• ASX Health Index down -1.5% for February
  • 76 biotechs rose, and 78 fell during the month
  • But essentially, biotech is a long term game for investors

 

The S&P/ASX 200 Health Care [XHJ] struggled in February, finishing -1.5% lower and trailing the broad ASX 200 index benchmark which gained +1.5%.

 

Source: Google

 

The Health index was dragged down by the two biggest stocks in the sector – CSL (ASX:CSL) and Sonic (ASX:SHL) – which dropped -3.5% and -5.5% lower respectively last month.

In the smaller end of town however, things looked more even – with 76 biotechs rising and 78 falling during February.

But still, 2024 is seen as a year of attrition that could push biotechs to prioritise key programs, while mothballing those that aren’t too promising.

Also, while there will be some exceptions, analysts agree that fundraising and IPOs will be tough this year.

The current situation is similar to a game of musical chairs, where the fate of each company essentially depends on where they were positioned when purse strings started to get tighter.

Those biotechs which were lucky enough to get funded before the downturn might still be OK now, but those that didn’t, might be feeling the squeeze.

 

Remember, biotech is a long game

Securing capital is one thing, but managing the rate at which cash is depleted (also called cash burn) is key to sustainable growth.

For life sciences companies, the usual target is having 12 months or more of runway at any time.

But just because a business does not make any money right now, doesn’t mean it’s a bad investment; biotechs and miners often lose money for years before finding success.

And one of the advantages of being a publicly listed company, of course, is that it can sell new shares to investors to raise fresh cash to fund growth.

 

Here are the ASX Biotech Winners for February 2024

Code Name Price % Month Change Market Cap
NYR Nyrada Inc. 0.115 400.00 $15,444,861
PAA Pharmaust 0.36 118.18 $125,845,377
IRX Inhalerx 0.041 105.00 $7,780,445
BP8 Bph Global 0.002 100.00 $3,908,232
SHG Singular Health 0.145 70.59 $25,395,897
AYA Artrya 0.365 65.91 $28,313,637
HIQ Hitiq 0.026 52.94 $9,147,969
PER Percheron 0.087 50.00 $73,025,143
NSB Neuroscientific 0.052 48.57 $5,350,380
ONE Oneview Healthcare 0.34 44.68 $227,598,206
DXB Dimerix 0.23 35.29 $102,775,248
OPT Opthea 0.66 34.69 $467,280,087
IIQ Inoviq 0.7 34.62 $63,952,998
OSL Oncosil Medical 0.008 33.33 $15,796,329
NOX Noxopharm 0.085 30.77 $22,794,560
SNT Syntara 0.022 29.41 $27,448,707
CYP Cynata Therapeutics 0.185 27.59 $37,722,675
MYX Mayne Pharma 6.82 27.48 $561,490,301
ALA Arovella Therapeutic 0.165 26.92 $159,373,506
TRI Trivarx 0.034 25.93 $11,163,197
MXC Mgc Pharmaceuticals 0.42 25.37 $17,540,652
RNO Rhinomed 0.04 25.00 $11,340,969
PNV Polynovo 2.24 24.44 $1,470,195,760
CU6 Clarity Pharma 2.85 23.91 $769,556,727
OIL Optiscan Imaging 0.096 20.00 $79,357,376
NTI Neurotech Intl 0.1 17.65 $102,912,188
ACW Actinogen Medical 0.034 17.24 $81,591,027
VLS Vita Life Sciences.. 2.15 16.53 $118,470,301
AHX Apiam Animal Health 0.3725 16.41 $66,602,015
SIG Sigma Health 1.1225 16.32 $1,827,690,071
COH Cochlear 347.46 16.01 $22,600,047,017
DVL Dorsavi 0.015 15.38 $8,949,924
GTG Genetic Technologies 0.115 15.00 $13,850,070
MDR Medadvisor 0.33 13.79 $181,455,739
EBR EBR Systems 0.83 13.70 $247,151,710
COV Cleo Diagnostics 0.18 12.50 $13,708,500
AT1 Atomo Diagnostics 0.028 12.00 $17,897,665
IMU Imugene 0.1175 11.90 $878,204,373
4DX 4Dmedical 0.67 11.67 $271,664,241
MSB Mesoblast 0.295 11.32 $304,602,671
1AI Algorae Pharma 0.01 11.11 $18,273,642
PIQ Proteomics Int Lab 1.02 10.87 $127,620,301
CAJ Capitol Health 0.27 10.20 $293,097,586
RHT Resonance Health 0.055 10.00 $25,026,004
IDX Integral Diagnostics 2.225 9.61 $553,323,827
MX1 Micro-X 0.115 9.52 $59,664,343
SDI SDI 0.82 9.33 $97,469,735
GSS Genetic Signatures 0.545 9.00 $98,835,800
TLX Telix Pharmaceutical 12.3 8.85 $3,929,904,959
REG Regis Healthcare 3.61 8.73 $1,104,798,153
RAC Race Oncology 0.81 8.72 $128,840,760
IMM Immutep 0.3625 8.21 $422,036,268
AVH Avita Medical 5.16 7.95 $336,197,233
RHC Ramsay Health Care 54.86 7.40 $11,744,761,730
AHI Advanced Health 0.092 6.98 $22,487,384
LBT LBT Innovations 0.016 6.67 $18,912,242
EMV Emvision Medical 2.23 6.19 $161,371,222
CSX Cleanspace Holdings 0.345 6.15 $26,669,577
MVF Monash IVF Group 1.48 6.09 $572,763,215
DOC Doctor Care Anywhere 0.071 5.97 $23,098,461
SNZ Summerset Grp Hldgs 10.22 5.91 $2,413,098,235
MAP Microbalifesciences 0.18 5.88 $73,966,823
PAB Patrys 0.009 5.88 $16,459,579
FPH Fisher & Paykel H. 23.1 5.34 $13,688,108,706
AVR Anteris Technologies 17 5.00 $312,083,030
OCC Orthocell 0.425 4.94 $89,752,532
ZLD Zelira Therapeutics 0.91 4.60 $9,645,082
ECS ECS Botanics Holding 0.023 4.55 $25,454,805
NC6 Nanollose 0.024 4.35 $4,300,159
PME Pro Medicus 102.96 2.89 $10,651,337,964
IXC Invex Ther 0.083 2.47 $6,388,077
HGV Hygrovest 0.046 2.22 $8,412,424
FRE Firebrickpharma 0.054 1.89 $8,947,337
EBO Ebos Group 34.53 1.74 $6,598,805,043
PAR Paradigm Bio. 0.35 1.45 $120,910,140
CGS Cogstate 1.24 1.22 $214,211,660
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Nyrada (ASX:NYR)

NYR jumped by 400% on Wednesday after the company’s lead Brain Injury Program drug candidate, NYR-BI03, demonstrated strong efficacy in reducing injury in a preclinical animal study.

The study showed a significant neuroprotective signal, providing strong evidence of efficacy for the drug.

Conducted in collaboration with UNSW Sydney, the study involved 16 test animals, which were treated with either NYR-BI03 or vehicle, 30 minutes following induced brain injury, with treatment conducted for 72 hours via continuous intravenous infusion.

The MRI brain imaging results showed that a statistically significant neuroprotection was achieved when animals received NYR-BI03 treatment.

On average, NYR-BI03 therapy rescued 42% of the brain injury in the penumbra region seen in animals receiving vehicle.

Nyrada will now move on to Phase I clinical trial in humans, which is scheduled for the second half of the 2024 calendar year.

 

PharmAust (ASX:PAA)

PharmAust has successfully completed a pre-IND meeting with the US Food and Drug Administration (FDA).

A path has now been outlined to potentially receive an accelerated and full approval of its lead drug monepantel, for the treatment of motor neurone disease/amyotrophic lateral sclerosis (MND/ALS).

PharmAust will initiate requirements requested by FDA in preparation to open an IND application for its adaptive Phase 2/3 clinical study.

Separately, PharmAust has engaged globally renowned experts in MND/ALS and formed a scientific advisory board (SAB).

The SAB will provide expert advice for the development of monepantel to treat MND/ALS. The SAB will also support the planning stages for PharmAust’s adaptive Phase 2/3 clinical study.

 

BPH Global (ASX:BP8)
BPH has recently entered into two new agreements with the China Tobacco group, for the sale and distribution of bird’s nest products via China Tobacco’s outlets in the City of Guangzhou in China for calendar year 2024.

The principal terms of the agreements include: Commencement date 1 January 2024 with a term 12 months.

Products to be supplied include: pure bird’s nest 50g box, and bird’s nest drink.

Guangzhou is at the heart of the Guangdong-Hong Kong-Macau Greater Bay Area, the most populous built-up metropolitan area in the world.

 

InhalerX (ASX:IRX)

InhalerX has been rising despite revenue falling by 95% for the full year. But investors have been happy after the company announced a new focus in its biotech program.

InhalerX said that following pre-IND meeting feedback from the US FDA in March last year, the company undertook a detailed and careful evaluation process, which has resulted in the decision to promote BTcP (Breakthrough Cancer Pain) as the primary indication of focus for the proposed Phase 2 trial of IRX211.

IRX explained that there are many aspects that make BTcP a more attractive acute pain candidate versus CRPS (Complex Regional Pain Syndrome), its previous focus.

This includes BTcP’s well-established condition compared to the paroxysmal pain episodes in CRPS.

An Australian provisional patent application for the treatment of BTcP was filed at the Australian Patent Office on 21 December 2023.

 

Singular Health Group (ASX:SHG)

Singular said it has been notified of the successful re-issuance of a ISO13485:2016 Certificate.

The re-issuance demonstrates Singular’s continued adherence to the best global standards for quality assurance and medical device development.

Retaining the certificate means the company is in compliance with regulatory and quality requirements of Health Canada, the Therapeutic Goods Administration (Australia), and USA’s Food and Drug Agency through the Medical Device Single Audit Program (MDSAP).

The approval was also given after a successful site verification and surveillance audit results of its Bibra Lake address in WA as a Medical Device Establishment.

The ISO13485 is the primary standard certificate for medical device development, and has been globally adopted by almost all leading medical device regulatory bodies as a prerequisite for the registration of Class II and higher medical devices.

 

And here are the ASX Biotech Losers for February 2024

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