Check up: 78 biotech companies rocked the boat this week but only one has real news
Health & Biotech
Health & Biotech
Things are starting to look up in the world of small-cap health companies with 78 gaining ground, 23 flatlining, and 23 losing it.
Here’s a table showing how ASX-listed healthcare stocks have been performing.
The biggest winner this week is health-care tech and services company Resonance Health (ASX:RHT) with no news but on December 30 it announced that clearance had been received from the US Food & Drug Administration for the commercial sale of its LiverSmart AI medical device.
Like RHT, Lumos Diagnostics (ASX:LDX) is up 51% for no real reason while LBT Innovations (ASX:LBT) is still relishing in the fact that it has completed the acquisition of Hettich Holding Beteiligungs-und Verwaltungs-GmbH’s (Hettich) with a 50% shareholding of its Clever Culture Systems joint venture (CCS). This means CSS will become a fully owned subsidiary of LBT with no outstanding debt owing to Hettich.
Third biggest winner this week is Atomo Diagnostics (ASX:AT1) – a company that provides rapid testing products and benefits from COVID testing.
But perhaps the only biotech stock to rock the boat with some real news is cancer fighter Noxopharm (ASX:NOX), which climbed 11% yesterday after revealing the appointment of new CEO Dr Gisela Mautner. NOX said at the time this change reflected the company’s transition from an early-stage biotech business into a serious bio-pharma play.
Earlier in December, Noxopharm announced it had completed the enrolment of the first dose cohort of patients in its DARRT-2 phase-2 clinical trial. DAART-2 is an immunotherpapy cancer treatment, designed to trigger an immune response in a single tumour, resulting in tumours in the rest of the body resolving despite not receiving any radiation.
DARRT-2 is being undertaken across multiple sites in North America, Europe, and Australia involving approximately 100 patients with metastatic cancers (prostate, breast, lung) who are eligible for low-dose radiotherapy.
This week’s biggest dipper is Genetic Technologies (ASX:GTG), despite having announced “momentum was building” with cash receipts gaining 112% to A$1.8m on December 21.
GTG said its focus in the coming quarters include will be on leveraging its acquisition of EasyDNA by including the Multi-Test product, where it expects to see solid growth in revenue across all brands and products as these initiatives are rolled out.
The diversified modular diagnostics company has continued to expand and develop its geneType COVID-19 Risk Test, having recently completed a crossvalidation study on a European data set confirming the test performance metrics.
A paper describing the study has now been submitted to a peer-reviewed journal and will be released upon publication
The Sustainable Nutrition Group (ASX:TSN) is the second biggest loser, dropping -16% and in third place is Jayex Technology (ASX:JTL) – a leading providing in the UK and Australia of integrated healthcare services, losing it by -10%.
Other losers this past week include Hygrovest (ASX:HGV), formerly MMJ Group Holdings (ASX:MMJ), Epsilon Healthcare (ASX:EPN), Rhythm Biosciences (ASX:RHY), Bioxyne (ASX:BXN), and Avecho Biotech (ASX:AVE).
At the end of December, AVE unveiled it had entered into a licensing and supply agreement with Medterra Pharma – one of the most successful CBD companies in the United States known for developing and selling science-backed products.
Medterra will develop Avecho’s CBD soft-gel capsule product as an oral treatment for arthritis indications including osteoarthritis and rheumatoid arthritis. Scientits have already demonstrated the therapeutic potential of CBD for the treatment for arthritis in preclinical models.
The first human study using the CBD soft-gel in osteoarthritis already has Institutional Review Board approval with an Investigational New Drug Application (IND) to be submitted to the FDA this quarter.
This study will be a 6-week, randomized, double-blind placebo-controlled study exploring the therapeutic potential of the CBD soft-gel for reducint pain in patients with osteoarthritis of the knee, conducted at the Michael E. DeBakery Veterans Affairs Medical Center in Houston, Texas.