ASX Health Index rebounded in March, up 1pc, but still trails ASX200
There are signs the healthcare space is coming back to life after a difficult 2023
6 ASX healthcare companies fronted fundies in Singapore
The S&P/ASX 200 Health Care [XHJ] rebounded in March, finishing just over 1% higher. However, it still trailed the broader ASX200 index, which rose by 3% in March.
It was a tough year in 2023 for the healthcare space, but there are signs now that things are beginning to pick up.
Aussie biotech companies are now starting to raise money and investor interest at a faster rate since the peak of the pandemic market boom.
Earlier this month, six Australian ASX listed biotech company CEOs fronted Asian-based funds and family offices in Singapore to pitch their investment case and win new investors.
The six companies were:
Recce Pharmaceuticals (ASX:RCE)
Arovella Therapeutics (ASX: ALA)
PharmAust (ASX:PAA)
BCAL Diagnostics (ASX:BDX)
Prescient Therapeutics (ASX:PTX)
Neurotech International (ASX:NTI)
The surge in interest among Asian investors marked a sharp turnaround after a two-year deal drought that forced many biotechs to cut jobs and shelve projects to save costs.
“There’s been a noticeable improvement in sentiment among investors in Asia,” said Omar Taheri, a former Sydney-based Macquarie investment banker now based in Singapore.
Taheri said interest from Asian based funds and family offices had been encouraged by a rebound in Australian biotech stock prices.
He said expectations the US Fed Reserve will soon start cutting interest rates, and a boom in M&A in the US biotech sector, were also driving interest.
A key barometer of the biotech sector, the US SPDR S&P Biotech ETF, is up 40% since its record low of October 2023.
Big interest in Aussie biotechs
Taheri says the most notable shift is an increase in “opportunistic” deals from companies whose fundraising was not linked to encouraging drug trial data or other scientific milestones.
“In two years of challenging markets, most companies were relying on catalysts to raise capital. Now broader investor interest has created a window for opportunistic issuance,” he said.
“There’s a good backlog of biotechs who didn’t raise funds over the past year or so who are sharpening their pencils again and Asian-based investors are very interested in Australian companies,” Taheri said.
Taheri also said Asian-based investors were more comfortable investing in Australia’s biotech sector thanks to the robust science and innovation of its universities and entrepreneurs.
Biotechs are particularly reliant on equity markets, because they often need large amounts of capital to fund drug development before they generate enough revenue to repay debt.
Here are the ASX Biotech Winners for March 2024
Code Name Price % Month Change Market Cap OSX Osteopore 30.00 242.42 $3,098,607 MSB Mesoblast 55.50 88.14 $633,095,022 RAC Race Oncology 142.00 71.08 $233,985,014 LBT LBT Innovations 2.40 60.00 $32,036,702 IMC Immuron 11.50 59.72 $26,219,810 PGC Paragon Care 31.00 51.22 $207,039,135 IVX Invion 0.60 50.00 $38,547,193 DXB Dimerix 30.00 46.34 $164,580,708 ANR Anatara Ls 3.90 44.44 $6,547,855 VIT Vitura Health 19.00 40.74 $109,416,020 UBI Universal Biosensors 20.00 37.93 $46,280,154 AVR Anteris Technologies 2348.00 36.12 $424,878,020 UCM Uscom 3.10 34.78 $7,582,216 EMD Emyria 5.90 34.09 $21,631,134 VBS Vectus Biosystems 25.50 27.50 $13,568,387 ATH Alterity Therap 0.50 25.00 $26,190,089 AVE Avecho Biotech 0.50 25.00 $15,846,485 BOT Botanix Pharma 22.50 25.00 $354,405,891 PAA Pharmaust 37.50 25.00 $147,705,438 GSS Genetic Signatures 68.00 19.30 $126,808,197 IMR Imricor Med Sys 56.00 19.15 $105,377,028 IRX Inhalerx 5.00 19.05 $9,488,348 EZZ EZZ Life Science 58.00 18.37 $24,768,900 1AD Adalta 2.70 17.39 $14,196,980 BDX Bcaldiagnostics 10.50 16.67 $26,490,945 MAP Microbalifesciences 21.00 16.67 $83,962,339 RSH Respiri 2.80 16.67 $29,676,330 SIG Sigma Health 129.50 15.11 $2,113,266,645 REG Regis Healthcare 401.00 14.90 $1,207,150,025 RHT Resonance Health 7.00 14.75 $31,282,505 FCG Freedomcaregrouphold 19.50 14.71 $4,657,362 HLS Healius 132.50 13.25 $962,082,424 RMD ResMed Inc. 3015.00 12.84 $18,592,878,182 PSQ Pacific Smiles Grp 160.00 12.28 $255,331,101 EYE Nova EYE Medical 23.00 12.20 $52,623,373 GTG Genetic Technologies 14.00 12.00 $16,158,414 MEM Memphasys 1.00 11.11 $13,677,423 ALC Alcidion Group 5.10 10.87 $68,466,134 AT1 Atomo Diagnostics 3.10 10.71 $19,815,272 VLS Vita Life Sciences.. 242.00 10.50 $131,613,363 OPT Opthea 74.00 10.45 $490,478,389 ACL Au Clinical Labs 269.00 10.25 $542,933,500 NYR Nyrada Inc. 9.90 10.00 $17,761,461 PTX Prescient 5.50 10.00 $44,292,589 CBL Control Bionics 4.60 9.52 $7,851,350 MX1 Micro-X 12.00 9.09 $62,258,445 IMM Immutep 38.00 8.57 $451,757,132 TLX Telix Pharmaceutical 1289.00 8.05 $4,176,230,417 BIT Biotron 8.10 8.00 $73,084,316 HIQ Hitiq 2.70 8.00 $9,499,814 CTE Cryosite 69.00 7.81 $33,678,598 PYC PYC Therapeutics 8.20 7.77 $347,095,105 LGP Little Green Pharma 14.00 7.69 $42,013,053 NEU Neuren Pharmaceut. 2122.00 7.66 $2,705,458,245 AGH Althea Group 3.20 6.67 $12,970,638 HGV Hygrovest 4.90 6.52 $10,305,219 OCA Oceania Healthc 57.50 6.48 $418,208,618 MYX Mayne Pharma 724.00 6.47 $615,937,845 AGN Argenica 67.00 6.35 $66,826,351 CGS Cogstate 135.00 6.30 $231,348,593 TRU Truscreen 2.10 5.00 $11,604,413 BMT Beamtree Holdings 21.50 4.88 $61,612,339 TRJ Trajan Group Holding 107.50 4.88 $163,632,291 NTI Neurotech Intl 11.00 4.76 $100,912,745 ANN Ansell 2458.00 4.68 $3,067,234,251 PIQ Proteomics Int Lab 115.00 4.55 $150,526,508 ECS ECS Botanics Holding 2.50 4.17 $32,213,739 SNZ Summerset Grp Hldgs 1052.00 3.95 $2,478,659,038 PBP Probiotec 290.00 3.94 $235,837,877 RHC Ramsay Health Care 5651.00 3.76 $12,965,354,275 SDI SDI 85.00 3.66 $101,035,701 FPH Fisher & Paykel H. 2366.00 3.64 $13,816,580,716 CHM Chimeric Therapeutic 3.00 3.45 $25,403,736 CUV Clinuvel Pharmaceut. 1436.00 3.16 $719,827,597 PAR Paradigm Bio. 34.50 2.99 $120,910,140 CSX Cleanspace Holdings 35.00 2.94 $27,056,092 M7T Mach7 Tech 71.50 2.88 $172,487,349 CU6 Clarity Pharma 275.00 2.55 $723,593,800 CVB Curvebeam Ai 20.50 2.50 $44,808,775 NSB Neuroscientific 4.70 2.17 $6,796,429 CSL CSL 28792.00 1.97 $139,138,125,734 DOC Doctor Care Anywhere 7.10 1.43 $26,031,599 ATX Amplia Therapeutics 7.70 1.32 $14,938,492 SHL Sonic Healthcare 2941.00 0.89 $14,110,961,321 VHT Volpara Health Tech 113.50 0.89 $288,714,840 EBR EBR Systems 80.00 0.63 $246,472,206 IDX Integral Diagnostics 225.00 0.45 $525,307,430 PME Pro Medicus 10375.00 0.35 $10,834,081,508 MVF Monash IVF Group 144.50 0.35 $563,022,344 COH Cochlear 33752.00 0.30 $22,105,566,607 AC8 Auscann Grp Hlgs 4.00 0.00 $17,621,884 ADR Adherium 4.20 0.00 $14,004,479 AHC Austco Healthcare 18.50 0.00 $55,125,286 AHI Advanced Health 9.20 0.00 $22,600,111 AMT Allegra Medical 2.90 0.00 $3,468,720 BP8 Bph Global 0.10 0.00 $1,954,116 CAN Cann Group 6.20 0.00 $27,123,891 CYP Cynata Therapeutics 19.00 0.00 $34,130,039 DVL Dorsavi 1.50 0.00 $8,949,924 EPN Epsilon Healthcare 2.40 0.00 $7,208,496 FRE Firebrickpharma 5.00 0.00 $8,947,337 GLH Global Health 11.50 0.00 $6,675,697 HMD Heramed 2.00 0.00 $7,064,996 MDC Medlab Clinical 660.00 0.00 $15,071,113 PCK Painchek 3.20 0.00 $52,346,533 RHY Rhythm Biosciences 9.50 0.00 $23,368,296 TD1 Tali Digital 0.15 0.00 $4,942,733 VFX Visionflex Group 0.80 0.00 $11,335,930
Osteopore’s stock price spiked 400% in one day after announcing that it has received clearance from two regulators, namely Singapore’s Health Sciences Authority (HSA) and Vietnam’s Department of Medical Equipment and Construction (DMEC), for its aXOpore product, which is essentially a porous lattice that is used around existing bones, which mimics the natural bone microstructure to promote new bone growth.
However… this massive spike comes on the tail of a recent huge fall in share price for Osteopore, after the company went to market seeking $3,000,000 through a placement priced at a massive 94.42% discount to last closing price.
That came about through a number of factors, including an ill-timed 15:1 consolidation.
Mesoblast jumped 50% after announcing that US FDA has informed the company that following additional consideration, the available clinical data from its Phase 3 study MSB-GVHD001 appears sufficient to support its submission.
Mesoblast has previously submitted to the FDA a proposed Biologics License Application (BLA) for remestemcel-L for treatment of pediatric patients with steroid-refractory acute graft versus host disease (SR-aGVHD).
Mesoblast now intends to file the resubmission during the next quarter, seeking to address all remaining product characterisation issues.
Race Oncology has been issued a Certificate of Analysis (CoA) for its first current Good Manufacturing Practice (cGMP) batch of proprietary bisantrene formulation RC220.
The certificate of analysis was issued by Ardena for first cGMP batch of bisantrene formulation RC220.
This confirmed that RC220 meets all cGMP specifications required for a human IV drug product.
The company says this was a major milestone in the progress of RC220 for use in human clinical trials.
Immuron jumped after announcing interim topline results confirming the efficacy of Travelan in preventing diarrhoea following a bout of enterotoxigenic Escherichia coli (ETEC).
The study on 60 patients show that a single daily dose of Travelan is 36.4% effective in the prevention of moderate to severe diarrhoea induced by ETEC, when compared to the placebo group in the study.
Around 66.7% protective efficacy against ETEC-induced severe diarrhoea was also observed in the patients taking Travelan, compared to the placebo group (secondary endpoint).
Invion rose after saying that its topically applied INV043 in combination with an immune checkpoint inhibitor (ICI) resulted in ~80% of subjects being tumour-free.
The study was conducted at the Peter MaCallum Cancer Centre using immune competent anal squamous cell carcinoma (ASCC) in vivo models.
The results support previous findings by Hudson Institute using intratumorally administered INV043 in combination with ICIs on another cancer type (triple negative breast cancer).
And here are the ASX Biotech Losers for March 2024
Code Name Price % Month Change Market Cap OSL Oncosil Medical 0.50 -33.82 $9,872,706 ME1 Melodiol Glb Health 0.50 -28.57 $2,034,178 RGS Regeneus 0.50 -28.57 $1,532,185 CTQ Careteq 1.80 -28.00 $4,239,851 TRI Trivarx 2.90 -23.68 $9,815,882 ICR Intelicare Holdings 1.30 -23.53 $3,052,718 CMP Compumedics 27.00 -22.86 $47,833,996 MVP Medical Developments 60.00 -22.08 $51,783,131 HXL Hexima 1.20 -20.00 $2,004,476 LDX Lumos Diagnostics 6.10 -19.74 $29,359,303 NOX Noxopharm 6.70 -18.29 $19,579,943 ILA Island Pharma 6.00 -17.81 $6,826,551 ZLD Zelira Therapeutics 70.00 -17.65 $7,943,009 ACR Acrux 4.80 -17.24 $13,954,409 JTL Jayex Technology 0.50 -16.67 $1,406,393 RAD Radiopharm 5.60 -16.42 $24,927,221 AYA Artrya 29.50 -15.71 $23,201,453 OIL Optiscan Imaging 7.60 -15.56 $63,485,901 IDT IDT Australia 7.70 -14.44 $27,063,919 EOF Ecofibre 9.00 -14.29 $34,098,651 VTI Vision Tech Inc 18.00 -14.29 $9,856,059 IBX Imagion Biosys 7.40 -12.94 $2,415,845 IMU Imugene 10.50 -12.50 $768,428,826 SNT Syntara 2.10 -12.50 $25,072,813 ALA Arovella Therapeutic 15.00 -11.76 $138,773,435 ACW Actinogen Medical 3.20 -11.11 $74,602,796 CAJ Capitol Health 24.00 -11.11 $255,830,875 AFP Aft Pharmaceuticals 276.00 -10.97 $289,430,878 AVH Avita Medical 495.00 -10.33 $302,512,394 PAB Patrys 0.90 -10.00 $18,517,026 1AI Algorae Pharma 1.00 -9.09 $16,613,524 MXC Mgc Pharmaceuticals 41.00 -8.89 $17,979,169 NC6 Nanollose 2.20 -8.33 $3,784,140 EBO Ebos Group 3169.00 -8.12 $6,123,409,929 SHG Singular Health 12.50 -7.41 $24,419,132 CDX Cardiex 7.60 -7.32 $22,357,267 NXS Next Science 32.50 -7.14 $94,800,908 OCC Orthocell 39.00 -7.14 $81,637,459 IME Imexhs 58.00 -6.45 $26,099,530 PEB Pacific Edge 7.50 -6.25 $60,845,351 4DX 4Dmedical 65.00 -5.80 $254,208,416 ONE Oneview Healthcare 32.50 -5.80 $218,444,467 PER Percheron 8.30 -5.68 $74,828,233 COV Cleo Diagnostics 17.00 -5.56 $12,597,000 MDR Medadvisor 27.50 -5.17 $151,290,508 ENL Enlitic Inc. 65.00 -4.41 $50,845,573 IIQ Inoviq 61.00 -3.94 $56,131,408 SPL Starpharma Holdings 12.50 -3.85 $51,505,078 SOM SomnoMed 38.50 -3.75 $41,807,687 AHX Apiam Animal Health 36.00 -3.36 $64,801,961 RCE Recce Pharmaceutical 44.00 -3.30 $89,628,820 EMV Emvision Medical 257.00 -3.02 $219,541,952 ARX Aroa Biosurgery 55.50 -2.63 $191,035,348 IXC Invex Ther 8.50 -2.30 $6,388,077 TRP Tissue Repair 22.00 -2.22 $12,277,763 LTP Ltr Pharma 28.50 -1.72 $20,065,564 IPD Impedimed 9.20 -1.08 $186,124,640 NAN Nanosonics 275.00 -0.72 $832,966,703 PNV Polynovo 219.00 -0.45 $1,511,609,725 CYC Cyclopharm 179.50 -0.28 $168,902,905
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