ASX Health Stocks: Genetic Technologies jumps after EasyDNA acquisition ups cash receipts by $850k
Health & Biotech
Health & Biotech
Link copied to
Leading the health stocks today is Genetic Technologies (ASX:GTG) which rose 14.28% after announcing a material increase in cash receipts for the September quarter to $850,000 from $68,000 in the June quarter.
The company says the increase is based on sales from the EasyDNA home DNA testing platform – which the company acquired on 13 August – and follows the June 2021 quarter sales of the Covid-19 risk test with IBX.
“Over the past six months we have built on GTG’s R&D roots to commence the establishment of a strong foundation for growth and future revenue generation,” CEO Simon Morriss said.
“We are only at the beginning of this journey and we have further work to do to ensure we realise the value of the EasyDNA platform and leverage the network we have established and the relationship with IBX.
“The months ahead are exciting as we finalise our first stage release of our Multi-Test, a pipeline of risk assessment tests covering over 70% of the most prevalent mortalities and morbidities product, the launch our new brand and look and feel, further integrate our products into the EasyDNA platform and consider further commercialisation opportunities for our products both new and existing.”
The company expects its growth trajectory to continue with a multi-test product planned to be released at the end of the calendar year.
Digital health player 1stGroup rose 6.25% today after raising $1 million to pursue its FY22 roadmap for growth.
The company is aiming to invest in and grow channel partnerships, transform its MyHealth1st.com.au marketplace for better performance and website traffic, and strengthen its product roadmap.
1st Group has already released a dramatically redesigned version of MyHealth1st.com.au with an improved search and booking experience for patients seeking healthcare services.
“With this confirmed support, and with the imminent easing of Covid lockdown restrictions, the team is fired up and looking to capitalise on the work already implemented for the FY22 Roadmap,” 1st Group chair Stephe Wilks said.
“An early indication of that work was the recent release of the completely redesigned version of the MyHealth1st.com.au 2.0 marketplace.”
Eligible shareholders were invited to apply for one new fully paid ordinary share in the company at an issue price of $0.016 for every three existing shares held on the record date.
The company has also agreed to place around $250,000 of the remaining shortfall shares in the coming days to new investors and existing shareholders that committed to participate once the offer had closed, and the shortfall had been determined.
Avecho has commenced dosing subjects for its Australian Phase I pharmacokinetic study to characterise the absorption profile of cannabidiol (CBD) from its CBD soft-gel product.
The study will test Avecho’s soft-gel CBD product, which is being produced by Catalent Inc (NYSE:CTLT), at two separate doses with results expected in Q4 CY21.
Healthy volunteers received their first dose at the CMAX Clinic in Adelaide on October 2, with no adverse events of concern reported. The second dose will commence on October 9.
“While we won’t have the CBD absorption results until later in the year, it is already good to see that the CBD dose was well tolerated by subjects,” Avecho CEO Dr Paul Gavin said.
dorsaVi dropped 5% today after announcing a new CFO in Troy Di Domencio.
The company expects Di Domencio to help drive the company forward with proven international experience across technology, healthcare, finance and operations.
Prior to joining dorsaVi, Di Domenico was head of health operations at Hills Health Solutions, and has also had experience across several senior roles in operations and finance for both ASX listed and US-based organisations.
“[Troy’s] invaluable international experience and proven capabilities across multiple geographies is pivotal for the company as we look to grow,” CEO Dr Andrew Ronchi said.
“Troy’s experience includes senior positions in both operations and finance, and we look forward to leveraging both as he initially enhances the finance team with a more technological lens, before transitioning into a joint CFO and COO role.”