ASX Quarterly Health Wrap: Lift-off for ED nasal spray and record users for pregnancy-monitoring platform

It’s the quarterly season again as the ASX market announcements page becomes increasingly flooded with update lodgements.

Here, we wrap up report highlights from three standout stocks in the ASX health sector.

HeraMED (ASX:HMD)

Record number of accumulated registered mums on Heracare platform reaches more than 3,800 as at September 30
200+ new active mums onboarded to Heracare since platform went live at US-based Broward Health in June
Four-point strategic plan implemented with cost reduction benefits emerging and enhancing company’s long-term sustainability

HMD reported a record number of active users (expectant mums) for its pregnancy-monitoring platform Heracare. As of the end of September the company had registered 3800 users, a record 710 of them active.

The increase was put down to the launch of Heracare in one of the top 10 US healthcare networks, Broward Health, in June. Since going live in June more than 200 pregnant mothers were successfully onboarded in the first 100 days.

HMD said the number of accumulated Heracare platform mums was expected to continue growing as agreements and partnerships were implemented.

In September HMD executed a letter of intent (LOI) with Founda Health as a precursor to a strategic partnership to seamlessly integrate the Heracare solution with electronic health records (EHR) within the hospital system through the Founda platform.

Founda and HeraMED are collaborating to identify a hospital in Europe/US for an initial deployment of the Heracare platform.

Gold Coast University has completed its clinical trial for 90 high-risk pregnancies to evaluate the clinical usability, patient satisfaction, value for money and economic analysis of the Heracare platform.

The company is currently waiting for the formal final report, which is being reviewed and finalised by the GC clinical team.

HMD has a four-point growth strategy, which it said was being implemented with cost-reduction benefits emerging and enhancing the company’s long-term sustainability.

As at September 30 HMD had a cash balance of $280k. Post quarter HMD completed $3.1m two-tranche placement to sophisticated and professional investors to support and accelerate commercial deployments, pilots and integration of Heracare into large health systems, private clinics and a number of platforms in the US, Europe and Australia.

LTR Pharma (ASX:LTP)

Spontan prescribed to first patients under TGA’s Special Access Scheme and Authorised Prescriber Scheme
Secured global co-development agreement with Aptar Pharma for Spontan for global markets
Completed $10.5 million capital raise and finished quarter with $12.05 million cash balance

During the quarter LTP’s novel intranasal formulation of vardenafil for erectile dysfunction Spontan was prescribed under the Therapeutic Goods Administration (TGA) early access schemes for unmet medical needs for the first time.

In early August, select patients received Spontan via the TGA’s Special Access Scheme (SAS), allowing for case-by-case prescriptions. In August, Spontan was prescribed to the first patients under the TGA’s Authorised Prescriber Scheme (APS).

The APS enables registered medical practitioners to prescribe Spontan to a broader class of patients with ED, streamlining access for those who may benefit from the treatment.

LTP said prescription of Spontan under the TGA’s early access schemes facilitated invaluable, real-world clinical access and experience for Spontan.

In August LTP secured a global co-development deal with Aptar Pharma, a global leader in nasal spray technology, to support Spontan’s commercialisation in key markets, including the US.

The agreement combines LTP’s pharmaceutical development capabilities with Aptar Pharma’s expertise in nasal spray technology.

To support its R&D and commercial objectives, LTP has initiated a scale-up of its manufacturing processes, including ongoing stability studies to extend Spontan’s shelf life and to facilitate anticipated patient demand in 2025.

In July, the company completed a capital raise of $10.5m (before costs). During the quarter it also received a $400k R&D tax incentive payment for FY23.

As of September 30 2024, LTP’s cash balance stood at $12.05m.

Lumos Diagnostics (ASX:LDX)

Unaudited revenue of US$3.4m for the quarter, up 209% on pcp
Product revenue was up 200% and services revenue was up 210% on the pcp
LDX completed first two milestones in second phase of development agreement with Hologic

Specialising in rapid point-of-care (POC) diagnostic tests LDX reported unaudited revenue of US$3.4m for the quarter, up 209% on pcp.

Revenue generated during the quarter from the services business was US$3.1m, up 210% on Q1 FY24, with the majority from consulting development services under the Hologic fFN development deal and intellectual property licensing revenue associated with the Hologic IP agreement.

LDX announced in January it had inked a deal with the leading global women’s health provider to develop the next generation of Hologic’s on-market fFN diagnostic product for pre-term birth, for which Hologic is the only manufacturer globally.

LDX completed the first of two milestones in the second phase of the development agreement during the quarter and expects to receive a US$300k payment in November.

Revenue from products during the quarter was US$300k, which was up 200% on pcp. The majority generated during the period was from ViraDx sales, with some sales contributions from FebriDx and Binx.

During the quarter LDX successfully completed a $10m capital raise, strongly supported by new and existing shareholders Tenmile and Ryder Capital.

Operating cash outflow was US$2.6m, including cash receipts of US$1.2m.

During the quarter LDX inked new and expanded distributor agreements with leading distributors, Henry Schein, Thermo Fisher and MediGroup for FebriDx, a rapid POC test that uses a fingerstick blood sample to aid in the differentiation between acute bacterial and viral respiratory infections.

After quarter end LDX announced a partnership agreement with BARDA, part of the US Department of Health and Human Services’ Administration for Strategic Preparedness and Response, for ~US$300k in non-dilutive funding to support the upcoming FebriDx CLIA waiver study and US FDA application.

As of September 30 LDX had a cash balance of US$5.7m, before receipt of retail offer proceeds of A$6.9m.

At Stockhead, we tell it like it is. While HeraMED, Lumos Diagnostics and LTR Pharma are Stockhead advertisers, they did not sponsor this article.