ASX Health Stocks: Cochlear upgrades guidance, Chimeric up 12pc after commencing Phase 1B trial on leukaemia

Cochlear upgrades guidance after strong H1
Chimeric doses first patient in Phase 1B clinical trial
Telix acquires US company, QSAM, to advance cancer program

Cochlear upgrades guidance

Cochlear (ASX:COH) rose +6% this morning after upgrading its FY24 earnings guidance.

The company said that following the better than expected first half revenue for Cochlear implants, underlying net profit for FY24 is now expected to be $385-400 million, a 26-31% increase on FY23.

The upgrade is 8% above the midpoint of the prior guidance of $355-375 million advised in August last year.

“Cochlear implant trading conditions have been strong across the first half, with units growing 14%,” said CEO & president Dig Howitt.

“We have maintained the market share gains made in FY23 and market growth has continued to be robust across both developed and emerging markets, as well as all age segments – children, adults and seniors.”

Chimeric does first patient in Phase 1, leukaemia trial

Chimeric Therapeutics (ASX:CHM) surged 12% this morning after announcing that the first patient in the ADVENT-AML Phase 1B clinical trial in Acute Myeloid Leukaemia (AML) has received treatment with CHM 0201, in combination with Azacitidine and Venetoclax.

The study is the first trial to evaluate the synergy of Chimeric’s NK cell therapy in combination with the current standard of care for AML, Azacitidine and Venetoclax.

The study is designed to enroll up to 20 subjects with newly diagnosed AML, who are not eligible for intensive chemotherapy or allogeneic stem cell transplant.

“The novel combination of CHM 0201 with the standard of care in AML treatment has the potential to transform frontline therapy and enhance outcomes for AML patients,” said Jason B Litten MD, chief medical officer of Chimeric.

CHM 1101 (CLTX CAR T) is a novel CAR T therapy developed for the treatment of patients with solid tumours.

Positive preliminary data from the investigator-initiated Phase 1A trial in glioblastoma was already announced in October 2023.

Telix buys QSAM

Telix Pharmaceuticals (ASX:TLX) has entered into an agreement to acquire QSAM Biosciences, and its lead investigational drug Samarium-153-DOTMP (153Sm-DOTMP).

QSAM is a US based company developing therapeutic radiopharmaceuticals for primary and metastatic bone cancer.

The purchase price comprises US$33.1 million ($50.8 million) upfront, which is payable in the form of Telix shares.

On top of that, there are performance-based payments, which will require Telix to pay contingent payments up to US$90 million ($138 million) in total, payable in cash and/or in ordinary shares, upon achievement of certain clinical and commercial milestones.

Group CEO of Telix, Dr Christian Behrenbruch, said the acquisition of QSAM will provide Telix with an additional near-term therapeutic pipeline, and further differentiate its position in radiopharmaceuticals.

In the US, there are over 400,000 new patients diagnosed each year with metastatic bone cancer and 350,000 patient deaths.