Listed Biotechnology Companies A
This Page Last Updated On 4/1/19
1AD - AdAlta Ltd.
Company developing next generation antibody platform to treat serious diseases such as Idiopathic Pulmonary Fibrosis (IPF) listed in August 2016 at a value of $19 million. By the end of the year, shares had fallen 32% to $13 million. There was a 35% recovery in 2017 to $25 million as company prepared for clinical trials after FDA granted orphan drug designation for IPF and down 8% in 2018 to $27 million with raising of further funds. (28/12/18)(ACG - AtCor Medical Holdings Ltd.)
Ten year old company which listed in late 2005 with annual revenue of $4 million from sales of blood pressure profile diagnostic equipment. There were high expectations for growth of the company as share prices initially rose but shares fell 60% in 2006. However, there was market interest in the stock and with announcement of significant sales growth in early 2007, there was a temporary 10% lift in shares. The company was valued at $12 million at the end of 2010 with sales growing significantly (peak sales of $12 million in FY2009). With the company projecting a growing base in major markets and a US-based CEO, value of company was expected to increase in 2007 but the market appeared to lose confidence in the company although there was a sharp jump in late 2008 with expectations of increased sales (down 53% in 2007 but up 63% in 2008, a further 23% in 2009 then down 50% in 2010 when financial results indicated decreasing sales). Completion of fund raising, improving market profile and promotion to investors resulted in share price improvement but this was affected by the global financial crisis in August (down 11% to $11 million in 2011). Slower improvement in financials than expected led to an initial decrease in 2012 but there was a temporary recovery to $12 million (eventually down 15% to $11 million) with new product being launched and approved by FDA, a new commercial partner and new funds raised. Final yearly financials posted in 2013 indicated the company was profitable in a difficult market and this led to a 143% increase in share price to company value of $27 million. There was a 42% decline in 2014 to $16 million with announcement of significantly reduced forward projections, launch of new product and new funds raised. Shares up 124% in 2015 to company value of $44 million with increasing demand for use of Atcor equipment in US market, new agreements signed, CE mark gained for product developed jointly with SunTech Medical and new funds raised. The stock was up 200% until announcement of reimbursement codes when stock fell 30%, There was a decline of 68% to $16 million in 2016 with financial outlook becoming more difficult, sales showing steady decline since 2010 and new research results and trials supporting the company’s product. There was a further 47% decline in 2017 to $10 million with a significant downward revision of financial projections to 2007 levels, a recent speculative price rise and raising of further funds. This probably resulted in appointment of new CEO and new director to reinvigorate the company which started with new trial contract signed and new supply agreements. There has been a 30% decline in 2018 to $7 million with yet another study supporting Atcor products without having an effect on sales (which are back at 2005 levels although losses are down. The announcement in March of a repositioning of the company with a name change to CardieX and a new alliance resulted in a temporary 30% recovery (now down 27% at $10 million) with new funds raised and new collaboration with Macquarie University on a wearable sensor. Name changed to Cardiex Limited (ASX:CDX) at end of May 2018. (16/6/18)ACL - Alchemia Ltd.
Alchemia listed just before Xmas 2003 and the price rapidly fell from 75¢ to 60¢ and then more slowly to around 45¢. However in mid June 2004, due to speculation, there was a run on stock which resulted in a 50% price increase. In October 2004, there was a further 50% jump associated with technology development announcements and associated speculation. Following this there was a gradual relaxation of prices to around the pre October 2004 levels and a gradual then rapid rise to around $1.20 (up 51% in 2005) and maintenance at this level in early 2006 associated with the absorption of Meditech Research. There was a significant decline up to September 2006 associated with the reassessment and eventually termination of the relationship with APP. Following this, there was some uncertainty (down 33% in 2006 overall, down 42% in 2007, down 77% in 2008 but up 350% in 2009 following successful NDA filing with FDA). We felt that the market cap of $121 million at the end of 2010 was high following substantial fund raising, milestone payments from manufacturing partner and FDA approval of NDA application (down 13% in 2010). While this may be justified once sales began, there was a price fall in June 2010 due to the arrival of a previously unknown competitor in the market but some recovery with progress in clinical trials and marketing arrangements. There was a further 6% increase to $129 million in 2011 with the announcement of the FDA approval of Fondaparinux. However the announcement that a Canadian generic manufacturer was releasing a generic form of Arixtra resulted in prices falling more than 50%. Eventually down 52% to $84 million in 2011 following announcement of new clinical trial and raising of new funds ($20 million). There was an 98% increase in 2012 to $167 million associated with increased sales expectations for the US and proposed demerger of oncology business into US subsidiary Audeo Oncology which would have dual listing and an initial value of over US$100 million if IPO were to be successful. However announcement in December that demerger would not proceed resulted in 34% share price fall (eventually up 28% overall at $108 million). There was a fall and recovery to $185 million in 2013 (prices up 48%) with income increasing, a sudden changeover of CEO, chairman and board and new funds raised for clinical trials. This was followed by a 15% increase in 2014 to $213 million despite a deterioration in the target market. The announcement in October 2014 that Phase III trial of HA-Irinotecan in metastatic colorectal cancer was not successful resulted in an 85% drop and possibly departure of CEO ( eventually down 84% at $29 million). There was a further 61% fall in 2015 to $11 million with announcement of results of strategic review and indications that sales of Fondaparinux are declining. This led to cost cutting with reduction in size of Board and executive overheads and sale of Alchemia Oncology and VAST technology. Shares more than doubled in price in September 2015 with announcement of proposed sale of Fondaparinux intellectual property and proposal to return capital to share holders as part of capital restructure (eventually up 10% at $32 million in 2015). Following shareholder meeting, $30.2 million returned to shareholders, remaining company (shell) valued at $3 million. Introduction of new board member who is a significant shareholder indicated developments in the offing for this company (down 92% at $3 million). Company was temporarily suspended from quotation on ASX in June due to insufficient operations. There was a 13% increase in 2017 to $3 million but outlook for company remained unclear. There was no significant change in 2018 with company value at $3 million with a short term increase possibly due to speculation about future developments and there has been significant changeover of the Board. An unexplained 70% short term jump in share price in mid October remains of interest. (27/12/18)ACR - Acrux Ltd.
Acrux listed late September 2004 having already passed through two funding rounds. The technology was good and well supported with good potential for commercialisation. On listing the price fell 10% immediately and stayed at around this level followed by another 40% fall in April 2005 and some recovery. Announcement of positive Phase 3 trial results led to a 28% jump in 2006 which was wiped out in market drop of June followed by further rises as there were signs that the licensing stream was increasing with the licensing to Organon and milestone payments becoming significant. Market cap of $578 million following substantial fund raising (up 17% in 2006, a further 84% in 2007 but down 66% in 2008 and up 359% in 2009 following ostensibly positive analyst reports, conclusion of Phase III clinical trials with positive results and distribution agreement for Ellavie in Europe ). There was a 62% increase in 2010 with announcement of substantial deal with Eli Lilly on AXIRON which provided substantial profit in FY2010, regaining of testosterone spray licence from Vivus and FDA approval for Axiron with associated milestone payment. There was a 19% decrease to $478 million in 2011 with financials showing that company revenues are up considerably and profitability is also substantial as well as announcement of company's first dividend, launch of Axiron in the US by Eli Lilly, new veterinary product in Europe and introduction of Ellavie in Europe. There was a 38% increase in 2012 to company value of $658 million with improving outlook for Ellavie in European market and approval for sales of Axiron in Australia but final financial results for the year were seen as disappointing by the market and prices fell (eventually down 1% at $475 million). There was a 10% decrease to $426 million in 2013 possibly associated with the noticeable development in Acrux’s markets and signs that sales of Acrux product is levelling off. There was a further 32% decline to $291 million in 2014 and then a further drop of 22% in April (eventually down 55% to $192 million) due to FDA advice that testosterone products increase risk of stroke and heart attack in men (since discounted by FDA). This was impacting sales of Axiron but recovery in the second quarter of the year resulted in some increase in price and expectation of milestone payments as annual sales exceed $100 million (prices down 50% in 2014 to company value of $214 million and down 42% to $125 million in 2015 possibly due to uncertainty about FDA communications on risks of testosterone treatment and signs that Axiron sales are levelling off). There has been a 59% decrease in 2016 to $52 million with a US court ruling invalidating the Axiron formulation and application patents which will hit future sales of Axiron as generics arrive in market. There was a 52% decrease in 2017 to $25 million (less than cash holding) with sales projections declining but there was a jump in July with announcement of a release of a generic version of Axiron through Eli Lilly then a competitive one through Teva Pharma and Axiron sales are only down slightly from the year before although earnings have been severely impacted by a $10 million impairment. Termination of agreement with Eli Lilly on Axiron resulted in a 26% drop in September and Axiron was withdrawn from market in September. There has been a 20% recovery in 2018 to $30 million with filing of Abbreviated New Drug Applications (ANDA) with FDA and intimations of other products indicating there is still life in the company. There has been some dampening of prices recently with patent challenge to one generic product and overall market downturn. (29/12/18)ACW - Actinogen Medical Ltd.
Another biotechnology company in Western Australia listing without clear justification in late 2007. Share prices fell over 90% in the year following listing indicating general market attitude. Company market cap was $3 million at the end of 2009 (down 82% in 2008 and up 16% in 2009 following 100% temporary jump based on wild speculation).There was a speculative 40% jump and a drop in 2010 to $1 million associated with speculation and a further quadrupling of prices associated with a new discovery that was some distance from commercialisation (up 20% to a market cap of $3 million by the end of 2010). There were unexplained oscillations in 2011 partly due to new discoveries that were some distance from being commercialised (eventually down 17% to $4 million). There was a further 80% fall to $1 million in 2012 apparently relating to concerns about lack of focus of the company with a round of fund raising significantly undersubscribed, staffing reduced and little spare cash. There was a 60% increase in 2013 with problems in raising funds and the withdrawal of a prospectus has created some uncertainty. While one company has expressed interest in recapitalizing the company, the decision to close down the company laboratories resulted in a price fall (prices down 30% at $1 million in September 2013). Company took out a short term loan to keep afloat and this coincided with exit of key players from the board. Re-engagement of chief scientists indicated there were moves to revive the company (shares even with company value of $1 million in November although regaining chief scientist doubled share price and subsequent consolidation and fund raising had little effect on price. Eventually up 10% in 2013, with company value at $4 million.) There was a 105% increase in 2014 to $22 million with recommencement of antibiotic program, new collaboration with Curtin University providing interesting results, acquisition of Edinburgh start up Corticrine and substantial renewal of board with a shift of the company to Sydney and a greater emphasis on medicine. There has been a further 36% increase in 2015 to $37 million with appointment of high level advisory board to drive drug development and positive Phase I clinical trial. Company changed its name to Actinogen Medical Ltd in November 2015. There was an 18% decline in 2016 to $30 million and a temporary unexplained recovery (eventually up 18% at $44 million with FDA queries likely to delay a clinical trial). There was a 43% decrease in 2017 to $29 million with FDA and TGA approval for clinical trial which has just commenced and more funds raised. There has been a 10% recovery in 2018 with company value at $50 million with more funds raised. (26/12/18)ADO - Anteo Diagnostics Ltd.
Previously called Biolayer Corporation and SSH Medical, a medical equipment development company, which was restructured and acquired Queensland biotechnology company Bio-Layer. The latter company had already licensed its technology to a US diagnostics company and was working with a number of other international and local companies on developing new diagnostic products. Company had a market value of $3 million at the end of 2008 following substantial fund raising (down 57% in 2006, down 65% in 2007 and down 62% in 2008). A significant increase in revenues and reduction in losses suggested that company may be undervalued but the company needed to improve its cash position for survival and this was done with further fund raising. Name changed to Anteo Diagnostics in November 2008 but the company looked as if it might change its name to Anteo Technologies. New collaborative arrangements with a New Zealand company and a Malaysian company were negotiated. Prices down 65% to market cap of $3 million in 2009 indicating serious vulnerability of company despite fund raising. There was a 1,114% increase to $57 million in 2010 as a result of speculation following a licensing agreement with Bangs Laboratories which is already incorporating the Anteo technology in its product, but associated income is only just commencing. There was some relaxation in price in 2011 with recovery following announcements of further commercialisation (down 13% to $56 million). There was an increase to $63 million in 2012 with signing of new technical licensing agreement but shares fell below par with first signs of commercialisation bearing fruit (down 15% at $49 million). Half yearly financials indicated substantially improved financials with further improvements likely but with little initial significant effect on prices. Signature of agreement with BBI Solutions led to an increase (eventually up 154% in 2013 with company value at $130 million). There was a 25% decrease in 2014 to $101 million with launch of new product and new collaboration. There was a further 32% decrease in 2015 to $76 million with first signs of revenues increasing, a new distribution deal in Japan, new development agreements signed, a new product launched, new collaboration with IMRA, acquisition of Belgian diagnostics company and extension of arrangements with Sigma-Aldrich. Prices depressed by fund raising for Belgian acquisition which is now complete. New funds raised and 50% decline in share price in 2016 resulted in company value of $46 million with new investment arrangement, speculation over battery technology, retirement of CEO, and new products. There was a 78% decline in 2017 to $10 million following expected announcement of sale of Belgian diagnostics subsidiary to remove substantial debt. However announcement of positive assessment of battery technology resulted in some recovery and new CEO was hired (now down 61% at $18 million). Company value wass given a boost with the announcement in December 2017 of commencement of a lithium battery project to push commercial discussions.There has been a decline and recovery in 2018 to $20 million (up 6%) with another change of CEO and Chairman and some progress on lithium battery technology. (21/12/18)ADR - Adherium Ltd.
New Zealand digital health company developing technologies to address optimal medication and optimise remote patient management in chronic disease successfully raised $35 million and following listing on 26 August 2015, company value at end of 2015 was $92 million (up 29%). There was a 63% decline in 2016 to $41 million and a further 58% decline in 2017 to $17 million with a new CEO appointed to drive sales but company value is little more than cash holding. There was a 63% decrease in 2018 to $6 million with funds raised, new marketing approaches being used and restructuring to reduce costs. (4/1/19)AHZ - Admedus Ltd.
Formed from the reverse takeover of Allied Medical by bioMD in June 2011 and incorporating the tissue engineering technologies of bioMD, a medical distribution business and DNA vaccine development technology of Coridon Pty Ltd. Prior to the merger, bioMD had languished and the injection of funds and new businesses led to a 167% increase in 2011 with the company value at $45 million (eventually up 33% at $26 million with report of positive trials and push to commercialise tissue technology). There was a 48% fall in 2012 to $19 million with raising of further funds completed and promising results announced. There was a 662% increase to $201 million in 2013 with funds raised and end of year financials indicating reduced losses and announcement of projects advancing as well as the company taking an increasing share of Coridon. New fund raising through rights issue was successful in increasing value of company substantially. Name changed from Allied Healthcare Group to Admedus in November 2013. Speculation waned towards the end of the year (eventually up 638% at $195 million.) There was some change (down 23%) in 2014 at $173 million with first orders of CardioCel from the US and Canada and new funds raised. There has been a further decline in 2015 (down 43% to $134 million) despite improving prospects for the Cardiocel product, new fundraising completed successfully but significantly increased losses, 10:1 consolidation and funds raised from new US investors. There was a further 47% decline in 2016 to $92 million with significant slippage of some product milestones, sudden resignation of Managing Director, winning of new supply contract and FDA clearance of new product. Company is in process of substantial restructuring and promotion in the market has resulted in some share price recovery but fund raising resulted in significant price drop. There was a 17% decrease in 2017 to $74 million with reorganisation of Chairman and CEO positions, a new COO, FDA clearance for Cardiocell and positive clinical trial results. There has been a 53% decline in 2018 to $48 million with improved entry to US hospital market and developments with new products as well as a new JV in Hong Kong. A 79% drop in share prices to $37 million has been associated with a restructuring and recapitalisation of the company with the outcome as yet unclear. (29/12/18)ALT - Analytica Ltd.
This company has had a chequered career since listing in 2000. 2003 was a year of consolidation with minor changes in price. Two acquisition prospects were considered in the medical devices area with one being followed up in 2004 in retractable syringes - a difficult market. The diagnostics business was also sold in 2004. Market cap value of $19 million at end of 2008 following a 52% fall in 2005, 25% in 2006 and 41% in 2007 but up 331% in 2008 indicated that while we thought there was not much substance in this company, there was considerable speculation. Acquisition of Recovery Clinic offered some blue sky potential. Reason for rise in 2008 appeared to be related to launch of first product, an autostart burette, but there was continuing easing of prices in 2009 with a jump on announcement of first sales of the burette and distribution agreement (down 43%) but revenues were still minimal. There was a 33% decrease in 2010 associated with FDA approval for autoburette, licensing and distribution agreements and manufacturing problems. Value of $10 million at end of 2011 was high as sales were still minimal ( share price down 27% in 2011 with funds raised) but a supply agreement was signed with Concord Hospital. Prices up 16% in 2012 to $12 million following fund raising and sales of product commencing. Prices up 23% in 2013 to $19 million with meagre revenues apparent and new funds raised to promote new product. There was a decrease of 4% to $25 million in 2014 with increase of emphasis on new product Pericoach (released in November) with the reimbursement outlook in the US looking positive. There was a 15% fall in early 2015 to company value of $22 million but this was temporarily reversed with announcement of an app for Pericoach being available for the iOS system on iPhones and FDA providing 510(k) clearance but new fund raising has caused a recent drop in share prices (now down 74% at $9 million) with more funds raised (48% take up of share offer). Company has launched PeriCoach in US and appointed a distributor and sales partner there but there was some press speculation about the company and alternative products exist in the market. There was a further 57% decline in 2016 to $6 million with more funds being raised, expenditures cut back and less emphasis on expensive marketing to promote product. Further substantial fund raising has resulted in some price recovery in April 2016 (eventually down 29% at $11 million). There was little change in 2017 with company value at $14 million following raising of further funds. Company has retained a New York investment bank with a view to selling Analytica and/or its technology. There was no change in 2018 with company value at $17 million with funds raised to maintain the company, a new Australian-based manufacturer found and reregistration of product in US market expected in early 2019. (1/1/19)ANP - Antisense Therapeutics Ltd.
Following its listing 1in 2001, shares drifted down 75% as it was known from the outset that commercialisation of the company's products would take some time. The shares were given a fillip in August 2003 as part of an overall boost in biotech stocks and, surprisingly, prices remained high for a while before gradually declining. However the announcement in March 2005 of complications with a competitor's product directed at the same target led to a sharp 60% drop and some temporary recovery associated with reinitiation of clinical trials, although a proof of concept study which indicated limited effect reversed this (down 71% in 2005). In 2006, recommencement of a clinical trial and a proposal for refinancing of the company resulted in an improvement (100% in five months to end January 2007) and prices were the same as at the beginning of 2006. There was a modest 5% price rise in 2007. In 2008 there was a 100% increase due to the deal with Teva Pharmaceuticals and positive trial results (eventually down 17% in 2008). The market cap of the company was $29 million in early 2010 (up 57% in 2009 and down 11% in 2010) which we considered was high in view of cash reserves of $3 million and was driven by future expectations as Teva had made milestone payments. When Teva advised in March 2010 that it was discontinuing development and termination of the licence, there was a steep fall in value with some recovery to $8 million (down 87% in 2010) on expectation of new licensing opportunities and new funds raised and up 229% in 2011 at $23 million with excessive speculation over early stage clinical trials. There was a decline to $16 million in 2012 (down 52%) with new funds raised but no explanation for a temporary rise which ended when agreement with Afandin lapsed. There was a 36% increase to $22 million in 2013 following developments on clinical trials and share consolidation having little impact on company value. There was a 40% decline in 2014 with company value at $14 million with new fund raising completed and company searching for partnership deals to assist future development. There was a short term 60% increase in 2015 to $28 million with signing of licensing agreements in Sweden and the Netherlands and licensing revenues providing some profitability This dissipated to a degree (eventually down 21% at $13 million). There was a further 49% decline to $6 million in 2016 with announcement that licensing partner Strongbridge Biopharma was terminating its licence to ATL1103 and new application being sought for ATL1102 in multiple sclerosis. There was a 33% decrease in 2017 to $4 million with positive clinical trial results and slow progress to next trials. There has been a 29% decrease in 2018 to $6 million following new fund raising and commencement of new clinical trial. There was a 200% share price jump to $22 million in October ( now up 4% to $9 million) without explanation. (22/12/18)
ANR - Anatara Lifesciences Ltd.
Company reviving an old product from pineapple stems for treating gastrointestinal diseases in animals and humans listed towards the end of 2014. Second trial in pigs underway and shares have shown a steady increase since February 2015 (up 223% at $51 million in 2015) with second positive trial in pigs. There was a further 1% increase to $52 million in 2016 and down 9% in 2017 with company value at $47 million. However announcement of increased interest in a commercial agreement by Zoetis resulted in a 37% jump in August 2017 (eventually up 65% at $85 million). There has been a 73% decrease in 2018 to $23 million with the FDA approving the Human Food Safety Dossier on Detach®, a global licensing agreement signed with Zoetis and the retirement of Executive Chairman and other directors. (2/1/19)