Listed Biotechnology Companies C

This Page Last Updated On 12/12/18

CDX - CardieX Ltd.

Ten year old company which listed as Atcor Medical Holdings in late 2005 with annual revenue of $4 million from sales of blood pressure profile diagnostic equipment. Name changed to Cardiex in May 2018. 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, 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 has 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 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 11% at $15 million) with new funds raised and new collaboration with Macquarie University on a wearable sensor and acquisition of 50% of a digital health company. Name changed to Cardiex Limited (ASX:CDX) at end of May 2018 and latest fund raising was oversubscribed. (8/12/18)

CDY - Cellmid Ltd.

Previously called Medical Therapies which listed without a clear justification in 2005. By 2009, market cap had fallen to $6 million with speculation over first new drug product under development and appointment of new CEO/MD which was not supported by shareholders. The larder appeared to be rather bare putting prices under downward pressure so it was not surprising that the company acquired a patent portfolio from Japan covering midkines to add blue sky potential in 2008. Company name was changed to Cellmid in November 2009. Company market cap at $7 million in October 2010 (down 6% in 2009 and down 38% in 2010) with new funds raised and licensing opportunity found. There was a tripling of the share price in November 2010 without explanation and shares then declined to a loss of 12% in 2010 with a market cap of $10 million. There was a significant rise in 2011 associated with preparations for clinical trials (eventually down 47% at $7 million following conversion of convertible notes and with further funds to be raised with only a 25% take up in fund raising at end of 2011). Prices declined 6% in 2012 with company value of $8 million following TGA approval for new hair product line which has just been launched and earning income and new funds raised. There was a 93% rise in 2013 to $21 million associated with new funds raised and new licensing deal with Fujikura as well as new shares in Pacific Edge and new agreements in Japan and China. There was little change in 2014 (down 10%) with company value at $19 million with manufacturer of first antibody therapeutic chosen and new licensing deals. There was a 19% decrease in 2015 to $17 million and a recovery to $22 million (down 8%) with announcement of positive clinical trials with hair products, new funds raised and a move towards the US market. There was an 8% increase in 2016 to $28 million with funds raised, significant sales by subsidiary in Japan and launch of product in the US. There was a 2% decrease to $29 million in 2017 with revenues increasing and share consolidation having a small positive effect on value and there has been a 46% decrease in 2018 to $23 million with signing of new distribution agreements and new funds raised. (10/12/18)

CGS - Cogstate Ltd.

This company listed in February 2004. General review of documentation indicates that this company listed too soon and should have undergone a further funding round before listing. Because of this, we expected shares in the company to be depressed for at least two years unless there was significant speculation in the stock. It was therefore not surprising that in the first two years prices fell 75% and the company had a market cap of only $5 million with $2 million in cash reserves and projections of increased income at the end of 2005. At that stage, the company was undervalued but if revenues could be increased, prices were expected to increase later in 2006. There was a significant increase in revenues which pushed prices up. In 2006, prices rose 91% and prices were up 5% in 2007 until an unexplained drop in June probably associated with company continuing to make losses. The company's market cap was $16 million at the end of 2010 (down 41% in 2007 and up 23% in 2008 following fund raising). Revenues are growing significantly and first profits have led to 97% increase in prices in 2009 but down 25% in 2010 with improving profitability. In our view, the company is currently undervalued and value dropped with signing of new joint venture. There was a 2% increase to $18 million in 2011 with indications of reduced revenues and profitability. New programs and contracts are likely to bear fruit later in the financial year indicated by a 56% price rise in the last three months of 2011 and significantly better year end financials (up 38% to $25 million in 2012). Prices increased 45% to $37 million in 2013 with financials indicating steady state and cognitive tests getting good profile in market. But announcement of reduced sales and maintained losses resulted in some depression of prices (eventually up 9% in 2013 at $36 million with more funds raised). There was a 44% decline in 2014 to $20 million despite announcement of involvement in several large clinical trials in US, sale of Axon Sports but little change in financial outlook. There was a 195% increase in 2015 to $65 million with new contracts signed, an improving financial outlook, a new investor on the Board and a return to positive cash flow. But there was a 15% decline in 2016 to $55 million which was recovered with announcement of financial results indicating profitability (eventually up 106% at $138 million). There has been a 27% decrease in 2017 to $102 million because projections of revenue and profit for FY2017 have been revised downwards but FDA has given clearance for new product to be launched in US market. There has been a 34% decrease in 2018 to $70 million with revenue growth still significant, losses low and a new centre of excellence established. (12/12/18)

CLV - Clover Corporation Ltd.

Share price performed extremely well in 2003 with an increase from 17¢ to 71¢ and the company showed good returns. However in 2004, the share price dropped 40% and stabilised with some recovery as turnover and profits were up. This was due to an exit from the fine chemical business, loss of a key customer in Europe and increasing competition. In 2007, there was an increase in prices associated with company reorganisation and increased sales. The company has a market cap of $64 million which is reasonable on the basis of turnover and profit. While we expected strengthening of the share price in 2005, prices fell 50% and fell a further 21% in 2006 associated with reduced earnings despite increased sales. This continued in 2007 with a fall but there was a 60% recovery associated with expectations of increased sales and profitability in FY2008 which were confirmed by end of year results but general market concerns have pulled down prices (prices up 27% overall in 2007, up 9% in 2008, up 36% in 2009 and up 59% in 2010 with release of positive annual results for FY09 and FY10 together with Numega plant being fully operational but joint venture has significantly reduced profitability). There was a decline of 23% to $50 million in 2011 with announcement of reduced revenues but return to profitability and signing of major new deals offers potential for future. There was an 93% increase to $96 million in 2012 with financials indicating continuing growth and profitability. There was an 11% decrease in 2013 with company value at $85 million in 2013 despite continuance on long term supply agreement with major company, revenues up 15% and profits up 39% with milk contamination scare affecting markets. There was a 42% decline in 2014 to $50 million with latest financials indicating declining revenues and profit due to unrelated problems in New Zealand of contaminants in whey. New managing director appointed in November 2014. There was a recovery in 2015 to $55 million then a decline with announcement of reduced profits due to slower than expected recovery in the Chinese market and increasing demand for a lower cost product. There was further recovery with the announcement of an alliance for development of new functional food for babies and upsurge in demand for infant formula from China (eventually up 28% at $64 million). There was a 47% increase in 2016 to $93 million with financials indicating increased sales and profitability. However, much of this gain was wiped out with results of a clinical trial not meeting the primary endpoint ( eventually up 35% at $86 million). There was a 40% increase in 2017 to $121 million with financials promising and a further 104% increase in 2018 to $246 million with year end financials indicating record revenues and profits. (4/12/18)

CMP - Compumedics Ltd.

Following listing 15 years ago, Compumedics share price lost 80% in the first two years followed by some recovery in the next two years but a further 73% fall in 2005. The company has significant turnover and exports and was profitable in 2004. Furthermore, it has prepared platforms for moving further into international markets. However in February and again in July 2005, financial projections were revised significantly with significant losses associated with smaller margins and costs of expanding the marketing and sales effort. There was a further 43% decline in prices in early 2006 with a significant recovery in July associated with maintenance of sales levels and improved profitability in the second half of FY2006. This was followed by a 90% jump in November when market interest in the company returned after a long period. At the end of 2006, prices were up 39% for the year but fell back in 2007 with some recovery in July (down 3% in 2007). There was some price fluctuation in 2008 (down 19%). The market cap in 2009 was $31 million which was low based on fundamentals. The company was reporting reasonable sales levels and profitability, the outlook for the future was greatly improved and further rises in share prices were to be expected when overseas markets pick up. Prices up 44% in 2009 and up 6% in 2010 following financials which indicate reduced revenues and profits. However, sales were starting to pick up in the US which indicated increases in 2011 (with signs of this a 90% jump at the end of 2010). There was a 53% fall to $15 million in 2011 with financials indicating declining revenues and reduced profitability and despite large orders from China and the US. There was a further 18% decrease in 2012 to $12 million with new advances promoted but lack of capital holding up sales and an initial increase in 2013 (up 16% in 2013 at $14 million) with financial outlook improving and some investor support as well as new support grant in France and new sales in the Middle East. Indications of increased revenues and return to profitability and new sales in China and Europe had little effect on price in 2014 but this has changed with some market promotion and new deals in the US, South America and China (up 6% to $15 million). There has been an 334% recovery in 2015 to $66 million with latest financials indicating increased revenues and profits and new distribution deals in China, Korea and Germany. Shares up 120% in 2016 at $154 million with financial projections and profitability being improved, new deal with Korean Institute and new funds raised. There was however a 52% decline in 2017 to $74 million with revenues dropping off but major contracts won in the US and Germany. There was a 45% increase in 2018 to $108 million with new appointment to drive international sales and positive sales outlook in China as well as a major new deal with a large Chinese health check organisation (now suspended). However announcement in August 2018 of complications in a Chinese JV resulted in a 28% fall in share price (now down 10% at $67 million). (7/12/18)

COH - Cochlear Ltd.

Despite Cochlear's domination of its markets, share prices had been falling since peaking in December 2001and levelled off at $21 by the beginning of 2004. However there was a clear 81% growth in 2005 (including a downturn associated with a market correction). The outlook for 2006 had been for slower growth than in the past with continuing profitability but positive financial results and the acquisition of Entific of Sweden promised more for the future. However, the upward trend was halted by a market correction and less than positive reception of FY06 financial results. Growth in the share price recommenced following this. However reporting of record half yearly results in February 2008 resulted in the share price dropping indicating the sanguine state of the market. The market cap of $4.1 billion is reasonable and with good financial year results, prices rose 27% in 2006, 29% in 2007 but fell 26% in 2008 (in line with market fall). Once current market conditions pass, prices should more than recover as latest financials are very positive (up 25% in 2009 and up 16% in 2010 with improving financials and difficulties experienced by competitors supporting the moves). There was a fall and recovery in 2011 associated with a general market decline but latest financials indicate continuing growth. However announcement of a voluntary recall in September led to a 42% drop to $2.6 billion (eventually down 23% at $3.5 billion). There was a further early decline in 2012 which was corrected mid year when losses from recall were not as large as expected and then prices steadily increased (up 28% at $4.5 billion). There was a 26% fall in 2013 resulting from poor response to release of half yearly financials and company value has fallen to $3.4 billion with the exit of some institutional investors. There was a temporary fall in 2014 with a rise following announcement of new product in Europe: now up 6% at $3.6 billion but announcement of negative jury verdict in litigation brought against Cochlear has significantly reduced earnings with some downward pressure still. This was reversed in August with announcement of end of year financials indicating sales up 15% in FY2014 (shares up 32% with company value at $4.4 billion.) There was an 16% increase in 2015 to $5.1 billion with some downward pressure on prices due to view by analysts that stock is currently overvalued and recovery with announcement of new CEO to replace retiring CEO in August. Release of end of year financials indicating increased revenues and profit but well below analyst projections resulted in fall of share price (eventually up 23% with company value at $5.5 billion.) There was a 5% decline in 2016 to $5.2 billion then there was a 15% surge when half yearly results were announced and a further surge with full year results indicating sales and profit were up substantially primarily due to depreciation of Australian dollar (now up 28% at $7 billion with sales over $1 billion). Patent litigation is currently a not serious distraction affecting prices. There has been a 40% increase in 2017 to $9.8 billion with record revenues and earnings and acquisition of Cycle LLC, the world's largest provider of audiology practice management software. Program in place for orderly changeover of CEO. There has been a 2% decrease in 2018 to $9.7 billion, with latest financials indicating increasing revenues and slowing profitability. Loss in patent infringement case has had some financial impact. (28/11/18)

CP1 - Cannpal Animal Therapeutics Ltd.

Company focussed on developing pharmaceuticals for pets derived from regulatory approved pharmaceuticals derived from the cannabis plant. IPO offer made in latter half of 2017 following seed funding of $1.5 million and listed in late October 2017 after raising $6 million through IPO, valuing company at $18.5 million. Since listing, prices were unchanged in 2017 with company value of $19 million. There has been an unexplained 18% increase then fall in 2018 to $10 million (down 45%). (4/12/18)

CSL - CSL Ltd.

The company completed acquisition of Aventis Behring blood products business and this is covered in more detail by other analysts. The company has also divested its Animal Health and JRH Biosciences businesses. The fundamentals of CSL are such that a significant share price increase was expected during 2004 and there was an increase of over 50%. We expected this to continue in 2005 with a greater focus on the high value blood fraction and pharma sectors and shares rose 45% with significantly improved turnover and profits. This continued in 2006 spurred on by improved trading in the plasma therapies market and improved profitability outlook leading to prices rising 54% in 2006. The merger with Zenyth Pharmaceuticals was completed with little significant impact on price. There was a further 67% increase in 2007 despite a temporary dip associated with unfavorable publicity about the Gardasil vaccine. Prices down 7% in 2008 following announcement to acquire Talecris Biotherapeutics, positive FY2008 financials and successful fund raising for the Talecris acquisition. Prices down 3% in 2009 following decision not to continue with Talecris acquisition and decision on share buyback, and up 12% in 2010 following financial results showing no growth. There was a 12% decrease in 2011 despite a share buyback and with lack of revenue and income growth (value $16.6 billion). There was a decline and then a steady recovery in 201was an uplift of share prices in 2014 associated with proposed acquisition of Novartis global influenza vaccine business: eventually up 26% with company value at $41 billion. There was a 4% set back in early 2015 with recovery to $42 billion (up 3%) following appreciation of the Swiss franc. There was a further 7% fall with release of half yearly financials in 2015 which indicated reduced profit projections. CSL completed acquisition of Novartis vaccine business with view to produce a global influenza vaccine company but growth of competitor Baxter International is raising concerns about CSL market share which was depressing share prices (up 21% at $48.75 billion). Shares down 5% at $45.8 billion in 2016 with financials not meeting expectations but clinical results promising but up 2% to $46.5 billion early in 2017. There was a 41% recovery in 2017 to $63.9 billion as the result of improved financials and improved access to China through acquisition of major share in Chinese fractionator. However announcement of a patent infringement claim in the US resulted in some dampening of prices. There has been a 29% increase in 2018 to $82.5 billion with annual revenues and profits up substantially. Recent share market corrections have resulted in a temporary fall in CSL share prices in recent weeks. (22/11/18)

CTE - Cryosite Limited

Since listing in May 2002, shares have drifted downwards as company is operating in a limited niche with an expectation of slow but steady growth after one or two years. Company has carved out a clear but relatively unexciting niche and was expected to grow slowly over next 2-5 years. Shares increased in line with increased optimism in the market after June 2003, but prices fell 35% during 2004 and 15% in 2005 despite the bearish market due to announcement of contracts with Bristol Myers and Pfizer. Prices remained more or less the same in 2006 and 2007. The current capitalised value of $5 million is low and we expected some growth in the share price in line with improving financials and continuing profitability but there appears to be a lack of faith in the company. Prices down 53% in 2008 but this company has potential for price increases (prices up 79% in 2009 but down 27% in 2010 even though the company is trading in line with or slightly below fundamentals and is profitable). There was a further 23% fall to $4 million in 2011 until sale of a large shareholding provided a temporary fillip (up 32% to $7 million in 2011). Chairman voted out at latest AGM on low numbers and reappointed by Board but is now exiting for new chairman with subsequent speculative jump in share price as new chairman increases holding in company. There was a 162% increase in 2012 to $18 million with revenues and profits increasing in FY2012, a new collaboration agreement commenced and the first dividend paid. There was a further 9% increase in 2013 to $21 million with revenue growth and profits continuing in FY2013 and FY2014. There has been a 15% decline in 2014 to $18 million with proposed capital reduction for company. New CEO appointed in January and resigned in September 2015. There was a further 40% decline in 2015 to $11 million and a 15% decline in 2016 to $9 million with appointment of new CEO but profitability being maintained. There was a 38% decline in 2017 with company value at $6 million with another turnover of CEO, a decision to license its brand and sell some assets and an associated restructure and write down of assets. Some concern was caused by ACCC reviewing the sale of assets and although this review has been discontinued, the ACCC reserved its position which resulted in Cell Care not proceeding with the acquisition. ACCC finally issued proceedings against Cryosite which led to a 44% decline in 2018 to $3 million with revenues declining and losses increasing. There was a further unexplained 30% drop in November (now down 62% to $2 million). (30/11/18)

CUV - Clinuvel Pharmaceuticals Ltd.

Name changed from Epitan in 2006. This company did not really shine in the two years since listing in 2001. However, the market lift in August 2003 combined with promising press releases quadrupled the share price. This was maintained and there was even a further substantial increase in April 2004 and another temporary 20% increase in October/November 2004. We considered that the optimism was premature and there was a 63% decline in 2005. However there was a speculative 113% rise in 2006 but shares fell 52% in 2007, attributed to difficulties of a major shareholder (now exited). There have been some oscillations in 2008 (down 30% overall). The market cap of $63 million following a number of substantial placements is still higher than warranted for this stage in the commercialisation cycle although positive clinical trial results are helping as well as preparation for commercial production (up 13% in 2009 and down 23% in 2010 following 10:1 consolidation). There was a 10% recovery and fall in 2011 (eventually down 25% to $48 million) with announcement of first $1 million in sales achieved and positive results from clinical trials. There has been an 18% increase to $64 million in 2012 based on speculation on commercialisation prospects of the company, FDA agreement on further trials, new funding and further positive results from clinical trials. There was a steady decline in 2013 (down 48%) with company value at $33 million despite successful clinical trials in the US There has been a 176% recovery in 2014 to $111 million associated with new clinical trials, new funds raised and orphan designation for Hailey-Hailey disease in US and Europe and an acquisition offer from Retrophin Inc. valuing the company at $95 million which was declined by Clunuvel and Retrophin has decreased its holding in the company to 6.7%. There was a further jump in late October 2014 with EMA approval for SCENESSE (eventually up 342% to $179 million). There was a 35% decline in 2015 to $121 million possibly due to higher losses than expected with reduction in Retrophin holding. However there has been a 183% recovery to $356 million in 2016 with funds raised and growing acceptance in Europe for commercialisation as well as fast tracking by FDA and first signs of profitability. There was a 10% increase to $391 million in 2017 with significantly increased revenues and profitability and a 104% increase in 2018 to $799 million with company introducing new global strategy and branding, clinical studies demonstrating safety and effectiveness, acquisition of outstanding 18% of Singapore subsidiary Vallaurix, completion of Scenesse NDA filing with the FDA and collaboration for a new clinical trial. (22/11/18)

CYP - Cynata Therapeutics Ltd.

Name changed from Eco Quest in November 2013. Another stem cell company looking to exploit an area in which there is still limited clinical data in support of stem cell therapy. Company relying on technology developed in North America and is signing up partnerships for manufacture of stem cells and their use in parts of the body. There has been some commentary recently on the relatively low valuations the market has given to stem cell companies and this will only change when clinical evidence becomes clear. Shares fell 32% in 2014 to company value of $21 million but there was a 185% increase to $64 million in 2015 due to speculation on announcement that its manufacturing process for stem cells has been validated. The number of hurdles that Cynata will have to overcome suggested the initial jump should be a short term rise but the fact that prices have remained high is indicative of high expectations of investors (eventually up 4% at $26 million with new funds raised and new collaboration on cancer). There was a speculative 28% rise in prices in 2016 to $33 million but this was temporary then reinforced following new strategic alliance in Japan and a new agreement with apceth in Germany. However there was a further jump with UK approval for new clinical trial and promising preclinical from research at Monash University (eventually up 106% at $53 million). There was a 15% decline in 2017 to $56 million associated with fund raising and new agreement in Japan involving an equity position, preclinical data providing promising results and commencement of clinical trial of company's cells and a 66% recovery in 2018 to $104 million with announcement of promising trial results, new investors on the books and new collaborations announced. (22/11/18)