ASX Health Stocks: Cronos jumps 7pc after booking $1.1m of medicinal cannabis revenues in Q1
Health & Biotech
Health & Biotech
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Cronos Australia (ASX:CAU) jumped 7% this morning, after reporting significant growth in the sales of its Adaya medicinal cannabis range — up 90% from the previous quarter.
Sales of Adaya for the first quarter have exceeded $1.1m, Cronos said, as it expanded its flagship range to eight products.
Cronos says it intends to launch new products over the coming months, including the new Adaya 25:25 product range expected in November.
“The continued growth of our Adaya range is reinforced by our team’s deep understanding of the needs and preferences of patients and the clinical outcomes healthcare professionals are seeking,” said Rodney Cocks, CEO of Cronos.
“Moreover, the strong 90% quarter-on-quarter growth in sales during first quarter of FY2022 of our Adaya range since launch, is validation of our strategy to ensure patients can access affordable Australian medicinal cannabis products.”
Dimerix (ASX:DXB) has just entered into an agreement with the NHMRC Clinical Trials Centre (CTC) at the University of Sydney, to expand the CLARITY 2.0 clinical study (Phase 3) to sites in Australia.
The study will test the Dimerix-developed drug candidate ,DMX-200, in COVID-19 patients with respiratory complications.
An initial six sites will begin recruitment for the Phase 3 study across New South Wales, Victoria and Queensland once regulatory and ethics approval is received.
There are an estimated 26,448 active COVID-19 cases in Australia, and approximately 1,500 patients currently hospitalised.
Separately, Dimerix also reported that its balance sheet is the strongest it has been in the company’s history.
The company has just received $24 million from the recent Share Purchase Plan (SPP) and two tranche placement from institutional and strategic investors.
The Australian competition watchdog, the ACCC, has informed Virtus that it intends to seek an order from the Federal Court to prevent the completion of the acquisition.
The Court in turn has ordered that the completion of the acquisition, which was scheduled to occur today, be delayed until it hears the ACCC’s application for an interlocutory injunction on October 19th.