ASX Health Stocks: Dimerix commences Phase 3 trial, while IDT scoots 10pc after restoring profit
Health & Biotech
Health & Biotech
Link copied to
The ASX 200 health stocks index (XHJ) rose by 0.60% this morning, compared to the broader index which climbed by 0.40%
Biopharmaceutical company Dimerix (ASX:DXB) announced that it has commenced ACTION3, a Phase III study in patients with focal segmental glomerulosclerosis (FSGS).
FSGS is a rare disease and attacks the kidney’s filtering units where blood is cleaned (called the glomeruli), causing irreversible scarring. This could then lead to permanent kidney damage and failure, requiring dialysis or transplantation.
Dimerix’s Phase III study will assess the efficacy and safety of DMX-200 in patients with FSGS who are receiving a stable dose of an angiotensin II receptor blocker (ARB).
Once the ARB dose is stable, the patients who are aged 18 to 75 years will be randomised to receive either DMX-200 (120 mg capsule twice daily) or placebo.
“We have designed interim analyses into the Phase 3 study design to capture evidence of proteinuria and kidney function improvement during the study, aimed at generating sufficient data to support an accelerated marketing approval,” said Dr Nina Webster, CEO of Dimerix.
The DMX-200 drug is also part of two other Phase 3 studies that Dimerix is currently conducting – both related to respiratory complications associated with COVID-19.
The company recently secured a strategic $20m funding round to support these three concurrent studies.
All other health sector announcements this morning mainly relate to earnings results.
The pharmaceutical services company has turned its FY20 loss into a profit in FY21.
IDT’s full year net profit after tax came in at $2.1m, compared to a $0.8m loss in FY20.
The company said it restored profits after leveraging its existing TGA and FDA accredited pharmaceutical manufacturing facilities to assist with the supply chain challenges brought about by the COVID-19 pandemic.
IDT has also developed its own proprietary medicinal cannabis products, several of which are now commercially available.
The pharmaceutical manufacturer reported a full year underlying net profit after tax of $9.1m, which was 17% higher on FY20.
The company says it will not be providing guidance for FY22, however said that its pipelines are expected to to grow in the coming years.
The medtech company reported total full year revenue of $8.4 million, a 46% increase from FY20. Underpinning that figure is sales of its SOZO device, which grew by 64% to $7.6 million.
SOZO is uses ImpediMed’s BIS technology to measure and track critical information about the human body, and to aid clinicians in managing chronic disease.
The brain health specialist posted a record full year revenue of $32.69m for FY21, up 44% on the previous year.
Profit before tax was $5.82m, and beat its guidance range of $5.2-5.7m.
Cogstate says tailwinds for the business will be centred around the FDA approval of an Alzheimer’s therapy in the US in June.
The life sciences devices company posted a $76.5m full year revenue, which was ahead of its prospectus forecast of $74.6m.
Trajan says it remains confidence to beat its pre-IPO FY22 forecast of $82.56m.
The medicinal cannabis company dropped 7% this morning after announcing the completion of a $10.64m capital raising.
Proceeds from the capital raising will be used to invest in further growth initiatives across the company’s pharmaceutical business.
Meanwhile, regenerative medicinal company Mesoblast (ASX:MSB) rose over 2% without any news.
At Stockhead we tell it like it is. While Dimerix is a Stockhead advertiser, it did not sponsor this article.