In Case You Missed It: Biotech stands out in a sea of lithium
Stockhead’s In-Case-You-Missed-It highlights some strongest performing ASX stocks that might have slipped your notice today.
It’s a short, sharp update to help frame the trading day by showing some of the biggest movers in percentage terms.
Stocks highlighted in green have made market-moving announcements (click headings to sort).
Invex Therapeutics (ASX:IXC) announced the granting of orphan drug designation (ODD) from the European Medicines Agency (EMA) for Exenatide in the treatment of moderate to severe Traumatic Brain Injury (TBI).
TBI affects adults and children globally, and remains one of the major causes of traumatic death and disability across all ages worldwide. Overall, 57,000 TBI-related deaths and 1.5 million hospitalisations occur every year in the European Union.
This is the second ODD for Exenatide in Europe, with Invex receiving an ODD for Idiopathic Intracranial Hypertension (IIH) in 2017, alongside an ODD from the US DA also for IIH.
An orphan designation will give many benefits to Invex, including 10 years’ market exclusivity from the date of approval.
Delta Lithium (ASX:DLI) hit the highest tenor intercept to date at its Yinnetharra lithium project in WA’s Gascoyne region, as well as a major step out along strike in the M36 pegmatite which has currently been delineated over 1.7km.
Its Malinda prospect boasts a “lithium mile”, comprised of two major parallel ore zones M1 and M36, each now drilled out over 1.6km in strike length and remaining open down plunge.
New drilling results, both from M36, include 33m at 1.9% Li2O from 218m in hole YRRD118 and 19m at 1.6% Li2O from 190m in hole YRRD114.
To date, the company has completed 216 holes for 51,208m at Yinnetharra, with 102 holes waiting to be assayed.
DLI said it’s also on track to complete an additional ~100 holes before September.
And right next door to Delta is Zeus Resources (ASX:ZEU) who clarified today that their Phase 1 drilling program at Mortimer Hills had been completed.
Phase 1 consisted of 19 shallow RC drill holes at a 50-60% dip to depths of between 30-70m, with 10 of them encountering pegmatites underground – some even in the same drill hole.
Samples have been sent to the lab for analysis and assay results are expected in about four weeks.
Based on the pending results, Phase 2 is now being prepared and will focus on deeper drilling at depths between 50-200m.
And in yet more lithium news, CuFe’s (ASX:CUF) has acquired more exploration tenure in the emerging Southern Yilgarn lithium belt in WA via a lithium and rare earth mineral rights deal.
The mining lease is just 30km from Mineral Resources (ASX:MIN) Mt Marion mine and is also 2km along strike from CuFe’s recently acquired tenement E15/1495 and immediately along strike from Marquee Resources (ASX:MQR) West Spargoville lithium project.
At Stockhead we tell it like it is. While CuFe is a Stockhead advertiser, it did not sponsor this article.