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The ongoing lawsuit involving Johnson & Johnson (J&J)’s talc products took a controversial turn in the courts this week.
The healthcare giant is currently staring down 38,000 claims that its talc products (including the famous baby powder) contained asbestos, a substance that’s been directly linked to cancer.
Last year, the company was already ordered to pay US$2.1 billion to women who said they developed ovarian cancer from using those products.
The closely watched hearing began this week over J&J’s use of the ‘Texas two-step’ legal manouevre, a complex and controversial strategy that’s recently had legal pundits squirming.
The ‘Texas two-step’ is basically a Texas law that allows companies saddled with liabilities to create a new, seperate company that would leave the parent with none of the baggage.
Once the new company is created, it could then file for bankruptcy and settle claims in the bankruptcy courts, all while avoiding a jury trial which could end in much heftier payouts.
Lawyers for the victims want to stop the bankruptcy process, saying that J&J is a $436 billion behemoth that’s trying to cap its liability by gaming the system.
But what’s really at stake here is the legal precedent it will set, and whether the Texas two-step manoeuvre will become common practice or fade away.
And it’s been a volatile two weeks for the broader market, as well as the Healthcare Index (XHJ).
Before Wednesday’s 5% surge on the back of CSL’s earning report, the XHJ was already down 2% for the week.
Here’s a table showing how ASX-listed healthcare stocks have been performing.
CODE | COMPANY | PRICE | 1 WEEK RETURN % | 6 MONTH RETURN % | 1 YEAR RETURN % | MARKET CAP |
---|---|---|---|---|---|---|
IHL | Incannex Healthcare | 0.555 | 26.1% | -14.0% | 152.3% | 676775681.7 |
TD1 | Tali Digital Limited | 0.025 | 19.0% | 31.6% | -40.5% | 23297644.73 |
PIQ | Proteomics Int Lab | 1.25 | 12.6% | 11.1% | 42.0% | 134246461.3 |
RAP | Resapp Health Ltd | 0.078 | 11.4% | 32.2% | 18.2% | 64439780.78 |
CYC | Cyclopharm Limited | 1.65 | 10.7% | -8.8% | -41.7% | 154068458 |
UBI | Universal Biosensors | 0.96 | 10.3% | -1.0% | 123.3% | 169835771.3 |
AN1 | Anagenics Limited | 0.054 | 10.2% | -6.9% | -42.0% | 11935150.36 |
AMT | Allegra Orthopaedics | 0.165 | 10.0% | 3.1% | -45.9% | 17235768.5 |
LBT | LBT Innovations | 0.099 | 10.0% | -17.5% | -5.7% | 31670252.86 |
RAD | Radiopharm | 0.335 | 9.8% | -10.7% | 0.0% | 40321674.74 |
RAD | Radiopharm | 0.335 | 9.8% | -10.7% | 0.0% | 40321674.74 |
OIL | Optiscan Imaging | 0.15 | 7.1% | -9.1% | 3.4% | 92877840.3 |
CU6 | Clarity Pharma | 0.75 | 7.1% | -14.8% | 0.0% | 126777078.9 |
KZA | Kazia Therapeutics | 1.08 | 6.9% | -3.6% | -15.0% | 142600185.7 |
TSN | The Sust Nutri Grp | 0.17 | 6.3% | -15.0% | -63.4% | 19900053.53 |
ONE | Oneview Healthcare | 0.26 | 6.1% | -16.1% | 162.6% | 134379896.8 |
VLS | Vita Life Sciences.. | 2 | 5.3% | 0.8% | 122.2% | 105831750.1 |
MVF | Monash IVF Group Ltd | 1.12 | 5.2% | 7.7% | 48.3% | 428598324 |
CTE | Cryosite Limited | 0.42 | 5.0% | -8.7% | 44.8% | 20500016.46 |
DVL | Dorsavi Ltd | 0.022 | 4.8% | 15.8% | -37.1% | 7785388.27 |
4DX | 4Dmedical Limited | 0.91 | 4.6% | -25.7% | -55.0% | 193284080.8 |
ACW | Actinogen Medical | 0.12 | 4.3% | -20.0% | 445.5% | 213461591.4 |
NTI | Neurotech Intl | 0.051 | 4.1% | -3.8% | -19.0% | 35582655.43 |
MDC | Medlab Clinical Ltd | 0.13 | 4.0% | -7.1% | -62.3% | 44482837.23 |
TRU | Truscreen | 0.073 | 2.8% | -7.6% | -27.0% | 26489236.47 |
M7T | Mach7 Tech Limited | 0.78 | 2.6% | -3.7% | -50.3% | 188301277.9 |
BDX | Bcaldiagnostics | 0.13 | 2.0% | 4.0% | 0.0% | 17104368.06 |
PBP | Probiotec Limited | 2.25 | 1.8% | -6.3% | -2.6% | 182977663.5 |
IIQ | Inoviq Ltd | 1.055 | 1.4% | -12.8% | -69.9% | 95699450.08 |
CAJ | Capitol Health | 0.355 | 1.4% | -1.4% | 24.6% | 364776129.2 |
HXL | Hexima | 0.39 | 1.3% | -5.5% | 160.0% | 62283487.89 |
AC8 | Auscann Grp Hlgs Ltd | 0.084 | 1.2% | 1.2% | -53.3% | 35243768.8 |
VBS | Vectus Biosystems | 1.4 | 0.7% | 11.6% | 7.7% | 45566428.6 |
ALA | Arovella Therapeutic | 0.043 | 0.0% | 13.2% | -8.5% | 24647195.1 |
NC6 | Nanollose Limited | 0.105 | 0.0% | 7.1% | -19.2% | 15260852.72 |
IPD | Impedimed Limited | 0.185 | 0.0% | 5.7% | 23.3% | 328725688.6 |
IMC | Immuron Limited | 0.125 | 0.0% | 4.2% | -49.0% | 26196809.79 |
1ST | 1St Group Ltd | 0.013 | 0.0% | 2.7% | -62.9% | 6549087.051 |
ALT | Analytica Limited | 0.002 | 0.0% | 0.0% | -33.3% | 9227602.258 |
SCU | Stemcell United Ltd | 0.014 | 0.0% | 0.0% | -53.3% | 14606489.21 |
JTL | Jayex Technology Ltd | 0.018 | 0.0% | 0.0% | -60.0% | 4486113.702 |
ICS | ICSGlobal Limited | 0.575313 | 0.0% | 0.0% | 11.7% | 6054604.943 |
BPH | BPH Energy Ltd | 0.037 | 0.0% | 0.0% | -72.6% | 24602017.39 |
PAL | Palla Pharma Ltd | 0.295 | 0.0% | 0.0% | -45.1% | 47764383.09 |
PGC | Paragon Care Limited | 0.375 | 0.0% | -1.3% | 38.9% | 130018258.6 |
CAN | Cann Group Ltd | 0.275 | 0.0% | -3.5% | -64.5% | 92517734.13 |
SDI | SDI Limited | 0.92 | 0.0% | -3.7% | 20.3% | 109356287.6 |
AGH | Althea Group | 0.21 | 0.0% | -4.5% | -61.5% | 66101187.39 |
OSL | Oncosil Medical | 0.042 | 0.0% | -4.5% | -63.5% | 31693731.76 |
PSQ | Pacific Smiles Grp | 2.7 | 0.0% | -4.9% | 3.8% | 430871232.6 |
NOX | Noxopharm Limited | 0.42 | 0.0% | -9.7% | -55.3% | 122739939 |
MEB | Medibio Limited | 0.0045 | 0.0% | -10.0% | -59.1% | 9274730.054 |
IVX | Invion Ltd | 0.018 | 0.0% | -10.0% | 63.6% | 109080731.9 |
TRP | Tissue Repair | 0.43 | 0.0% | -12.2% | 0.0% | 19354461.75 |
IMU | Imugene Limited | 0.305 | 0.0% | -12.9% | 190.5% | 1607861526 |
PAA | Pharmaust Limited | 0.1 | 0.0% | -13.0% | -4.8% | 30106676.39 |
CHM | Chimeric Therapeutic | 0.215 | 0.0% | -14.0% | -27.1% | 45177349.37 |
LCT | Living Cell Tech. | 0.005 | 0.0% | -16.7% | -76.2% | 5141818.615 |
NYR | Nyrada Inc. | 0.22 | 0.0% | -18.5% | -42.9% | 31981783.5 |
OSX | Osteopore Limited | 0.225 | 0.0% | -19.6% | -52.6% | 26385353.55 |
EYE | Nova EYE Medical Ltd | 0.27 | 0.0% | -20.6% | -22.9% | 39299523.57 |
S66 | Star Combo | 0.265 | 0.0% | -22.1% | -3.6% | 35643289.97 |
PAB | Patrys Limited | 0.026 | 0.0% | -31.6% | -6.8% | 51418743.93 |
FFC | Farmaforce Ltd | 0.035 | 0.0% | -35.2% | -61.1% | 4573834.3 |
RAC | Race Oncology Ltd | 2.94 | -0.7% | -8.4% | -6.7% | 456012076.5 |
CGS | Cogstate Ltd | 1.835 | -1.1% | -25.1% | 74.8% | 311136321.4 |
OCC | Orthocell Limited | 0.42 | -1.2% | -14.3% | -23.6% | 82793723.46 |
1AD | Adalta Limited | 0.077 | -1.3% | -2.5% | -59.1% | 24192225.44 |
CMP | Compumedics Limited | 0.365 | -1.4% | -5.2% | -19.8% | 64664476.02 |
BIT | Biotron Limited | 0.067 | -1.5% | -23.0% | -6.9% | 46327559.06 |
EPN | Epsilon Healthcare | 0.065 | -1.5% | -7.1% | -74.5% | 14253244.74 |
ALC | Alcidion Group Ltd | 0.23 | -2.1% | -16.4% | 11.6% | 278975191.7 |
SHG | Singular Health | 0.23 | -2.1% | -32.4% | -52.1% | 15016485.87 |
CYP | Cynata Therapeutics | 0.45 | -2.2% | -21.1% | -35.7% | 63041701.36 |
GSS | Genetic Signatures | 1.34 | -2.2% | -23.0% | -25.6% | 181056282.4 |
OSP | Osprey Med Inc | 0.44 | -2.2% | -26.7% | -79.0% | 11546343.9 |
CBL | Control Bionics | 0.43 | -2.3% | 0.0% | -44.2% | 21642289.58 |
VHT | Volpara Health Tech | 0.82 | -2.4% | -15.0% | -46.9% | 204940781 |
ICR | Intelicare Holdings | 0.079 | -2.5% | -8.7% | -67.5% | 6910421.12 |
PTX | Prescient Ltd | 0.185 | -2.6% | -22.9% | 48.0% | 123517709 |
OPT | Opthea Limited | 1.08 | -2.7% | -14.3% | -39.3% | 362497458.4 |
NXS | Next Science Limited | 1.06 | -2.8% | -12.0% | -9.8% | 209972689.6 |
ARX | Aroa Biosurgery | 0.865 | -2.8% | -15.2% | -28.8% | 292663193.7 |
NSB | Neuroscientific | 0.32 | -3.0% | -9.9% | 28.0% | 45910925.76 |
IBX | Imagion Biosys Ltd | 0.064 | -3.0% | -14.7% | -62.4% | 70636767.64 |
BNO | Bionomics Limited | 0.088 | -3.3% | -16.2% | -61.9% | 115034813.2 |
ZNO | Zoono Group Ltd | 0.29 | -3.3% | -37.0% | -64.2% | 48259394.45 |
AVE | Avecho Biotech Ltd | 0.014 | -3.4% | -12.5% | -50.0% | 25729375.36 |
ZLD | Zelira Therapeutics | 0.028 | -3.4% | -12.5% | -65.9% | 44659959.61 |
DOC | Doctor Care Anywhere | 0.415 | -3.5% | -25.9% | -68.3% | 77033606.99 |
BWX | BWX Limited | 3.5 | -3.6% | 3.2% | -12.5% | 555188142.9 |
AHC | Austco Healthcare | 0.13 | -3.7% | -10.3% | 18.2% | 36944563.63 |
IMM | Immutep Ltd | 0.38 | -3.8% | -16.5% | -10.6% | 320296050.4 |
DXB | Dimerix Ltd | 0.245 | -3.9% | -5.8% | -15.5% | 78614048.17 |
HGV | Hygrovest Limited | 0.049 | -3.9% | -12.5% | -65.0% | 11267745.27 |
CDX | Cardiex Limited | 0.045 | -4.3% | -28.6% | -39.2% | 49478972.45 |
PNV | Polynovo Limited | 1.185 | -4.4% | -25.2% | -53.5% | 774175011.5 |
ACR | Acrux Limited | 0.105 | -4.5% | 0.0% | -41.7% | 29816112.06 |
BXN | Bioxyne Ltd | 0.02 | -4.8% | -16.7% | 53.8% | 12802907.96 |
BOT | Botanix Pharma Ltd | 0.058 | -4.9% | -23.7% | -58.6% | 57415382.37 |
PXS | Pharmaxis Ltd | 0.095 | -5.0% | -13.6% | 5.6% | 50500931 |
RGS | Regeneus Ltd | 0.074 | -5.1% | -12.9% | -29.5% | 22676331.64 |
NEU | Neuren Pharmaceut. | 4.02 | -5.2% | 13.9% | 187.1% | 498824077 |
VTI | Vision Tech Inc | 0.795 | -5.4% | -15.9% | -60.3% | 18790222.5 |
PAR | Paradigm Bio. | 1.38 | -5.5% | -19.5% | -47.5% | 307254323.3 |
IRX | Inhalerx Limited | 0.084 | -5.6% | -9.7% | -30.0% | 14151224.39 |
ATH | Alterity Therap Ltd | 0.0205 | -6.8% | 2.5% | -54.4% | 48137491.56 |
AHK | Ark Mines Limited | 0.2 | -7.0% | -4.8% | 488.2% | 6662020.6 |
ADR | Adherium Ltd | 0.012 | -7.7% | -7.7% | -45.5% | 28610351.28 |
PYC | PYC Therapeutics | 0.12 | -7.7% | -14.3% | -14.3% | 365806501.8 |
RNO | Rhinomed Ltd | 0.24 | -7.7% | -18.6% | 92.0% | 62354191.68 |
SOM | SomnoMed Limited | 1.89 | -7.8% | -9.1% | 0.5% | 156415105.4 |
CPH | Creso Pharma Ltd | 0.081 | -8.0% | -10.0% | -64.8% | 98259282.8 |
RSH | Respiri Limited | 0.046 | -8.0% | -17.9% | -65.9% | 33973517.13 |
PCK | Painchek Ltd | 0.045 | -8.2% | -19.6% | -35.7% | 50931215.96 |
ANP | Antisense Therapeut. | 0.16 | -8.6% | -15.8% | -22.0% | 103663066.6 |
GLH | Global Health Ltd | 0.365 | -8.8% | -3.9% | -16.1% | 20662428.08 |
MDR | Medadvisor Limited | 0.34 | -9.3% | -1.4% | -6.8% | 126588413.8 |
MXC | Mgc Pharmaceuticals | 0.029 | -9.4% | -31.0% | -61.8% | 78314764.63 |
RHY | Rhythm Biosciences | 1.23 | -9.6% | -20.6% | -8.0% | 254753128.2 |
MEM | Memphasys Ltd | 0.0615 | -9.6% | -26.8% | -44.1% | 49115056.89 |
GTG | Genetic Technologies | 0.0045 | -10.0% | 12.5% | -59.1% | 36935860.57 |
MVP | Medical Developments | 3.85 | -10.0% | -18.1% | -37.8% | 270864216.6 |
IDT | IDT Australia Ltd | 0.215 | -10.4% | -6.5% | 2.4% | 51475335.91 |
EZZ | EZZ Life Science | 0.43 | -10.4% | -15.7% | 0.0% | 5486800 |
ILA | Island Pharma | 0.25 | -10.7% | -5.7% | 0.0% | 10810791.5 |
HCT | Holista CollTech Ltd | 0.04 | -11.1% | -11.1% | -41.2% | 11013963.48 |
TLX | Telix Pharmaceutical | 6.18 | -11.3% | -28.7% | 50.0% | 1799889057 |
ATX | Amplia Therapeutics | 0.155 | -11.4% | -13.9% | -44.1% | 30532005.16 |
EXL | Elixinol Wellness | 0.06 | -11.8% | -22.1% | -75.0% | 18954670.56 |
MX1 | Micro-X Limited | 0.22 | -12.0% | -15.4% | -38.9% | 101231010.1 |
AT1 | Atomo Diagnostics | 0.18 | -12.2% | -29.4% | -36.8% | 71520808.98 |
OVN | Oventus Medical Ltd | 0.066 | -13.2% | -23.3% | -69.3% | 15953951.31 |
RHT | Resonance Health | 0.15 | -14.3% | -18.9% | -16.7% | 69127797.15 |
LDX | Lumos Diagnostics | 0.85 | -15.0% | -20.2% | 0.0% | 128160431.3 |
RCE | Recce Pharmaceutical | 1.07 | -15.1% | -10.8% | -3.6% | 187960874.8 |
ADO | Anteotech Ltd | 0.21 | -19.2% | -34.4% | -33.3% | 396279159.8 |
ONT | 1300 Smiles Limited | 0 | -100.0% | -100.0% | -100.0% | 168827114.7 |
Blood products giant CSL (ASX:CSL) delivered a 5% jump in revenue for the first half, but its net profit slid by 5%.
Revenue climbed to US$6bn, underpinned by strong growth in its leading haemophilia B product Idelvion, and specialty products Kcentra and Haegarda. The company also saw a strong performance from its influenza vaccines business, Seqirus.
Despite the top line growth, net profit declined 5% o $1.76 billion compared to the pcp, but this was due to the fact that NPAT had already risen 45% during the previous year’s half.
In its outlook guidance, CSL predicts a better second half as plasma collections are expected to rebound following easing of restrictions.
Proteomics (ASX:PIQ) surprised when it announced its proof-of-concept study has identified multiple novel protein biomarkers for obstructive airway disease.
These biomarkers, once validated, have the potential to deliver a new diagnostic test for asthma and chronic obstructive pulmonary disease (COPD).
The results were presented at the 27th Lorne Proteomics Symposium, Victoria, the annual conference of the Australasian Proteomics Society.
Proteomics will now file a patent application covering screening, diagnostic and prognostic methods of using these airway disease biomarkers.
Smartphone app healthcare company ResApp Health (ASX:RAP), has signed a two year non-exclusive agreement with Australian aged care patient monitoring platform provider, Health Teams.
Health Teams will use ResApp’s ResAppDx on both its telehealth platform and for in-room patient consultations, with go-live expected during the second quarter of this calendar year.
The path is now open for pharma distributor Australian Pharmaceutical Industries (ASX: API) to be acquired by Wesfarmers (ASX: WES), following the ACCC decision not to oppose the takeover.
Competition regulator ACCC had been concerned about the competitive markets for the over-the-counter pharmaceutical and beauty & personal care products if the takeover was to go ahead.
Its investigation however showed there are many large and well-established retailers – including Chemist Warehouse, Woolworths and Coles – that will compete strongly with Wesfarmers after the acquisition.
Motion analysis device maker dorsaVi (ASX:DVL) has been awarded the internationally recognised ISO 27001 certification, verifying the data security standards for the company.
The ISO 27001 standard specifies advanced information security and data privacy requirements for organisations, and certification is commonly a prerequisite to partnering with top tier local and global institutions.
This certification cements dorsaVi’s position in the wearable sensor market, as it is one of the first companies to receive it.
Representatives of Cyclopharm (ASX:CYC) have this week met with the US FDA to provide an update on the company’s progress in addressing matters raised during submission.
In June last year, the CYC share price crashed 40% after the US FDA said items related to its Technegas submission needed to be addressed, and had given Cyclopharm 12 months to do so.
Technegas is a device that delivers particles which patients breathe in before a CT scan so doctors can better detect a pulmonary embolism — a life-threatening condition that occurs when a blood clot blocks an artery in the lungs.
As a result of the latest meeting, the company expects it will submit its formal and complete response to the US FDA in Q3 2022.