ASX Health Stocks: Truscreen jumps 38% on business update, flagging strong growth in China
Health & Biotech
Health & Biotech
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The ASX 200 Health Index (XHJ) is up by 1.2% at the time of writing, compared to the broader index which is higher by 1%.
Truscreen Group (ASX:TRU) was the best health stock performer, up by 38% after reporting key milestones including the completion of firmware upgrades to its devices.
The upgrade is expected to provide Truscreen devices further encrypted cybersecurity and automated features, which will reduce downtime.
The company also gave the market an update on its expansion progress in China, saying that the launch of the TruScreen Made in China device has significantly expanded the addressable market in the country.
China, according to Truscreen, is its most established market and the world’s largest addressable cervical cancer market.
In Europe, the company’s push into central European countries is also gaining ground, with market access now in Serbia and Poland. Final planning stages for trialling the clinical performance of the TruScreen device is currently underway in Poland.
The Truscreen device is a cervical cancer screening device which provides real-time, accurate detection of pre-cancerous and cancerous cervical cells in women.
The medicinal cannabis play announced that it has engaged Procaps to develop and manufacture its IHL-42X soft gel capsules.
IHL-42X is the company’s proprietary cannabinoid drug under development for the treatment of obstructive sleep apnoea.
The soft gel capsules will be pharmaceutical-grade and used in pivotal phase 2, phase 3 and open label clinical trials.
Procaps has extensive scientific expertise, and its manufacturing plant has been inspected and approved for good manufacturing practices (GMP) by multiple regulatory agencies including FDA, TGA, Health Canada and MHRA.
Incannex recently raised $18m through options exercises, ahead of its proposed Nasdaq listing.
The company is currently pursuing a US FDA approval for its range of medicinal cannabis and psychedelic products that treat anxiety and sleep disorders, traumatic brain injury, as well as lung inflammation.
The company has sold the Australian part of its nutraceutical business, AUS Nutraceuticals, to PharmaCare, a well-established Australian health and wellness company.
Medlab will receive cash of $1.6m from PharmaCare, and will now focus completely on its core products, NanaBis and NanoCelle.
It will also look to take advantage of emerging commercial partnering opportunities after having successfully gained patents in 48 worldwide markets.
The company has experienced strong growth in Q3, with worldwide net revenue increasing by 50% on pcp to $508k.
Osprey said its strategic alliance with GE Healthcare underpinned the strong result, with an 80% increase on pcp reported for its European sales.
The company designs and manufactures proprietary devices and monitoring systems that reduce the amount of X-ray dye (contrast) used during commonly performed heart imaging procedures.
Telix Pharma (ASX:TLX) -0.34%
Telix announced that peer-reviewed results from the IPAX-1 Ph I/II study of TLX101 have been delivered in an oral presentation at the Congress of Neurological Surgeons currently taking place in Austin.
The data confirmed that the study has met its primary objective, which was to demonstrate the safety and tolerability of TLX101 at doses tested.
The results also showed overall survival of 15.97 months for patients with recurrent glioblastoma multiforme (GBM).
The UK-based telehealth company delivered strong growth with record revenue of £5.8 million (or around A$10.7 million) in Q3, an increase of 21.6% from the last quarter.
A record 41,000 patients had their first ever DCA (directional coronary atherectomy) consultation during the quarter, where 65% of consultations were delivered to returning patients.
DOC has reaffirmed its guidance for FY21, which is for a revenue growth of at least 100% above FY20.
Control Bionics (ASX:CBL) unchanged
The company has introduced a facility whereby Australian customers can rent CBL products.
The rental model was introduced as a number of its Australian customers had access to the CBL products delayed, as a result of the time taken to obtain funding from NDIS (National Disability Insurance Scheme).
The rental model allows customers to obtain the use of CBL products immediately, and could be rented for a minimum period of three months and a maximum period of 12 months.
CBL’s products include NeuroNode Trilogy, NeuroNode Duo, and Eye Gaze Duo – devices that help people living with paralysis and loss of speech.
Opthea Ltd (ASX:OPT) unchanged
The eye disease biotech announced that its first clinical trial sites in the Asia-Pacific region are now open for patient enrolment.
The Phase 3 trial will study its lead drug OPT-302 for the treatment of wet (neovascular) age-related macular degeneration (AMD).