ASX Small Cap Lunch Wrap: Who’s breaking their fall today?

Aussie health company Cogstate (ASX:CGS) was among the early winners this morning (more on that below).

And the gains were due to its proximity to a big event in the US, where the Food and Drug Administration (FDA) approved a controversial drug treatment for Alzheimer’s.

A dose of the drug, marketed as Aduhelm, is expected to cost around $56,000 for a yearly course that’s administered via intravenous fusion.

And it’s aimed at slowing the rate of decline among Alzheimer’s sufferers, rather than just addressing the disease’s symptoms.

The FDA approval marks the first of its kind since 2003, and comes amid ongoing controversy and debate in the scientific community about whether the treatment actually works.

On markets, local stocks are tracking sideways for the second straight day with no major catalysts to start the week.
 

WINNERS

Here are the best performing ASX small cap stocks at 12pm Tuesday, June 8:

Swipe or scroll to reveal the full table. Click headings to sort.

UK-based oil and gas explorer Doriemus (ASX:DOR) was the beneficiary of some capital markets activity commissioned by Perth-based Inyati Capital.

The company announced it will raise around $3m from sophisticated investors and eligible shareholders, to further the development of its energy assets.

Along with base fees, Inyati has applied for payment via the issue of 8m DOR units (4m shares/4m options) price at 0.1c, which marks a discount of around 15,000% to today’s 15c trading price after Doriemus shares doubled up at the opening bell. The share issue will be subject to shareholder approval.

The other big winner in morning trade —Cogstate (ASX:CGS) — gained ground via its proximity to US company Biogen.

Globally, the big biotech news of the week is the decision by US health regulators to approve Biogen’s Alzheimer’s drug — its first approval for a treatment of the disease since 2003.

Cogstate has a partnership deal with Japanese pharmaceutical company Eisai, which in turn is partnered with Biogen. Regulatory approval for Biogen’s treatment significantly sweetens the terms of Cogstate’s arrangement with Eisai. Stockhead’s Nick Sundich has more here.
 

LOSERS

Here are the best performing ASX small cap stocks at 12pm Tuesday, June 8:

Swipe or scroll to reveal the full table. Click headings to sort.