ASX Health Stocks: US bound Telix plans dual listing on the NASDAQ

Telix Pharmaceuticals considering an IPO of American depository shares through NASDAQ listing
Cryosite board proposing a return of capital of 5 cents/share by way of an equal capital reduction
Advanced Health Intelligence’s partner Bearn LLC signs three new partners to the User Data Sharing Platform

US bound Telix plans dual listing on NASDAQ

Radiopharmaceuticals-focused Telix Pharmaceuticals (ASX:TLX) is US bound and has announced that it is considering a dual listing on the NASDAQ.

In an ASX announcement TLX says it is considering an IPO of American depositary shares (ADSs) representing its ordinary shares in the US and listing on the NASDAQ.

“Telix’s ordinary shares will remain listed on the ASX,” the company says.

“The number of ADSs that may be offered, the number of underlying ordinary shares that may be issued, the price for such instruments and the timing of the offering have not yet been finalised.”

A registration statement relating to Telix’s ADSs to be sold in the proposed offering is expected to be filed with the US Securities and Exchange Commission (SEC).

“No final decision has been made in respect of the offering or NASDAQ listing and there can be no assurance as to the occurrence, timing, pricing and/or completion of such an offering or listing,” TLX says.

TLX has a market cap of around $3.5 billion (US$2.3 billion) making it the world’s fourth largest radiopharmaceutical company after Switzerland’s Novartis AG (market cap US$201 billion), Germany’s Bayer AG (US$35 billion) and US-based Lantheus (market cap US$4 billion).

More than 90% of TLX’s annualised $500 million revenues comes from the US market and 25% of the company’s shareholders are US-based institutions and funds. Furthermore, 70% of its workforce is based in the US.

Cryosite moves to return capital to shareholders

Cryosite (ASX:CTE) shareholders may be in for a windfall with the company announcing its board is proposing a return of capital of 5 cents/share by way of an equal capital reduction.

CTE says an equal capital reduction is a pro rata reduction of a company’s share capital by returning part of the share capital to its shareholders and is in accordance with sections 256B and 256C of the Corporations Act 2001 (Cth).

CTE, which specialises in providing clinical trial support, biologic storage and cryogenic depot services in Australia, says return of capital won’t involve any cancellation of shares or change the status of the company’s shares as fully paid shares.

The Corporations Act requires the company to obtain shareholder approval by resolution for the equal capital reduction with a general meeting called for February 15 with further details available to shareholders in mid-January.

CTE says if the capital reduction is approved by shareholders, eligible shareholders will each receive a cash payment of 5 cents for each share they hold on the record date that the company sets to determine entitlements.

If the capital reduction is not approved by shareholders, then the capital reduction will not be undertaken and shareholders will not receive the cash payment.

AHI shared revenue platform boost with new partners

Dual-listed Advanced Health Intelligence (ASX:AHI) has announced that its partner Bearn LLC has signed three new partners to the revenue-sharing User Data Sharing Platform (UDSP) which is on track to launch in Q1, 2024.

The partners have agreed to a combined 26,000 user data-sharing acquisitions monthly with pricing remaining at the per-user pricing of US$30 to US$100.

Bearn is set to launch its user empowered information sharing engine in January 2024, having secured its first major client.

The platform, seeded by AHI’s biometric assessment capabilities, has been completed and will be launched in a strategic revenue-sharing partnership.

“Bearn’s view of connecting users and providers is not just a step but a leap forward in transforming preventive healthcare, providing cutting-edge solutions tailored for individuals through this unique and personalised screening to intervene and prevent chronic health issues associated with obesity, heart disease, and diabetes,” AHI says.

“The key to this platform is to engage with everyone, healthy, young, and old, across all lifestyles and demographics.”

AHI says tailored for health, group, and life insurance providers, the platform not only conducts comprehensive consumer-based health assessments, including metrics like heart rate, heart rate variability (HRV), stress levels, and overall cardiac and metabolic health, but it also introduces customised solutions in the hands of the users.

“By choosing to share their information, users can receive highly personalised health, wellness and insurance offerings,” the company says.

Algorae engages HL Pharma to warehouse cannabinoid compounds

Biopharmaceutical Algorae Pharmaceuticals (ASX:1AI) has inked a deal with HL Pharma to import and warehouse company-owned cannabinoids and other compounds for distribution to its research partners as required.

HL Pharma is an Australian company registered with the Victorian Department of Health, specialising in the sourcing, supply and distribution of products to hospitals, pharmacies, doctors, and pharmaceutical wholesalers.

HL Pharma holds licences to import and supply various compounds, including schedule 2 to schedule 9 substances.

Under the deal HL Pharma will be responsible for the importation, storage, supply, and distribution of various cannabinoid compounds to the research partners of 1AI, while ensuring compliance with good distribution practice (GDP).

1AI says initial term of engagement is three years with the first products ordered comprising a range of under-studied alternative cannabinoids (not CBD or THC) for research in a range of medical indications either alone or in combination with other pharmaceutical compounds.

The additional cannabinoids will be integrated into existing programs being undertaken by its research partners including La Trobe University and Monash University.

The universities are undertaking an extensive range of pre-clinical studies to further assess the company’s cannabinoid-based combination drug candidates, known as AI-116 and AI-168.

1AI says candidates target dementia and cardiovascular disease respectively and are being compared to existing commercial therapeutics to establish a preliminary basis for economic potential.