Top of the ASX health stocks today is Creso Pharma (ASX:CPH), which rose more than 10% after announcing plans to pursue a NASDAQ and ASX dual listing.

The news follows a mutual termination of its proposed merger with Red Light Holland Corp.

The company believes that favourable US regulatory changes will occur soon and that retaining an ASX listing and pursuing a dual NASDAQ listing will provide the best vehicle to pursue North American focused growth opportunities.

In recent months the Marijuana Opportunity Reinvestment and Expungement Act, Marijuana Regulation and Taxation Act, and Cannabis Administration and Opportunity Act – all aimed at legalising, taxing and regulating recreational cannabis – have all been introduced in the US Senate.

Plus, the SAFE Banking Act would also provide cannabis related businesses with swift access to depository institutions for banking services.

Already 36 US states have legalised cannabis for medical and recreational use.

And California in the advanced stages of legalising the possession of psychedelics including psilocybin and LSD.

Non-executive chairman Adam Blumenthal said the company anticipates that dual listing would allow for easier comparisons to our North American listed peers and allow Creso Pharma to be valued accordingly.

“Following potentially favourable legislative shifts, a NASDAQ listing will also provide us with access to the world’s largest recreational cannabis market and a growing psychedelic medicines sector,” he said.

“Pleasingly, a dual listing opportunity will also allow Creso Pharma to retain its ASX listing, which we believe is in the best interests of our longstanding and faithful shareholders.”


Other health stocks with news out today:

Beamtree Holdings (ASX:BMT) +21.43%

On the M&A front, healthcare technology platform (formerly PKS holdings) jumped more than 20% after announcing plans to acquire Potential(x), a specialist health & human services data analytics firm.

The deal values Potential(x) at $19.6m, and will be paid for via the issue of 30m BMT shares and $4m in cash.

BMT described its target as a “pioneer in health data” which provides analytics services to a client base of more than 250 hospitals in Australia, New Zealand and the UAE.

Potential(x) booked annual recurring revenues of $9.5m in FY21 and BMT said it expects the deal to “materially increase its scale and customer reach”.

Pharmaxis (ASX:PXS) +4.17%

Pharmaxis has jumped 4.17% after announcing its treatment to prevent wound and burn scars has cleared the phase 1 trail and will now advance to the next stage of development in patients.

In a study of healthy volunteers led by renowned surgeon Professor Fiona Wood AM, the Pharmaxis drug demonstrated good tolerability and full inhibition of the enzymes being targeted to prevent scarring.

The phase 1 trial of the drug known as PXS‐6302 tested 4 different strengths formulated as an easy to apply cream in 4 subjects as a single dose – scaling to the highest dose applied daily for 7 days in a further 6 subjects.

The company will now initiate a longer term study in patients with scars.


Mesoblast (ASX:MSB) -11.36%

Despite reporting strong operational highlights for FY21, the company dropped 11.36% today.

Mesoblast CEO Silviu Itescu said the company made progress in both regulatory and clinical outcomes for its lead product candidate, remestemcel-L, after experiencing a disappointing set-back last year.

“We are pleased with recent recommendations by FDA’s CBER to meet with the review team and address remaining CMC items for remestemcel-L in the treatment of steroid-refractory acute graft versus host disease in children,” Itescu said.

“Additionally, our most recent meeting with the FDA has provided clarity on the pathway towards an emergency use authorisation for remestemcel-L in the treatment of COVID ARDS.”