Listed Biotechnology Companies D to H

This Page Last Updated On 13/12/18

DXB - Dimerix Ltd.

Dimerix was founded in 2004 as Dimerix Bioscience, a drug discovery and development company with a focus on chronic kidney disease and using bioluminescence resonance energy transfer (BRET) as a tool for study of G-Protein coupled receptor (GPCR) targets. It worked with Berthold Technologies in Germany to develop a BRET detector and tested BRET instrumentation and reagents for Perkin Elmer and Promega. However, there has been little other of commercial output until a backdoor listing throughSun Biomedical onto the ASX in 2015. There were no major changes in 2016 following listing and there had been little change in 2017 with company value at $13 million and with commercial results not likely for some time but positive clinical trial results resulted in a 50% increase in July. Company completed 20:1 consolidation of stock at end of October 2017 and after this change, shares were eventually down 11% at $12 million. Funds raised have increased company value to $15 million in 2018 with a 26% decrease in share price but commencement of two clinical trials offer hope. (29/11/18)

ELX - Ellex Medical Lasers Ltd.

Ellex disappointed the market in FY2004 and FY2005 due to problems in the target markets and declining profitability. The company has now shifted focus from OEM to controlling distribution specifically in the ophthalmic laser market. This involved short term costs and loss of profitability with a view to improved long term profitability. The company has been undervalued by the market despite having good technology, significant revenues and exports. The market cap at the end of 2010 of $26 million was very low on the basis of fundamentals with revenues up significantly and profitability returned. We expected that there would be price increases in 2008 following the downturn as the company was buying distribution companies to improve market presence and US companies to increase market spread (up 106% in 2006 but down 6% in 2007 and down 88% in 2008 due to a double downwards revision in sales projections, replacement of CEO and money flow problems as customers reduced demand). Despite the downward revision in sales projections but increased sales as indicated by last financials, this company remains substantially undervalued. Prices increased 80% in 2009 and this was expected to continue with significant international market penetration announced but uncertainties about continuing bank support tempered expectations for price increases as well as some softening of sales projections. There was a 69% increase in 2010. Initially there was a fall in 2010 as a result of GFC but improving financials suggested there would be an increase in prices during 2010 with gradual opening of market in US and this appeared to be occurring as the company returned to profit and increased its distribution business. However the negative aspects of the strengthening dollar in the latter half of 2010 has reduced profit projections with an associated fall of 57% in 2011 to $11 million. Some recovery is associated with expanding product lines which is expanding market opportunities and consolidation of manufacturing to reduce costs. There has been a rise and fall in 2012 with a recent recovery to $16 million (up 46%) with end of year financials indicating revenues up 10% with significant profit but price sensitivity indicates concerns about deterioration in overseas markets affecting bottom line. There was a further 29% increase early in 2013 to $21 million in expectation of good half yearly results but these were wiped out when the company provided conservative projections but reversed again with announcement of launch of new product in US market, FDA approval for its new laser treatment device and US Government qualification of lasers, positive results on pilot study with new product (eventually up 89% at $39 million) and with new funds raised and significantly increased sales in the US and acquisition of company in US market completed. There was a 24% decrease in 2014 to $30 million despite high revenues, promising trial results, projected continuing profitability, increased sales in US market, sales of the new 2RT laser system commencing in Europe and positive information on canaloplasty surgery for glaucoma. There was a 45% jump in January 2015 to $43 million with announcement of significantly improved half year results, a drop then a 173% recovery to $81 million with latest financials indicating increased revenues and profits and significant market share, release of information on positive laser treatment and move into glaucoma treatment device market as well as indications of 12% increase in sales in FY2016. There was a temporary 9% decrease in 2016 to $73 million with announcement of expansion of production facilities and improving financials for year end in sales and profitability (eventually up 87% at $170 million with more funds raised, launch of new products and improved reimbursement for process in US). There was a further 31% decline in 2017 to $139 million with financials indicating slowing growth due to shifting of manufacturing facilities in Adelaide but sales of new iTrack product likely to lift substantially. There was a 10% fall when company indicated in July lower than projected sales for FY2017 but it had already advised of this likelihood months earlier and projections made months ago also indicated this reduced income level. Substantial fund raising to expand into the glaucoma surgery market dampened prices towards the end of 2017. There has been a 31% decline in 2018 to $96 million with indications revenues are growing at 13% and losses are small but continuing. A recent sales updated provided a temporary boost to share prices. (10/12/18)

FTT - Factor Therapeutics Ltd.

Listed in March 2004 as Tissue Therapies without significant track record and with negligible business. This company was listed too soon and the shares have been subject to speculation which initially raised prices 50%. Following that, prices have fallen below listing price. Prices fell 24% in 2005 and 23% in 2006. Further declines were expected. However the announcement of an exclusive deal with Invitrogen Corporation in early 2007 resulted in a temporary lift in prices in 2007 and a further lift following announcement of three significant government grants with the expectation for some improvement in revenues in 2008. Prices down 35% in 2007 and down 73% in 2008 with a recovery of 68% in 2009 and market cap of $23 million due to speculation about positive clinical trials, further fund raising and a government grant. There has been a further 350% increase to $100 million in 2010 with further positive clinical results in Australia and Canada, awarding of patents in several jurisdictions and proposal to enter the European market by the end of 2011. There was a 47% decline to $65 million in 2011 associated with fund raising of $15 million to expand activities and economic downturn at the beginning of August and despite positive results from European trials. Announcement of sales of product commencing in June 2012 led to a temporary uptick in prices (eventually down 19% to $53 million) with further funds raised. There was a further 24% fall in 2013 with new funds raised increasing company value to $50 million then a potential change in regulatory conditions in the EEC resulted in a further 41% drop in March 2013 (eventually down 2% at $80 million with a recent jump in price unexplained). There was a 5% increase in 2014 with company value at $84 million but there was a 30% decrease in 2015 to $59 million with advice that EMEA will delay approval for product and substantial fund raising completed and a further fall when further information was sought from EMEA further delaying the process (eventually down 86% at $14 million). The CEO has resigned and there has been significant changeover in the board with a change of strategy and transfer of intellectual property from Queensland University of Technology to the company. The company rebranded itself and its products with company name change to Factor Therapeutics in May 2016. Shares up 51% to $50 million in 2016 following fund raising and commencement of clinical trials in US. There was decline and recovery then a further drop in 2017 (eventually down 25% at $37 million) with appointment of new CEO and clinical trials progressing although announcement of delays in trial recruitment resulted in a sharp drop in early October. There was a 35% increase in 2018 to $58 million with raising of more funds and clinical trial results due. However announcement that clinical trial did not meet necessary endpoint resulted in a 97% price fall to company value of $2 million. (15/11/17)

GBI - Genera Biosystems Ltd.

Melbourne-based start up commercialising diagnostic and other tools listed in Jun 2008 and shares promptly fell 40% and eventually 52%. However, there was a 231% increase in 2009 associated with positive trial results and adoption of the test by a key pathology laboratory chain in Australia as well as TGA approval. Revenues are still meagre and market cap of $13 million is high despite new developmental agreements negotiated (down 43% in 2010 and down 68% in 2011 following delay in signing of commercial agreement and slow growth in sales). There was an unexplained 21% increase in 2012 to $13 million, possibly associated with speculation over a new hardware diagnostic platform and raising of new funds but this has been reversed (eventually down 17% at $10 million). There was a 21% increase to $12 million in 2013 and a 31% increase in 2014 to $19 million with HPV tests being promoted as a standard test and funds raised and Board deciding the best future strategy for the company would be a merger with an international molecular diagnostics business and preparations for this are in progress. Company has engaged a new CEO and entered collaborative agreement with Beckman Coulter on integrating its test into a flow cytometry platform. There was a further 50% increase in 2015 to company value of $28 million with diagnostic products approved by TGA and Europe and new distribution agreement for India but a recent unexplained drop (eventually up 32% at $25 million). There has been a decline and recovery in 2016 with focus on Indian market (eventually up 8% at $27 million) and company is short of funds. There has been a 26% decrease in 2017 to $21 million with announcement of partnership with Beckman Coulter and new funds raised. There has been a 20% decline in 2018 to $17 million with slow growth in revenue not matching growth in losses. Shares have been suspended since early July due to capital raising. (23/11/18)

GID - GI Dynamics Inc.

US company with innovative implant to reduce caloric intake listed on ASX in September 2011 after raising funds @ $1.10. Share prices fell 15% in 2011 following listing. Shares have oscillated in 2012 and company value was $158 million in the end (down 41%) with progress being made in the European market and first device inserted in Australia but litigation in the US is confusing the picture and prices fell after August. There was a 26% increase to $200 million in 2013 with announcement of collaboration with GSK and Medtronic, resolution of litigation in US, commencement of US trial and a continuing increase in sales but there was a decline in April/May. Up 36% at $295 million in 2013 with new centres in Europe and new French clinical trial and $58 million in new funds raised. There was a 68% decrease in 2014 to $114 million with more funds raised but a poorer outlook for financials assisted by temporary suspension of exports to Europe due to a regulatory review (resolved) and a proposal for a reverse split of shares preliminary to listing on NASDAQ capital market. There was a 31% increase in 2015 to $149 million but the decision by the FDA to place a hold on a critical clinical trial in the US due to unanticipated clinical complications resulted in dramatic falls in the share price in March and July (now down 88% to $14 million). The company has now decided to discontinue the trial, restructure the business with halving of staff and evaluate strategic options. Positive comments out of Germany indicate that Endo Barrier is still an option for treatment. Even in 2016 at $14 million with replacement of CEO but recent review of clinical data indicating that EndoBarrier may have a use with a new protocol to reduce incidence of liver abscess. Company has indicated potential compliance issue with the Australian TGA is being resolved and recently posted plans for streamlining company with a view of commercialisation and this resulted in a temporary increase in share prices. Announcement in September that TGA would be cancelling EndoBarrier resulted in a 50% price fall but this was recovered with announcement of more positive results in Germany (eventually down 24% to $11 million) and new fund raising. There was a 22% increase in 2017 to $16 million associated with new fund raising, clinical trial showing positive results and engagement of contract manufacturer. However withdrawal of CE Conformity Certificate in November had a short term 40% negative impact. There was a 25% decrease in early 2018 to $12 million with a recent recovery (now down 36% at $17 million with new funds raised) which indicates that though there is a positive attitude to the company and its product in the German market, it is not out of the woods yet. Despite this, the company has been able to raise further funds and streamline operations by reducing staff further and more positive trial results are being released. The FDA recently approved a pivotal trial for EndoBarrier. The company has also announced a reverse stock split to reduce shares associated with fund raising. (29/11/18)

GTG - Genetic Technologies Ltd.

GTG has been an enigmatic company claiming a significant portfolio of patents in the DNA area which initially was discounted but which over time is being acknowledged by some companies as worthy of being licensed in return for fees. The success of GTG will depend on its ability to enforce its patent portfolio in the market. Shares increased four fold in the year to August 2003, but thereafter, prices fell over 50% until the September 2004 announcement of positive trial outcomes in the litigation with Applera which doubled the share price. Since that time, the prices have gradually declined then recovered before falling heavily on the announcement of a resolution of litigation with Applera which was not seen as totally positive for GTG. There was a further substantial fall (63%) in 2007 related to an ASIC inquiry into activities of executives of the company but countered by the deal with Monsanto. There was a temporary recovery associated with the premature announcement that FY2007 would be profitable and the appointment of a new CEO. The company had a market cap of $13 million at the end of 2010 (prices down 15% in 2006, down 57% in 2007, down 67% in 2008 and down 16% in 2009). Realisation of value will only come with a further substantial increase in income and a shift to profitability with the first signs being the favourable FY2007 and FY2008 results although revenues are stable rather than increasing. Confusion caused by proposal by largest shareholder to dump other directors which was successful in November 2008 probably contributing to further drop in price - down 67%. Situation further clouded by charges against key director and major shareholder in company for market manipulation leading to his resignation. There was a moderate recovery in prices in 2009 following appointment of new CEO but by years end, prices had again fallen. There was a temporary recovery in early 2010 with licensing in of new genetic tests, acquisition of a breast cancer test and new fund raising but prices were down 21% by the end of 2010 with establishment of US diagnostics operation, new licence to Monsanto, licensing wins with Innogenetics and Pioneer Hi-Bred and costs being contained. There was a 233% increase to $51 million in 2011 on the basis of substantially improved licensing income, the forthcoming launch of a breast cancer diagnostic, promotion in the US, successful litigation and the launch of new infringement suits and first signs of profitability of the company. Shares were suspended prior to a capital raising and fell over 40% following the announcement. There was a 26% decline in 2012 to $38 million with deteriorating financials and a doubling of price in May 2012 with progress being made in the US market. However, AGM in November resulted in removal of number of directors including chairman and subsequent resignation of CEO as a result of play by major shareholder with a precipitous drop in share price (eventually down 35% at $34 million). There was a 23% decrease to $32 million in 2013 with improving half yearly financials but no explanation for the increase other than new agreements with large organisations completed, new fund raising completed and announcement that the major shareholder intends to reduce holding substantially for shares in subsidiary. There was a 73% decline in 2014 to $12 million with pick up in BREVAGen sales and queries from NASDAQ about share price. This resulted in a restructure and refocussing of company, a proposed change of company name to Phenogen Sciences (same as US subsidiary) and divestment of heritage Australian Genetics business to Specialist Diagnostic Services. In November 2014 the company received notice from NASDAQ that it was not meeting compliance with listing rules. There was a 13% decrease early in 2015 to $11 million but this was more than reversed with implementation of new standby facility and new fund raising in the US (eventually up 67% at $43 million). There was a further 56% decline in 2016 to $27 million with raising of funds and a further decline in 2017 with income the lowest in ten years. There was a 27% decline in 2017 to $19 million with NASDAQ again querying the share price. The company is bleeding about $8 million a year and is looking for a place to go. In addition, shareholders representing almost 6% of the company are seeking to remove the Board and management. There was a short term recovery of 100% in December (eventually up 18% at $32 million). There was a further 23% increase in 2018 to $39 million but some uncertainty was caused by sudden resignation of Chairman and a director. The subsequent AGM saw the election of three new directors and then the resignation of the reelected CEO. The new board views the current situation as not viable and is proposing to raise new funds and form an alliance with a company associated with most of the directors, Blockchain Global, to apply blockchain technology to biotechnology applications. Shares in 2018 are down 38% at $21 million with new alliances formed, discussions for market entry in China and access to $20 million funding facility gained and associated fundraising commenced. (10/12/18)

HCT - Holista CollTech Ltd.

Previously called CollTech Australia, this company listed in February 2004 as a producer of ovine collagen. Listing was premature and in first four years, income was meager. By early 2009, company value was vulnerable at $3 million and alternative business was sought with backdoor listing of Malaysian natural products healthcare company and associated name change. Prices rose 45% in 2009 and 38% in early 2010. However prices are oscillating wildly and prices were down 24% by the end of 2010 with market cap of merged company at $14 million which is above projections from fundamentals. There was a further temporary increase in 2011 (eventually up 5% at $15 million with announcement of deferral of collagen plant due to market conditions, new joint ventures with Indian and Australian groups and registration of new biopesticide). There was a precipitous 65% drop to $5 million in April 2012 despite collagen plant meeting significant orders and reduced losses with some subsequent recovery (eventually down 37% to $9 million). There was a 37% increase in 2013 to $14 million with new agreement with Swiss company on new product and establishment of US company to commercialise food products. There was a further 50% fall in 2014 to $8 million and an additional 32% fall in 2015 to $5 million with new deals signed. There was a turn around in midyear with release of food grade sheep collagen (now up 60% at $13 million). There was a speculative 169% jump to $34 million in early 2016 with announcement of bakery development but this was short-lived (eventually up 24% at $17 million with major partner becoming significant shareholder and new partnership deals signed). There was a 12% decrease in 2017 with company value at $16 million with new deal to supply medical collagen for the US market, a new licensing deal on carbohydrate management, acquisition of major share in a marketing company from company's CEO and development of low GI noodles. There has been a 31% decrease in 2018 with company value at $14 million with developments announced by a related company, signing of new supply contract in the US and China, global launch of new low GI product and raising of new funds to support entry to new markets. (12/12/18)