Cyclopharm Limited announced an independent French multicentre study has reaffirmed the Company's proprietary technology, Technegas, plays a key role in diagnosing pulmonary embolism in COVID-19 patients and was used ahead of competitor products in 92% of cases evaluated. The Independent French Study: Reinforces the importance of nuclear medicine ventilation imaging using Technegas in ruling out Pulmonary Embolism (PE) in patients with COVID-19; Highlights the use of Technegas as the predominant ventilation imaging agent (92%) used by clinicians in this study, and the importance of Technegas in the everyday practice of nuclear medicine imaging; Compliments the work recently published by McMaster University in the use of Technegas in diagnosing and managing patients suffering from Long COVID; Supports the Company's strategy to extend engagement beyond its current core nuclear medicine customers to respiratory and emergency medicine referrers globally; and Substantiates Cyclopharm's new market opportunity - `Beyond PE' where Technegas can play a critical role in wider indications such as asthma and COPD. In a collaboration between the French Society of Nuclear Medicine and French clinicians, the independent study, titled "Lung Scintigraphy for Pulmonary Embolism Diagnosis in COVID-19 Patients: A Multicenter Study," was published in the July 2022 edition of the United States Journal of Nuclear Medicine, by the Society of Nuclear Medicine and Molecular Imaging.

The research was conducted in France over 12 sites and involved 183 patients. The results showed Technegas ventilation imaging was used ahead of competitive products in COVID-19 patients in 92% of the patient cases evaluated. The outcomes of the French study support recent research announced by the Company to the ASX on 24 May 2022 5, titled, "New peer reviewed study reveals Technegas potential as a valuable tool for the diagnosis and management of `Long COVID'" which demonstrated the benefits of Technegas as a valuable tool for the diagnosis and management of Long COVID in this evolving group of related post- infection symptoms.