ASX health stocks: Rhinomed rockets 80% after securing first government purchase for COVID-19 Rhinoswabs
Health & Biotech
Health & Biotech
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The ASX200 health stocks index (XHJ) fell by 0.13% this morning, compared to the broader index which rose by 0.59%.
The shares of Rhinomed (ASX:RNO) popped by as high as 80% this morning, after announcing its first purchase orders from the government.
The company has now commenced supplying one million SARS-CoV-2 Rhinoswabs to the NSW Health Pathology, as part of the department’s program to support testing capability.
Revenues from this initial order will represent approximately 25% and 35% of its unaudited FY21 revenues of $3.9m.
Following this development, Rhinomed says it will start ramping up its manufacturing facilities to meet the expected demand for its Rhinoswab technology, both domestically and internationally.
Rhinomed’s Rhinoswab technology aims to improve the sample collection process.
Following extensive testing, it was proven that the Rhinoswab is substantially more comfortable and easier to use than the standard nasal swab, while capturing a larger sample.
The technology is said to accelerate the sample collection process and significantly reduce queues and waiting times.
Rhinoswab works with existing PCR pathology workflows and equipment, and has equivalent cost and quality to the US and European standard of care nasopharyngeal swabs.
Results from tests performed at CWZ and Radboud University Medical Center in the Netherlands have indicated 89% of respondents preferred Rhinoswab to the traditional Nasopharyngeal swab.
And 98% of respondents said they felt no pain when using Rhinoswab vs 48% with Nasopharyngeal swab.
“The Rhinoswab can make a meaningful impact on the SARS-CoV-2 testing process and enable more people to be tested quickly and easily,” commented Rhinomed CEO Michael Johnson.
“With approximately 2 billion SARS-CoV-2 tests having been carried out globally over the last 18 months, there is a major opportunity for Rhinoswab to radically improve the testing process, clinical outcomes and user experience.”
Rhinoswab has been registered with the US FDA, Australian TGA and has a European CE mark.
USCOM (ASX:UCM) says that Uscom China has received five new software copyrights covering the core performance and function of the Uscom BP+ central BP monitor. The Uscom BP+ is a central blood pressure (cBP) monitoring device which measures blood pressure and blood pressure waveforms at the heart, as well as in the arm.
Creso Pharma (ASX:CPH) meanwhile, says that its Canadian subsidiary Marnova has been given a licence by Health Canada to sell medicinal cannabis in Canada, a market that was worth C$500m in 2019.
Opthea is presenting at the H.C. Wainwright Ophthalmology Conference , Proteomics at the Australasian Diabetes Congress, while Incannex has presented its case for psychedelic therapies.