ASX Health Stocks: New patent for Island Pharma in Canada; Nova Eye beats sales guidance
Health & Biotech
Health & Biotech
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Antiviral drug development company, Island Pharma (ASX:ILA), announced that a key patent relating to the company’s lead drug candidate, ISLA-101, has been granted in Canada.
The patent grant was entitled “INHIBITION OF FLAVIVIRUSES OR CHIKUNGUNYA VIRUSES USING RETINOIC ACID ANALOGUES”, and will be valid until April 2034.
This patent will essentially cover a method of treating or preventing dengue and other mosquito borne viruses.
It’s the company’s first patent issued in Canada, adding to its growing portfolio of patent coverage in Australia, the US, Brazil, and Singapore.
Around 390 million people are infected with dengue fever each year, representing a significant unmet need and opportunity.
Island says this Canadian patent underpins its drug repurposing strategy to rapidly develop antiviral therapies with a key focus being mosquito borne viral diseases, such as dengue fever.
“Increasingly there are reports about mosquito borne viral disease outbreaks in the news,” said Island CEO, Dr David Foster.
“This patent further protects our lead program, which is critical as we advance rapidly towards the commencement of clinical trials,” he added.
Meanwhile, Nova Eye Medical (ASX:EYE) reported that sales of its glaucoma surgical devices reached US$3.82 million for the four months to 31 October, materially exceeding the forecast guidance of US$3.4 million.
This represents a top line growth of 28% in constant currency (38% in A$ reporting currency) compared with the pcp.
Nova says its sales performance was underpinned by the commercial launch of its new iTrack Advance canaloplasty device to customers in Europe and Canada.
Sales for the period were also bolstered by shipments to China.
“The glaucoma surgical devices market continues to be a burgeoning market,” says Nova Eye Medical CEO, Tom Spurling.
“Our results for the first four months of the fiscal year show the early signs of success, and support our strategy to invest in the market.”
Nova has already lodged a 510(k) submission for the device in June, and expects to receive clearance from the US FDA before the end of the 2022 calendar year.
Health House International (ASX:HHI) has completed the sale of CanPharma to Ms Sabine Jacker following the satisfaction of all conditions precedent.
The sale of CanPharma removes actual and contingent liabilities of approximately €2,887,000 (around $4,456,000) from the group’s balance sheet.
Following the sale, Health House said that Dr Henrik Sprengel has resigned effective immediately from his position of executive director.
HHI says the sale of CanPharma will have no impact on the arrangement agreed between Health House and Creso Pharma (ASX:CPH), following Creso’s proposal to acquire 100% of Health House via a scheme of arrangement as announced on 29 July.
HHI says it expects to be in a position to update the market in respect of the scheme by the end of this month.