atrophy and white matter degeneration. It quantifies brain structural changes seen in neurodegenerative diseases such as Alzheimer's disease and vascular dementia, and provides patient-specific analysis reports.
The contract was signed as software as a service (SaaS). As the number of product uses increases, revenue rises, and Neurophet expects to secure a stable mid- to long-term sales base.
Raffles Hospital, a core medical institution under Raffles Medical Group, is one of Singapore's leading private general hospitals. With neurology and radiology at its center, it has capabilities for treating serious illnesses and is regarded as a global medical hub visited by patients from across Asia.
Raffles Medical Group operates more than 100 clinics and medical facilities including Raffles Hospital, and is expanding its business into China, Japan and Vietnam. Neurophet, having secured a reference in Singapore through this supply contract, sees the potential to secure additional growth drivers if product supply expands to medical institutions under the group in the future.
In particular, as Singapore is considered Southeast Asia's medical center, securing a local reference is expected to positively affect business expansion into neighboring countries and sales growth. Technology validated in Singapore is also expected to help lower initial adoption barriers in entering major Southeast Asian countries.
Bin Jun-gil, Neurophet co-CEO, said, "Following public institutions such as the Dementia Research Center at Nanyang Technological University, the National University of Singapore and Singapore General Hospital, it is significant that we are supplying products to the large private hospital Raffles Hospital," and added, "With this contract as a starting point, we expect the spread of Neurophet's key products to gain momentum in Singapore and across the Southeast Asian market."