ASX Health Stocks: Chimeric gets FDA clearance, Cochlear posts record sales
Health & Biotech
Health & Biotech
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The ASX 200 health stocks index (XHJ) rose by 0.44% this morning, compared to the broader index which climbed by 0.15%.
In a major development, Chimeric Therapeutics (ASX:CHM) announced that it has received IND (investigational new drug) clearance from the US FDA for CHM 1101 (CLTX CAR T).
CHM 1101 is a CAR T cell therapy that aims to treat patients with recurrent and progressive glioblastoma, which is the most common and aggressive type of brain tumour.
The survival rate for glioblastoma patients following first recurrence is estimated at only 5-8 months.
The therapy utilises Chlorotoxin as its tumour targeting domain, and has shown promising preclinical safety and efficacy in previous studies.
Chlorotoxin is derived from scorpion toxin, which has been proven to bind preferentially to unique targets on brain cancer cells, instead of on healthy cells.
Chimeric says that with the IND approved, it will now advance plans for a Phase 1 basket trial in solid tumours, and a Phase 2 registration trial in glioblastoma.
Health giant Cochlear (ASX:COH) has posted record sales of $1.4bn for the full year, with net profit increasing by 54% to $237 million. The company also hiked its full-year dividend by 59% to $2.55 per share.
Medtech Emyria (ASX:EMD) says it has engaged renowned neuropharmacologist and former Head of Psychopharmacology at the University of Western Australia (UWA), Dr. Mat Martin-Iverson, to help evaluate a library of novel MDMA-analogues.
Emyria recently secured exclusive rights to a library of more than 100 novel MDMA analogues from the UWA, creating a unique drug-discovery pipeline for the company.
The library of compounds was developed by a highly regarded research group led by medicinal chemist, Dr. Matt Piggott, who has been developing MDMA analogues and exploring their therapeutic potential for more than 10 years.
MDMA, also known as ecstasy, is a psychoactive drug primarily used for recreational purposes.
Emyria’s MDMA-analogue program has the potential to result in the commercialisation of multiple novel psychedelic-assisted therapies and treatments for other neurological disorders.
Medical devices company, Visioneering Tech (ASX: VTI), reported that its half year revenue has increased by 53% on pcp (previous corresponding period) to $3.1m.
Meanwhile, dental specialist SDI Ltd (ASX:SDI) reported a 21.2% increase in full year total sales to $81.6 million.
Commenting on SDI’s outlook for FY22, CEO Samantha Cheetham said,” On balance we expect another year of growth and look forward to the return of normal operating conditions in all markets.”
SDI declared a final fully franked dividend of 1.65 cents per share, compared to 0.5 cents for 2020.