FluoroPharma Medical is a developer of unique, targeted molecular imaging pharmaceuticals used with positron emission tomography (PET). Although the company is focused primarily on the detection of cardiovascular disease (NYSEARCA:CAD) related processes, the company has other imaging agents in the pipeline. The company's market opportunity is based largely upon their lead products:
• CardioPET detects regions of metabolic insufficiency, for cardiac viability assessment.
• BFPET measures cardiovascular blood flow, and is designed for myocardial perfusion imaging.
• VasoPET detects vulnerable coronary artery plaque, an especially dangerous form of plaque.
The size of the FluoroPharma market can be viewed as directly related to the number of molecular imaging studies anticipated to be performed using PET imaging, together with the size of the overall cardiovascular disease market. In the U.S. each year, millions of patients undergo molecular imaging studies, many of which are performed to detect and evaluate ischemic heart disease and myocardial infarction in patients with acute and chronic forms of CAD. These studies have been shown to be valuable in predicting long-term outcomes and for helping assess patient risk. Over 12 million patients in the U.S. alone have some degree of acute or chronic CAD.
Although the total U.S. market opportunity for molecular imaging agents is over $1.3 billion and is projected to grow at approximately 5% annually, the Nuclear Cardiology sub-segment of this market is growing at a much faster rate, roughly 20%, and now accounts for approximately $700 million in annual revenues. FluoroPharma estimates the potential market opportunity, five years following the approval of its first product, at between $500 million and $700 million annually.
CardioPET and BFPET are already up for approval, and FluoroPharma sees little if any competition coming from specific competitors for the two. What competition there is should be on a case-by-case basis. FluoroPharma anticipates eventually partnering with organizations that can help with further development and distribution.
For more information, see the company website at FluoroPharma.com
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