Check Up: A bit of progress for the health sector
Health & Biotech
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Here’s our fortnightly wrap of all the news driving ASX health stocks.
The health sector made a bit of progress over the last fortnight, with 64 small-cap life sciences gaining ground and just 52 losing it. Another 15 companies were flat.
The biggest gainer was Rhythm Bioscience (ASX:RHY), whose shares closed Wednesday at 18.5c, up from around 8c in early August, after the company last week recruited its first patient into a clinical trial of its low-cost blood test for the early detection of colorectal cancer.
As previously reported, Rhythm says Colostat test will make life easier for doctors, because they won’t need to send patients for unnecessary colonoscopies. It would replace the complicated stool tests.
Althea Group (ASX:AGH) was the top-performing pot stock, up 58 per cent, climbing after its Canadian subsidiary obtained its Standard Processing Licence.
Optiscan Imaging (ASX:OIL) was the second biggest gainer for the period, but in a response to an ASX query, had no real explanation for the recent rise in its securities.
On the flip side, Dimerix (ASX:DXB) shares lost 62 per cent of their value after the clinical trial of its CCR2 blocker DMX-200 failed to meet clinical endpoints in a test of how well it helped 40 patients with diabetic kidney disease. The biotech says the drug candidate did assist the 26 worst effected patients, however, and plans to further analyse the study results.
PharmAust (ASX:PAA) declined by about a third after its US partner declined an option agreement to further develop its drug candidate for animal cancer.