Health: Adherium announces it’s clear to enter the US; shares climb 19 pc
Health & Biotech
Adherium (ASX: ADR) shares have risen 19 per cent this morning following news the asthma monitoring firm had received clearance to sell its devices in the US.
The Food and Drug Administration (FDA) granted 510(k) clearance for its Hailie sensors – previously known as Smartinhaler. These help asthma patients monitor their condition and promote adherence to self-management plans.
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The company also announced it was ready to commercially roll out its devices in the US. Its client list would allow it to reach over 100,000 patients including two population disease management companies and a device manufacturer.
The firm was founded by Garth Sutherland in 2001 and listed in 2015 at 50 cents per share. However the company substantially declined since listing upon failing to gain market traction and profitability.
In January it announced significant job cuts including its CEO Arik Anderson and CFO David Allinson. But this morning it took the chance to announce the cull had ended and the moves were paying off.
“The Board are pleased to announce significant progress has been made towards commercial growth while delivering on current operations and commercial obligations. In doing so, the organisation headcount has remained consistent since,” it said.
“The Board is very pleased with the progress and collaboration efforts so far in 2019.”
Osprey Medical (ASX: OSP) has jumped nearly 10 per cent this morning after a record quarter which was its 19th consecutive quarter of growth. The company hit US$1 million for the first time and sold nearly 3,000 DyeVert devices. It reduces the effect contrast dyes (used in medical images such as X-Rays or MRI scans) can have on patients with kidney diseases.
President Mike McCormick told investors in a conference call this morning it was a “very solid quarter”. “Introducing new medical devices is not automatic but we are proud of our 19 quarters of growth,” he said.
Cannabis play Botanix Pharmaceuticals (ASX: BOT) has released research results to its shareholders that depicted it can fight the bacteria Clostridium difficile. This hospital infection causes intestinal infections, diarrhoea and occurrences can lead to entire health institutions being closed. In the US, the disease costs institutions US$5.2 billion and kills 30,000. Botanix founder Matt Callahan told shareholders: “We are overwhelmed by the potential this new data presents.”
HomeStay Care (ASX: HSC), which manufactures intelligence devices to help the elderly stay at home for longer, jumped 33 per cent after announcing a distribution agreement. The deal was signed with Essence APAC which distributes similar devices for other companies. Essence’s APAC managing director said the company is “excited to be working with such an innovative company like HomeStay”.