ASX Health Stocks: UBI partners with Mayo Clinic, while Medlab jumps 8pc after divestment
Health & Biotech
Health & Biotech
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The ASX 200 Health Index (XHJ) is down by 1.0% at the time of writing, compared to the broader index which is down by 0.1%.
Medical diagnostics company, Universal Biosensors (ASX:UBI), has entered into a collaboration agreement with Mayo Clinic, one of the world’s most prestigious oncology research and treatment institutions based in Rochester, Minnesota.
The agreement will cover multiple potential projects, including work on UBI’s Tn antigen cancer biosensor.
With a focus on caring for patients with serious, complex illnesses, non-profit Mayo Clinic operates in five states and cares for more than one million people a year.
The organisation generates around US$14 billion in annual revenues with 65,000 employees, and was recently announced the number one in the “Best Hospitals” rankings in the nation by the U.S. News and World Report.
UBI’s Tn biosensor meanwhile, is a handheld device that could accurately measure a patient’s cancer status through the monitoring of remission and reoccurrence.
Studies in Melbourne and Spain are currently underway to test the effectiveness of the biosensor on 280 patients with prostate cancer.
Medlab has completed the divestment of its Australian Nutraceuticals business to PharmCare.
The transaction will involve cash of $2.2m paid by PharmaCare, in return for the transfer of specific Medlab intellectual property, and specific inventories.
Post completion, Medlab says it will be in a much better financial position, with a strong cash balance of $13m in the bank, enabling it to focus on core areas of strategic growth.
The company said that a study of PNOC022, which includes Kazia’s investigational drug paxalisib, has been initiated at the University of California with the first patient successfully enrolled.
The study will provide data on the potential use of the drug in DIPG, a highly aggressive form of childhood brain cancer.
Ramsay’s shares were down this morning after reporting that its Q1 earnings was down 27.8% on the pcp to $197.4m.
The company said earnings were impacted by elective surgery restrictions and disruption, caused by isolation orders and lockdowns in Greater Sydney and Western Australia.
Mach7 Tech’s Q1 sales orders were up 368% in the latest quarter, and the company said it expects FY22 to be much better than FY21 as hospital spending globally appears to be back on track after being restricted during the pandemic.