Suda Pharma pops 44pc on cap raise; Acrux and other biotechs whet investor appetites
Health & Biotech
Health & Biotech
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Plenty of action on the biotech front today has provided ASX investors with some mouth-watering gains.
Suda Pharma (ASX:SUD) led the pack, popping by as much as 44 per cent after announcing an oversubscribed $3.65 million capital raise.
The company is raising the money to fund the initial development of its newly acquired iNKT cell therapy platform, announced on June 18.
Suda has obtained the global and exclusive licence for the platform from the Imperial College London, for a novel invariant Natural Killer T (iNKT) cell therapy for cancer treatment.
The iNKT cell platform can be used in conjunction with multiple chimeric antigen receptors (CARs) to target blood cancers, and has been shown to outperform conventional CAR-T cell therapies in preclinical studies.
Suda CEO Dr Michael Baker explained that Suda will be the only ASX-listed CAR-iNKT cell therapy company that is working on this cellular platform, as it looks to progress the technology into clinical trials.
Suda’s other technology include the OroMist platform, and its FDA and TGA-approved ZolpiMist – a cherry-flavoured, oro-mucosal spray formulation designed to treat insomnia.
The company is targeting several big markets which include the immuno-oncology, insomnia, migraine, and the medical cannabis markets.
The FDA has signed off on Acrux’s generic version of Jublia, a treatment for nail fungus delivered via the skin.
Jublia is a solution already made by Canadian listed pharmaceutical firm Bausch Health, but other companies have long sought to produce the active ingredient of it and have contested in courts as to whether Bausch’s patent still stands.
Acrux settled the legal case in 2019 and now has the American regulator’s approval to market its topical solution.
The company says it will now seek a commercial licensee to launch it to the US market.
Acrux is no stranger to getting treatments approved in America.
Back in January, it got approval for its generic testosterone solution and it has a distribution agreement with Dash Pharmaceuticals with provision for the pair to share profits.
CardieX subsidiary CONNEQT has today signed a collaboration agreement with LifeQ, a world leading provider of biometrics and health information metrics from wearable devices.
The agreement will enable both companies to leverage their joint IP to be incorporated into wearable devices that deliver clinical and lifestyle related health metrics.
Under the CONNEQT brand, CardieX is on track to launch multiple new devices and digital products to the market over the next 12 months.
Upcoming products include the CONNEQT Pulse, a dual blood pressure monitor anticipated to be the first consumer vital signs monitor to include central blood pressure.
The company is also selling several other products which have delivered record sales in the first half.
XCEL, which provides a non-invasive way to diagnose arterial stiffness and central blood pressure in patients with cardiovascular disease, has seen a 30 per cent growth in sales in the first half.
The Cardiex share price has risen by 300 per cent in one year.
Race Oncology announced that is has finalised a contract with Chaim Sheba Medical Center in Israel to begin its Phase 1b/2 relapsed/refractory Acute Myeloid Leukaemia (R/R AML) trial.
The trial will use its lead drug, Bisantrene, in a novel three-drug combination, which in preclinical studies showed superior efficacy in AML cells.
The Phase 2 trial is open label and will be run in parallel with a separate Australian Phase 2 trial in patients with extramedullary AML.
Race is pursuing a three-pillar strategy of fat mass – and obesity-associated protein (FTO), breast cancer, and leukaemia – all based on the Bisantrene drug.
The company has raised $5.4 million recently to further develop this drug, and it share price has risen by 700 per cent in just one year.
The company today signed a significant deal with Nexus Vita, a Singapore-based health monitoring company.
Nexus-Vita has agreed to pay AHI USD$500,000 for the the integration of CompleteScan, AHI’s smartphone-based technology that can be used to scan the body, face, and even detect potential skin diseases on the skin.
To further promote this technology in international markets, Race has been working to integrate the CompleteScan technology into its partners’ exisiting technology.
In the past month, the company has signed partnership deals with Cubert, Inter-Psy, and Jana Care.
In late May, Race announced that its DermaScan AI technology has been granted a European medical device approval, allowing it to sell the product in 27 EU countries.
The AHI share price has rocketed by 400 per cent in one year.