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.
 

Now to ASX Healthcare….

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

 

Biggest ASX Healthcare winners for the week

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.