top of page

Singular Health pockets $1m from crypto high-flyer

Updated: Apr 19


Singular Health’s 3Dicom device has attracted the support of cryptocurrency identity Craig Sellars. Credit: File

Prominent global cryptocurrency identity Craig Sellars has backed ASX-listed Singular Health Group with a $1 million investment in a major coup for the company’s revolutionary 3Dicom medical device.


Sellars, who played a leading role in launching Tether stablecoin in 2014, says he was compelled to put his considerable business and financial weight behind Singular’s mission after using the 3Dicom device that allows medical practitioners such as dentists, surgeons and radiologists to convert conventional 2D MRI, CT and PET scans into immersive 3D images. He said he was committed to promoting the device globally.


The company says it expects tapping into Sellars’ business experience, powerful networking channels and stablecoin technology will give it significant momentum.


Tether is regarded as the world’s biggest cryptocurrency in terms of trading volume, with a reported 64 per cent of the market share among stablecoins.


Tether describes itself as “a disruptor to the conventional financial system and a trailblazer in the digital use of traditional currencies”.


From the moment I first used the 3Dicom software, I knew that I was looking at the leading edge of medical visualisation technology, miles beyond any other similar offering. The potential for doctors and patients to navigate the human body in this way using augmented reality will improve health globally. I am excited to be able to contribute to the innovation, growth and use of Singular Health’s technology around the world.
Tether co-founder Craig Sellars

Sellars’ investment is to be completed via a placement of about 6.7 million fully-paid ordinary shares in the company at 15c per share – a 36 per cent premium on Singular’s most recent capital-raising price of 11c. Management says it will seek to convene a shareholder meeting as soon as possible to vote on the investment.


Last month, Singular Health was given the green light to continue developing and manufacturing 3Dicom in Perth after retaining its international standard of certification for medical devices. It says the certification demonstrates its ongoing adherence to best-in-class global standards for quality assurance and medical device development.


Retaining the certification also opens the door for the company to meet the regulatory and quality requirements of Health Canada, the Therapeutic Goods Administration in Australia and the United States Food and Drug Agency (FDA) through that country’s Medical Device Single Audit Program.


Singular Health also last month confirmed the receipt of a binding purchase order for 3Dicom from Las Vegas-based Roseman University in Nevada. Management says Roseman is the first US college to adopt the 3Dicom software as a medical education tool in a market forecast to be worth about US$17.6 billion (AU$26.8 billion) by 2027.

That news followed the company’s first enterprise order for 3Dicom in the US earlier this year, with 5000 licenses purchased by Techworks 4 Good on behalf of American veterans.


Late last year, the company’s 3Dicom R&D software was also selected as the medical education program of choice by Majmaah University in Saudi Arabia, with an initial order of 20 annual licenses.


Today’s vote of confidence by Sellars saw Singular Health’s share price leap to touch an intraday high of 16c, up 23 per cent from yesterday’s close of 13c, with 7 million shares trading hands in the morning session.


Is your ASX-listed company doing something interesting? Contact: office@bullsnbears.com.au

5 views

Comments


Commenting has been turned off.
bottom of page