AHI shares surged 40pc on the ASX, 100% on Nasdaq. Picture Getty
Health & Biotech
Healthcare software company Advanced Health Intelligence (ASX:AHI) surged by as much 40% this morning after its Nasdaq-listed American Depositary Shares (ADS) doubled overnight.
The company released a statement this morning, and said that it believes the massive price hike was due to the announcement made yesterday on the ASX regarding its expansion into the Middle East.
As we reported yesterday, AHI signed signed a letter of intent (LOI) with UAE-based e-script medicine management company, Pharmak Pharmacy.
Under the deal, Pharmak will integrate the AHI Biometric Health Assessment (BHA) software to deliver the e-script solution to all current and future Pharmak partners, which include health insurers, government, and healthcare professionals in the Middle East.
Pharmak expects to achieve a minimum e-script order volume in 2024 of 100,000 e-scripts per month in the UAE, and a further 100,000 e-scripts per month in Saudi Arabia.
The average e-script value in the UAE is AED550 (around US$150). In Saudi, that value is SAR350.00 (USD$93.40).
The partnership comes at a time when the Middle East region is extremely vocal regarding its intention to invest heavily in the digitisation of healthcare and population screening, with Saudi Arabia reportedly allocating US$50.3 billion to healthcare and social development.
AHI shares have almost tripled over the past month as the company embarked on a series of cap raising initiatives.
The company undertook a $5 million private placement, and announced that it will raise up to $10m under a convertible note facility.
The company also said it has redeemed $1.75 million of the Convertible Notes on issuance, paying the relevant note holders an early repayment fee of 10% of the amount repaid.
Avecho Biotechnology (ASX:AVE) says its CBD soft-gel capsules have passed two-year stability milestone in ongoing stability trials.
At the end of two years, Avecho’s CBD remained at 99.5% of the original label claim, supporting a future two-year shelf life.
The two-year stability milestone is an essential requirement for a future pharmaceutical TGA/FDA registration.
CBDs are usually susceptible to degradation from a number of external sources, including oxygen, light, heat and pH, which can make long-term pharmaceutical stability difficult.
Furthermore, specific cannabinoids such as the non-psychoactive CBD, can be converted into psychoactive cannabinoids, such as tetrayhydrocannabinol (THC).
A CBD product with significant chemical degradation, or interconversion to additional cannabinoids, would be unable to be registered as a pharmaceutical medicine.
Health & Biotech
Health & Biotech
Health & Biotech
