Check Up: Rhythm (ASX:RHY) plans US expansion, the US$1.5b dog dermatitis market and data dumps drive stocks down
Health & Biotech
Health & Biotech
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It’s been a mixed two weeks for small-cap health companies, with only 38 companies gaining ground, 74 losing it and 21 flatlining.
The next cab off the ranks was Rhythm Biosciences (ASX:RHY) which rose 16.28% on the news it has established a US entity – IchorDX, Inc – as part of its plans to expand into the American market.
The company says the US represents one of the largest diagnostic markets in the world, with a current addressable market of over 94 million people.
“The establishment of IchorDX, Inc., in the US demonstrates our commitment to accelerate our international expansion plans, offer additional optionality to our corporate structure and aim to create a global footprint for Rhythm’s transformative cancer detection technology,” Rhythm CEO Glenn Gilbert said.
“The reality is that the global need for a simple and accurate mass screening blood test for colorectal cancer is growing. This first step to enter the US market moves Rhythm closer to meeting this need.”
Plus, the market could grow in the short term by a further 21%, following the US Preventative Services Task Force recommendation that the colorectal cancer screening age be reduced from 50 to 45 years of age.
LBT Innovations (ASX:LBT) was up 11.11% after it presented data from five clinical studies featuring the Automated Plate Assessment System (APAS) at the European Congress of Clinical Microbiology and Infectious Diseases (ECCMID) from 9-12 July.
“Application of the APAS® technology to early culture reads has the potential to further disrupt the current application of testing in clinical laboratories, with the potential to improve patient care through faster turnaround of results,” LBT scientific director Dr Steven Giglio said.
Up 10.87% was Recce Pharma (ASX:RCE) which recently announced multiple patients have been dosed with RECCE 327 (R327) in a topical Phase I/II clinical trial at the Fiona Stanley Hospital Burns Unit in Perth, Western Australia.
The company also announced R327 had demonstrated “outstanding efficacy against necrotizing fasciitis ‘flesh eating’ bacteria” – as well as an anti-viral patent being granted in China for its synthetic anti-infectives.
Lifespot Health (ASX:LSH) rose 10.53% after news it had appointed two new board members in Dr Andrew Saich and Darryl Davies.
Proteomics (ASX:PIQ) jumped 9.73% off the back of news its diabetes treatment lowers the PromarkerD scores of patients with type 2 diabetes taking canagliflozin, an SGLT2-inhibitor diabetes drug.
And Hexima (ASX:HXL) was up 9.09% with plans to present further analysis of the clinical data from its Phase I/IIa clinical trial of pezadeftide (HXP124) for the treatment of onychomycosis at the upcoming American Podiatric Medical Association (APMA) meeting in Aurora, Colorado.
Then there was MGC Pharma (ASX:MXC), up 7.89% after submitting a patent application for its cannabinoid drug delivery system to the European IP office.
Here’s a table showing how ASX-listed healthcare stocks have been performing.
Flat this fortnight was Auscann (ASX:AC8) even after news it had submitted its first module to the Australian Pesticides and Veterinary Medicines Association (APVMA) to commence the submission of its dossier for the registration of DermaCann – in development for anti-inflammatory and immune support in dogs with dermatological conditions.
Apparently, no one cares much that there are approximately 1 million dogs in Australia who suffer from dermatological conditions…
Maybe investors will perk up a bit when they realise the global canine skin and dermatitis market is worth an estimated US$1.5 billion globally.
Trailing the flatline pack was Adherium (ASX:ADR) with news the off-market takeover bid from Respiri (ASX:RSH) had lapsed.
Adalta (ASX:1AD) was the biggest loser, down 17.86% following the news it plans to progress the inhaled version of its AD-214 treatment into efficacy studies for Idiopathic Pulmonary Fibrosis (IPF).
It was followed closely by Suda Pharma (ASX:SUD), down 17.19% on no news.
Patrys (ASX:PAB) dropped 14.55% despite new data from non-clinical studies confirming its full-sized IgG deoxymab antibody, PAT-DX3, is able to cross the blood-brain barrier (BBB) in an animal model of primary brain cancer (glioblastoma multiforme, GBM).
And Alterity Therapeutics (ASX:ATH) followed, down 13.16% even after publishing data demonstrating its ATH434 treatment for Multiple System Atrophy (MSA) is neuroprotective and improves motor function.