The ASX 200 Health Index (XHJ) is trading lower by 0.60% at the time of writing, compared to the broader index which is down by 0.90%.

Wound healing biotech Tissue Repairs (ASX:TRP) has just announced its first US patent approval.

The patent claims to the method of manufacture of the company’s isolated biological polysaccharide, its unique and proprietary active pharmaceutical ingredients (API).

There are currently no known alternative processes from which to produce the proprietary polysaccharide molecule.

TRP says this was a significant achievement, as no substantive examination report was issued during prosecution of the patent application.

The US patent was also one of the core milestones listed in the company’s prospectus, which has now been executed less than 12 months after filing.

Tissue Repairs listed in December but plunged by 40% on debut.

The company raised $22m in the IPO round at $1.15, pitching to investors its Glucoprime active ingredient, which is currently under clinical Phase III trials in the US.

According to the prospectus, this active ingredient “behaves like a decoy cell and simulates a yeast infection, resulting in the stimulation of the body’s own wound repair pathways.”

Tissue Repairs share price today:


Takeovers Panel to rule on Virtus acquisition

On 13 December 2021, fertility company Virtus Health (ASX:VRT) received a non-binding, indicative proposal from BGH Capital to acquire 100% of the outstanding share capital in Virtus for $7.10 a share.

On 20 January 2022, Virtus announced that it had instead entered into a non-binding deal with CapVest to buy Virtus at $7.60 per share in cash.

The deal also allowed for an alternative transaction structure which only requires acceptance by 50.1% of Virtus shareholders, at a price of $7.50 cash per share.

On 2 February, BGH made an application to the Takeover Panel (TOV) complaining about the exclusivity arrangements in its earlier agreement with Virtus.

On 23 February, the TOV Panel ruled that certain aspects of the exclusivity arrangements had an anti-competitive effect, and made final orders that prevents Virtus and CapVest from entering into a deal for approximately 10 days.

As a result, on 28 February BGH upgraded its offer to $7.65 a share, but the very next day, CapVest upped its offer to $7.80.

Virtus has referred the final offer from CapVest to the Panel, but BGH is now contesting the application, saying that at no stage has Virtus taken any step to facilitate a genuine auction process involving both CapVest and BGH, despite having been given the opportunity to do so by the Panel.

The hearing continues.

Virtus Health share price today: