Deal profile | Gadens advises 4DMedical on $150m institutional placement to support US expansion

Gadens has advised 4DMedical Ltd (ASX: 4DX) on its successful $150m institutional placement, providing funding to support the company’s accelerating expansion across the United States.

4DMedical is a global leader in software‑based lung imaging, delivering four‑dimensional analysis of lung function to improve the diagnosis and management of respiratory disease. The placement strengthens the company’s balance sheet to accelerate the commercialisation of its CT:VQ^TM technology, particularly across the United States.

The placement comprised $80m raised through the issue of new shares and a $70m block trade of re‑purposed collateral shares originally issued under 4DMedical’s at‑the‑market facility. The innovative use of collateral shares enhanced the company’s placement capacity while limiting dilution to existing shareholders.

The offer attracted strong demand from domestic and offshore institutional investors and completed on 15 January 2026.

Gadens advised 4DMedical on all legal aspects of the placement, including transaction structuring, disclosure and execution. The transaction was notable for its novel structuring, creating a rare precedent in the Australian equity capital markets.

Gadens is delighted to continue supporting 4DMedical on its growth journey, having previously advised the company on its IPO in 2020, the acquisition of US medtech company Imbio in 2023 and a number of secondary raises to support growth.

Lead partner, Jol Rogers said: “Gadens is proud to have supported 4DMedical on its $150m placement. Working with the 4DMedical team is always a pleasure, and it is great to see the company achieve such a significant milestone — one that will no doubt help accelerate the commercialisation of its pioneering respiratory imaging technology particularly in the US.” 

Practice groups: Corporate

Value: $150m

Key team members: Corporate partner Jol Rogers led on the matter supported by special counsel Gary Lim.