ASX Health Stocks: NSB jumps 11pc after quarterly update; Lumos makes great strides with FDA
Health & Biotech
Health & Biotech
NeuroScientific Biopharma (ASX:NSB) surged 11.5% this morning after detailing its activities in the last quarter.
In the December quarter, NSB collated all data and requested a Type B, Pre-IND Meeting with the FDA with regards to EmtinB – the company’s lead drug designed to treat neurodegenerative conditions like Multiple Sclerosis and Alzheimer’s disease.
NSB is currently working with highly experienced consultants in the UK, EU, US and Australia, to gain as much insight from the FDA and confirm that the development plan for the drug is in place.
Meanwhile, results from the Early Phase Clinical Study data of EmtinB are expected in Q1 this year.
Separately, NSB says it continues to evaluate new and promising programs to provide the company with a pipeline of projects.
NeuroScientific’s cash position was $3.34 million as at 31 December. The company says it has maintained a strong cash position with corporate expenses continuing to be carefully managed.
Finally, the level of net cash burn for the March 2024 quarter is expected to be at similar levels as for the December 2023 quarter.
NSB says it wants to preserve cash in the coming months as the work towards the development of EmtinB commences.
Lumos Diagnostics (ASX:LDX) rose 5% this morning after reporting that its Q2 revenue came in at US$1.7 million, versus Q1 revenue US$1.1 million.
The majority of revenue generated during the quarter was from the sales of diagnostic test development services, and contract manufacturing for clients in the company’s Commercial Services unit.
Development services included ongoing project work for Hologic, Aptatek, Alden, MicroPak, Food-In-Depth. This work is anticipated to continue into future periods.
Meanwhile, Lumos has made great strides with FebriDx, its rapid, point-of-care test which can be used to detect acute bacterial disease from respiratory infections.
To date, Lumos has received regulatory registrations for the use of FebriDx in the US, UK, Europe, Canada, UAE and Australia.
ViraDx – Lumos’ rapid point-of-care diagnostic tests for acute respiratory infections caused by the COVID-19, influenza A, and influenza B viruses – was also granted US FDA Emergency Use Authorisation (EUA) and a CLIA Waiver.
During the December quarter, Lumos made significant progress in preparation for the launch of ViraDx in the US market.
First orders for ViraDx were delivered in December. And with the US flu season underway, Lumos said it is continuing to receive orders and enquiries.
Key focus areas this year will be building its pipeline of commercial, revenue-generating projects. The strategy here is to accelerate the growth of sustainable revenue streams from its business units, Lumos says.