Check Up: Eco-fibre play Nanollose leads ASX healthcare sector with 292% gain
Health & Biotech
Health & Biotech
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Developing a fabric from liquid waste has propelled small cap Nanollose to the top of the ASX healthcare sector, where 74 companies gained ground, 48 lost it, and 10 companies were flat in the past fortnight.
Here’s our fortnightly wrap of all the news driving ASX health stocks.
Nanollose (ASX:NC6) has been the biggest gainer since December 20. Its shares had traded around 5c since November before soaring January 13 after the bio-materials company applied for a patent with Grasim Industries for a lyocell fibre made of microbial cellulose.
This week, NC6 shares traded as high as 22c on Tuesday before falling to close at 19c on Wednesday.
The $26 million company is working to commercialise a rayon fabric derived from liquid waste, rather than tree fibres.
The company’s executive chairman, Wayne Best, said in announcing the patent that Nanollose is looking forward to commencing pilot production and “presenting textiles made from this remarkable fibre to the fashion industry”.
Antisense Therapeutics (ASX:ANP) takes the number two spot, with its shares doubling to 25c. The biotech company hasn’t released any news but has been the beneficiary of a drug failure by Sarapeta Therapeutics (NASDAQ:SRPT), a US competitor also working on a Duchenne muscular dystrophy treatment.
Rounding out the top three is CardieX (ASX:CDX) whose shares are up 98 per cent to 10.5c for the period. In response to an ASX price query, the cardiovascular health company said on Tuesday it had no explanation for the price rise in its securities.
On the flip side, $1.6 billion Polynovo (ASX:PNV) has been the biggest loser, dropping 32 per cent after reporting slower-than-expected sales of its NovoSorb burn-healing polymer in November and October.
Memphasys (ASX:MEM) shares have dropped after trading around 14c a month ago on excitement over progress for its Felix sperm-separating device, which the bio-separations company plans to sell to IVF clinics.
MEM shares yesterday finished at 10c.