ASX Health Stocks: Osprey jumps 8% on solid first half; Bard1 concludes successful study
Health & Biotech
Health & Biotech
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The ASX 200 health stocks index (XHJ) fell by 0.21% this morning, compared to the broader index which fell by 0.82%.
The shares of Osprey Medical (ASX:OSP) climbed by almost 8%, after the company reported a 33% increase in first half revenue to US$1.1m.
OSP is a medical device company specialising in heart imaging procedures.
A landmark agreement with global giant GE Healthcare signed last year has underpinned its strong revenue, the company says.
OSP has also also been restructuring its cost base during the half, which has led to 20.3% reduction in cash used in operating activities to US$6.04m, compared to pcp.
The company’s US expansion strategy is also gathering steam, where it now has an active presence in 42 US states. The strategy is beginning to show results with repeat sales during the half.
“The first half of 2021 was marked by an uncertain global environment as countries around the world continue to combat the pandemic to varying degrees of success,” commented Osprey Medical CEO, Mike McCormick.
“Despite these uncertainties, Osprey was able to generate positive momentum driven by a rebound in sales and simultaneous reduction in expenditure compared to 1H 2020.”
The company announced results from its VIRALEZE clinical safety study, demonstrating the product was safe and well tolerated in accordance with the primary endpoint.
The study also confirmed that the dendrimer antiviral in VIRALEZE, SPL7013, was not absorbed into the bloodstream following nasal application.
SPL says that these data support the suitability of VIRALEZE antiviral nasal spray for use in everyday situations as a preventative product.
VIRALEZE is an ant-viral nasal spray the company says could prevent SARS-CoV-2, by forming a barrier that traps and irreversibly inactivates viruses before they can infect cells.
The company announced that the US FDA has approved its request to amend the pivotal clinical trial evaluating the safety and effectiveness of the RECELL System.
AVH had made the request to simplify its study design to reduce the number of study subjects.
“The design change allows this program to progress in a timely and cost-effective manner toward bringing a novel therapeutic option to an underserved population,” said Dr. Mike Perry, CEO of Avita.
The RECELL System is a spray-on product that uses a small amount of a patient’s own skin, providing a new way to treat severe burns, while significantly reducing the amount of donor skin required.
The company announced that proof-of-concept has been achieved for its SubB2M/CA125 enzyme-linked immunosorbent assay (ELISA)-based test for ovarian cancer.
Studies done with Griffith University has demonstrated that an initial SubB2M/CA125 assay can detect CA125-Neu5Gc in serum from stages 1 to 4 ovarian cancer patients.
“We have successfully achieved initial assay design and feasibility testing and will now advance to the optimisation phase for the SubB2M/CA125 test,” said Professor Mike Jennings of Griffith University.
The company has granted Aptar Pharma the option to acquire the worldwide rights to Pharmaxis’ proprietary inhaler, Orbital, a unique device designed to deliver high payload dry powder to the lungs.
Aptar will pay Pharmaxis US$250k for the 12‐month option, and a further US$2.5m on exercise of the option.
The company announced that London-based Great Ormond Street Hospital has received a UK research ethics approval to commence a Phase II academic study of Telix’s investigational product, TLX66 (90Y-DTPA-besilesomab).
The drug will be trialled for use in children with high-risk leukemia.