ASX Health Stocks: Island Pharma advances anti-viral study; Compumedics scores $9.3m order in China

Island Pharma completes dosing second cohort in antiviral study
Compumedics receives two new MEG orders totalling $9.3 million in China

Island Pharma completes dosing second cohort

The antiviral drug development company, Island Pharmaceuticals (ASX:ILA), has completed dosing the second cohort of subjects in its ISLA-101 Single Ascending Dose study.

Eight subjects were dosed in this cohort following confirmation from the Safety Review Committee that the first cohort of healthy subjects demonstrated good tolerability to ISLA-101.

ISLA-101 is a well-known drug candidate being repurposed for the prevention and treatment of dengue and other mosquito (or vector) borne diseases.

Overall, a total of three cohorts of healthy subjects will receive escalating doses of ISLA-101 in this study, which is being run at Scientia Clinical Research’s clinical trial facilities in Sydney by Beyond Drug Development.

Study results are expected in early 2024.

“We are pleased that ISLA-101 demonstrated good tolerability in the first dose escalation phase, and we are now excited to have progressed the dosing of the whole second cohort of subjects,” said CEO of Island Pharmaceuticals, Dr David Foster.

“We are on track to complete the third and final cohort and have data read-outs in early 2024, which will then inform our planned Phase 2a PEACH clinical trial.”

Compumedics nabs $9.3m deal in China

Medical devices company Compumedics (ASX:CMP) said it has received two new MEG orders totalling $9.3 million in China.

MEG is a neuro-imaging device for mapping brain activity by recording magnetic fields produced by electrical currents occurring naturally in the brain, using very sensitive detectors.

The orders today were made by Tsinghua and Tianjin Universities in China. These sales are via Compumedics’ long-term Chinese distributor for the company’s brain research technology.

The MEG systems will be shipped to both Tsinghua and Tianjin Universities in FY25, due to the lead times associated with production of the MEG systems.

One order is for two single-helmet MEG systems, and the other is for a dual-helmet MEG system. Both will be configured for hyperscanning (measurement of two subjects simultaneously to study their interaction).

Compumedics expects to receive deposits this week securing the two new orders, with funds tied to shipment and installation due later in FY24 and then through FY25.

The company says these contracts further establish Compumedics in the large and fast-growing Chinese neurosciences marketplace. Both universities’ selected Compumedics after a thorough technical review.

“We are very pleased to receive these two additional MEG orders from China, which we regard as very important early adopters of our unique MEG technology offering,” said Compumedics’ executive chairman, David Burton.

“Whilst the business opportunity has taken longer than expected, we are now firmly on the path to commercialisation of our innovative MEG offering over the foreseeable future.”