Listed Biotechnology Companies Q-Z

This Page Last Updated On 13/12/18

(QRX - QRxPharma Ltd.)

Five year old company listed in May 2007. Biopharmaceutical development company commercialising technology for treatment of pain and control of bleeding. Following listing, prices fell 85% (down 82% in 2008) to a market cap of $15 million. There was a 290% recovery in 2009 to $80 million with commercialisation outlook improving and funds raised and a further increase of 79% in 2010 to $176 million following announcement of strategic alliance with Chinese company, successful trials, success in $19 million fund raising and R&D funding support in the US. There was an 8% decrease in 2011 to $218 million with completion of phase III trial, prospects for a new NDA and new fund raising to take MoxDuo IR through to commercialisation. Deal with Activis spurred shares up 15% to $251 million in 2012 with payment of licence fee however announcement that FDA still required further information before approving MoxDuo more than halved the share price in June (down 40% at $130 million). There was a 26% recovery in 2013 to $163 million with improving half yearly financials, improving regulatory outlook, a delay in the FDA review of MoxDuo and new international collaborations. There was a 25% reversal once FDA indicated a need for resubmittal of the NDA (eventually down 17% at $122 million). There was a 5% decline in 2014 to $118 million with meeting with FDA looming and when the Advisory Committee recommended against MoxDuo, the share price fell over 80% (down 88% at $14 million) with questions about the advice QRX has provided to investors on FDA views, the replacement of the CEO and a shareholder move to oust the Chairman and a director which was strongly opposed by the board. AGM eventually led to total change of board and further decline in share price with decision to terminate further development of MoxDuo (eventually down 97% in 2015 to $3 million.) The company entered voluntary administration in May 2015 but just prior to this there was an unexplained jump in share prices (up 33% to $5 million in 2015). Management of the company has now returned to the Board which has had a total turnover as part of the company’s rebirth. Company removed from official ASX list in May 2018 following suspension for 3 years. (23/5/18)

RAC - Race Oncology Ltd.

The company listed in July 2016 through an RTO of Coronado Resources and is seeking to rejuvenate a chemotherapy drug Bisantrene previously used by Lederle but was lost in the series of pharma mergers in the 1990s. The company's initial goal is to complete clinical development of the drug and gain USFDA approval. In the two years since listing, shares have risen by up to 80% but are now down around 50% on opening price (down 81% in 2018 to $7 million). A recent short term 114% jump in share price to $17 million remains unexplained. (11/12/18)

RAP - ResApp Health Ltd.

Company resulting from the acquisition of ResApp Diagnostics Pty Ltd by Narhex Life Sciences Ltd. Reinstated to the ASX in mid July 2015 and by the end of the year increased 556% to company value of $59 million with excessive speculation on clinical trials in train. There has been a further speculation-driven 248% increase in 2016 to $241 million with positive results from clinical trial and link up with humanitarian organisation for application of technology in developing countries as well as positive meeting with FDA on regulatory matters although it is hard to understand a business model which would support such a value. There had been a 21% decrease in 2017 to $191 million but the announcement that the preliminary analysis of the SMARTCOUGH-C trial did not meet clinical endpoints resulted in a 78% further fall (eventually down 79% to $51 million. Progress is being made for an improved SMARTCOUGH-C-2 trial which has already started. There has been a 41% increase to $76 million in 2018 unexplained by the company but possibly due to some speculation on two current trials, a new partnership with Lockeed Martin and new successful fund raising to improve sales and marketing and expand clinical trials. (8/12/18)

RCE - Recce Pharmaceuticals Ltd.

Company developing a diverse portfolio of synthetic antibiotics started by former founder of Chemeq Limited which collapsed in controversial circumstances in 2007. Initially raised $5 million in early 2016 with a company value of $13 million and although shares rose 90% on listing, they had returned to parity by the end of 2016. Shares increased 3% in 2017 to $15 million with refocussing of company to target antibiotics and antivirals and halting of work on anticancer treatments. There was a 60% speculative jump in September with television exposure of company and this led to new fund raising which was successfully completed. Company is changing name to Recce Pharmaceuticals. There has been no change in 2018 with company value at $15 million and increased exposure of the company overseas. (7/12/17)

RGS - Regeneus Ltd.

Stem cell development company listed in September 2013 and has been more modest in its approach than Mesoblast. Currently promoting a canine cancer vaccine and use of adipose-derived stem cells for osteoarthritis and tendinopathy. Following listing, shares increased 100% by the end of 2013 to company value of $85 million but there was a 65% decline in 2014 to company value of $33 million with launch of cancer vaccine for dogs, a new agreement with Cryosite (ASX:CTE), new fund raising completed and launch of osteoarthritis treatment in Singapore. A negative report in ABC’s 7:30 report depressed prices in October 2014. There was a substantial switching of seats in the Board and management with a strategic review to reduce costs. Approval to proceed with clinical trial of a cancer vaccine has led to some recovery, down 41% at $20 million in 2015. There was an unexplained 70% increase in 2016 to $33 million (eventually up 76% at $34 million) with collaboration in Japan which is already providing income. There was a 24% decrease in 2017 to $26 million with a milestone payment for a successful trial in Japan and there has been a decline and recovery in 2018 to $25 million (down 4%) with promising trial results. Announcement of licensing opportunities in Japan and new funding resulted in a 50% jump in July (now up 60% at $42 million). (30/11/18)

(RHS - RHS Ltd.)

Arising from the reverse takeover of AO Energy Ltd in 2014, Reproductive Health Sciences, later RHS had good technology but it remained to be seen whether it would gain sufficient commercial traction to justify its listing. The company gained good market coverage, but revenues remained small and share prices trended down since the company's arrival in the market. Shares down 4% in 2016 to company value of $7 million when an unexplained 41% price jump occurred in May (eventually down 22% at $8 million) and new funds raised and company claiming increased revenues. There was a temporary 176% jump in April 2017 to $21 million with the announcement that the company's main product was recognised as world leading but the speculation quickly diminished (eventually up 43% in 2017 at $13 million) with new funds raised, test improvements and change of company name to RHS Limited. There was a 96% increase in 2018 to $25 million with an announcement that Perkin Elmer has reached agreement to acquire the company for $25 million and shareholders have approved the scheme of arrangement.Removed from ASX list on 15 June 2018. (18/6/18)

RHT - Resonance Health Ltd.

This company has invested so far in Inner Vision Biometrics which is expected to provide only a modest income for some years. However FDA approval for the company's diagnostic provided a short term fillip in early 2005 with a 20% price jump against the downwards sector trend. Introduction of a new strategy to develop business in the US market was not successful and company returned to single revenue income. However, while IVB provides modest revenues, it is now profitable. Company value was $7 million following falls of 30% in 2005 and 78% in 2006 associated with fund raising, market correction and shareholder dissatisfaction. With refocussing of company, prices fell 35% in 2007 and 33% in 2008 with the bright lights being a continuing contract with Novartis and improving financials such that the company became profitable. There have been price oscillations in 2009 (up 180%) with profit and expectations of increasing income as new products and services are introduced. Prices down 25% to $8 million in 2010 apparently associated with GFC and reduced earnings and despite new agreement with Novartis. There was a 57% jump to $12 million in 2011 with signing of product evaluation agreement with Pfizer but there has been some subsequent decline (eventually down 38% in 2011 at $5 million). No great movements in first half of 2012 with submissions to FDA for new tests and annual financials indicating contracting revenues leading to a 31% fall to $3 million. However announcement of FDA interest in FerriScan test and two new clinical trials resulted in doubling of share price in October (eventually up 38% at $6 million). Lack of growth in financials has led to some oscillations in 2013: eventually up 250% at $23 million with new contracts and FDA approval for new test and losses significantly reduced. There was a temporary increase in 2014, eventually down 35% to $16 million with fund raising completed and signs of an expanding market but signature of new agreement to acquire UK company in MRI space dampened the share price and prices recovered once company decided not to proceed with this acquisition. Resignation of Managing Director in early 2015 suggested positive developments for the company with temporary increase in price ( now down 39% at $10 million). The company has returned to profitability for first time in six years and with favourable exchange rate this state should continue and new fibrosis test offers opportunity for more value. Despite this there was a temporary 28% increase in 2016 to $13 million with sales stagnating below projections but company is break even. There has also been a jump associated with increasing involvement in clinical trials and a new test for iron in bone marrow and in sickle cell disease (finally up 4% at $10 million with financials disappointing). There was a 15% decrease in 2017 with company value at $9 million and trials are indicating expanding usefulness of the new tests developed by the company as well as testing of new process accessible through the cloud. Company sales appear to be stagnating and losses, though small, continue. There was an 18% increase in 2018 with company value at $10 million with release of a new screening test for non-alcoholic steatohepatitis (NASH), a new screening test for diabetic retinopathy, a new alliance agreement with a platform company, appointment of new CEO and better promotion to the market. Announcement in December of FDA approval of FerriSmart resulted in 100% jump in prices (now up 341% at $39 million). (12/12/18)

RHY - Rhythm Biosciences Ltd.

Company drawing on CSIRO technology to develop a simple affordable and effective blood test for colorectal cancer. Company listed in early December 2017 and shares rose 40% to company value of $28 million by the end of 2017. There has been a 46% decline in 2018 to $15 million with need to commercialise the technology becoming pressing and change over of CEO. (5/12/18)

RMD - ResMed Inc.

Shares in the company took a hit in late 2001 with falls from over $10 to under $5. This was followed by patchy but clear improvement to the $6 level (62% increase in 2005 and a 2:1 stock split and even in early 2006). However on release of financials in 2006, there appeared to be a shift in expectations for the company and the share price appeared to have stabilised at a lower level of around $5.40 with subsequent growth. The fundamentals of the company are good with substantial turnover and high profitability. The company currently had a market value of around $3.8 billion at the end of 2011 and if continuing positive results are recorded, prices should continue rising (up 21% in 2006 but down 6% in 2007, down 10% in 2008, up 11% in 2009, up 18% in 2010 following stock split but down 29% in 2011 following sudden resignation of CEO, strengthening of A$ and some reorganisation of the company as well as acquisition of an Irish company to extend range as well as declining profitability). There has been a 60% increase to $6.0 billion in 2012 associated with improved financials and recovery in the US market. There was a further 35% increase in 2013 to $7.5 billion with record revenues and profits, a new CEO appointed and patent infringement action successful. There was a drop when first quarter results showed growth levelling off but third quarter financials for FY2014 indicate continuing growth (up 31% in 2014 at $9.7 billion). There was a further 22% increase in 2015 to $11.9 billion but the announcement of a negative clinical trial outcome resulted in a significant fall in the share price (eventually up 7% at $10.4 billion). There was a further 6% increase in 2016 to $11.0 billion with proposal to acquire Brightree for US$800 million to expand connected healthcare solutions followed by a fall and recovery with company having more than 50% of US airflow generator market (eventually up 15% at $12.1 billion). The company is currently involved in cross litigation over patent infringement with Fisher & Paykel Healthcare. There was a 28% increase in 2017 to $15.6 billion with signs that profitability is levelling off despite revenues increasing. There has been a further 41% increase in 2018 to $22.1 billion with revenues continuing to increase, profits levelling off and acquisition of MatrixCare for US$750 million. (7/12/18)

RSH - Respiri Ltd.

Previously named Q-Vis then Salus Technologies then Karmelsonix and iSonea in August 2011 before the most recent change in December 2015. Formed from the acquisition of KarmelSonix from Israel and PulmoSonix from Australia to develop respiratory products. Developments were at an early stage and the initial market cap of $8 million following the restructure and fund raising indicated the uncertain status of the company. However, in June/July 2007 prices jumped 502% without explanation but value returned to $4 million (up 243% in 2007 but down 92% in 2008). However, there was a 171% recovery in 2009 which together with fundraising and regulatory approvals raised the market cap to $22 million. Cost cutting was introduced to stop bleed in difficult credit environment. Market cap of the company was not reflected by the fundamentals indicating there were high expectations for this company. Sales of WheezoMeter may provide better fundamentals but sales were still minimal and shares fell 45% in 2010 to market cap of $15 million with a late lift due to yet another reorganisation of the Board and signing of distribution agreements for Europe. Lack of revenue growth relative to projections led to a further 33% fall in 2011 to $12 million. However refinancing of the company and new distribution agreement with Omron initially lifted prices (eventually down 67% at $15 million). A new funding agreement with overseas investor for at least two years offered some future prospects and listing in the US but the market did not respond significantly with little in the way of sales (down 71% to $5 million in mid 2012). There was then a 20:1 consolidation of shares with shares slightly up afterwards and new funds raised (eventually down 50% to $15 million with new key investor). There was an 807% increase to $165 million in 2013 ( eventually up 379% at $89 million in 2013 as speculative push was maintained) with expectations of new smartphone applications providing large returns but possibly caused by entry of new shareholders and it is hard to understand what business model would support this value. A new device associated with smart phone use was launched and company changed name to iSonea and CEO, reorganised the board and engaged new staff to promote marketing and sales. There was a 79% decline in 2014 to $19 million with major changeover of board to promote commercialisation, a new chairman, a new CEO and a new OTC device approved in the US. There was a decrease and recovery to $12 million (down 41%) in 2015 with relaunch of Airsonea product and speculation on the rate of commercialisation. An indication that the company was faltering in its commercialisation was a move to link up with partners for commercialisation. Name changed to Respiri Ltd (ASX:RSH) in December 2015. Shares up 2% in 2016 to $18 million with new funds raised, increasing interest in China, new product development being accelerated and comparisons being made with ResApp Health which is developing a similar product but of much higher value. Up 5% to $19 million in 2017 with completion of core software platform and interest from China in manufacturing relationship. There has been a further 102% increase in 2018 to $42 million with funds raised for launch of next generation device and significant changeover of board. (10/12/18)

SCU - Stemcell United Ltd.

Singapore-based company using proprietary stem cell technology to culture and grow plant extracts for use in traditional Chinese medicine changed name from On Q Group in September 2015. Since the name change, shares have fallen 87% and in 2016, 83% to a company value of $6 million and were down 7% in 2017 to $5 million. The announcement in March 2017 that company was leveraging its position in complementary medicine to move into medicinal cannabis resulted in shares jumping a highly speculative 1,221% to a company value of $77 million. This speculation persisted with questions being asked about the viability of the company's fundamental business and a further 75% price jump was also unexplained (eventually up 186% at $17 million). There has been a decrease and recovery to $12 million in 2018 (down 40%) with an entitlements issue to raise further funds dampening prices (61% shortfall to be underwritten). Speculation over discussions in China on returning to the cannabis story resulted in a short term suspension of share trading and announcement that related Chinese company had gained a hemp licence provided at least a short term recovery. Following this, shares were down 43% at $12 million but there was recently a speculative 50% jump in share prices which remains unexplained (down 43% at $12 million). (21/11/18)

SDX - Sienna Cancer Diagnostics Ltd.

Company formed to develop detection systems for assessing disease treatment and efficacy of drug development. Listed in August 2017 with an initial value of $38 million. Following listing shares declined 45% in 2017 to company value of $21 million and a further 27% decline in 2018 to $19 million despite positive clinical trials for diagnostic test and publication of results and possibly due to fund raising now completed. (26/11/18)

SES - Secos Group Ltd.

Formed from merger of Cardia Bioplastics (ASX:CNN) and Stellar Films Group in April 2015 with merger and associated share consolidation expected to provide impetus for group in Australian and international markets. Market capital of company in 2015 was $14 million (down 45%) after consolidation, new fund raising which was oversubscribed and rationalisation of company with sale of investment holdings. There was a 25% decrease in 2016 to $12 million with more funds raised but there has been a significant recovery in May with annual income now exceeding $20 million (eventually down 27% at $13 million). There has been a decline and recovery in 2017 with Australian and Malaysian operations achieving profitability and new orders coming in (eventually up 25% at $18 million). There has been a 40% decrease in 2018 to $15 million with improving sales forecasts, new plant operating in Malaysia and new funds raised to shift manufacturing to Malaysia to reduce costs. (27/11/18)

(SIE - SciGen Ltd.)

Predominantly a distributor in Asia of biotechnology products, this company has had a lacklustre performance since its listing at the end of 2002. Shares fell 30% in 2004 before recovering half of that loss and declined again until the deal with Bioton of Poland stabilised prices. However, there was a big jump in October 2005 with finalisation of a deal to distribute its hepatitis B vaccine in China, a move by Bioton to take up over 90% of the company (achieved) and a joint venture to establish production facilities in China. The company had a market cap of $193 million associated with speculation around the developments (down 14% in 2006, up 11% in 2007, down 62% in 2008 but up 900% in 2009 with announcement of supply and distribution agreement with Bayer Schering in China). High value of company was not supported by fundamentals and departure of Chairman/CEO was of concern. There was a share price decline of 63% to $72 million in 2010 with establishment of new joint venture and a further 48% decline to $38 million in 2011 and the sale of assets in Israel. There was a further 41% decline to $22 million in 2012 with sale of share in a number of businesses completed and a temporary 50% drop in early 2013 which was reversed when end of year results indicated significantly reduced losses and even profits when net sales of assets were added (up 38% to $30 million in 2013). There was an unexplained 73% drop to $8 million in 2014 with reduced sales, sale of remaining share in Indian subsidiary and proposed sale of intangibles to Bioton SA. There was a further unexplained 47% fall in 2015 to $4 million and a recovery (eventually up 33% to $11 million) with financials improving and new distribution arrangements in China. Shares dropped 15% to company value of $9 million in 2016 without explanation. There was an unexplained 76% recovery in 2017 to $17 million. Major shareholder indicated on Warsaw Stock Exchange at end of 2017 that it was looking to offload its investment. There had been a 20% decline in 2018 to $13 million. However, Yifan Pharmaceutical has made a bid to acquire the company which values it at US$28 million and share price has recovered (now up 123% at $37 million). Yifan has now acquired the company and company was delisted 28 August. (31/8/18)

SOM - Somnomed Ltd.

Company listed in August 2004. The company appeared to have a limited range of products and the commercial potential of these did not appear to be great. However, the company has shown steady growth, international coverage and profitability. Share prices were 60% below listing price and had dropped 60% in 2005 until the announcement of FDA approval for sales in the US raised prices temporarily around 50%. They were down 60% overall in 2005 and 88% in 2006 but there was an unexplained temporary jump in early 2007 and then a 40% jump with announcement of improved trading in first half of year (down 5% in 2007). Following substantial fund raising and cost cutting, the company is valued at $40 million and the company will now need to demonstrate significant commercialisation to justify the value. This is beginning to occur (even in 2008 - with improving revenues and positive cash flow and up 115% in 2009 following 20:1 consolidation). There has been a 14% increase in 2010 with reporting of a profitable year and moves to expand the product range. Further increase in early 2011 with improving opportunities for reimbursement in the expanding US market (eventually down 7% to $38 million). There was initially a recovery in early 2012 with the acquisition of a leading Dutch oral appliance distribution company to promote access to the European market and improving financials but despite this, shares down 10% at $35 million). Has also acquired distributors in France and Sweden. There has been a 35% increase to $49 million in 2013 with latest financials indicating marginal profitability and US market developing as well as acquisition of German company in same market. There was a further 145% increase to $137 million in 2014 with indications of significant increases in sales and new markets in Scandinavia and UK. There has been a decrease and recovery in 2015 to $140 million (down 1%) with company maintaining profitability, increasing revenues and gaining new FDA approval for micro recording device as well as acquiring Canadian company with IP in devices for treatment of sleep disordered breathing. Prices up 46% in 2016 with company value at $224 million and sales increasing at 29% with little improvement in profits and planning for roll out of treatment centres to expand sales. There was a 6% decrease in 2017 to $214 million with sales plateauing and profitability falling off. Down 49% to $116 million in 2018 during larger market correction with sales continuing to increase but losses (mainly from direct to consumer business centres which are being closed to reduce costs) increasing. New fund raising successful and there has been a change of management which resulted in a decision to close business centres which led to a 30% increase in share prices. (8/12/18)

SPL - Starpharma Holdings Ltd.

It has been hard to get excited about this company as testified by a downward trend in share price since listing in 2000 until early 2003. Nevertheless, share prices trebled in 2003 and were stable in 2004 but fell 36% in 2005. There was a temporary jump in 2006 associated with fast tracking of VivaGel by the FDA but overall in 2006, there was little change in prices. Potential strength lies in its investment in a US company and the eventual acquisition of this company made sense. We consider that a market cap of $204 million at the end of 2010 was high given annual revenues of $5 million (predominantly government grants and royalties) and annual losses of $7 million. Following speculation, recent awards and recent ADR program, the share price is high (down 16% in 2007 and down 51% in 2008). There was a 256% increase in 2009 which appears to be speculation driven relating to developments with VivaGel and new agreement with Elanco and up 20% in 2010. There was a 37% increase to $320 million in 2011 driven by broker promotion, speculation, signing of condom agreement with Okamoto Industries and potential technology application to a number of sectors, notably the reformulation of anticancer drugs and agrichemicals. The global financial crisis in August reduced prices somewhat but this is recovering now that significant new funds have been raised. There was a 44% increase in 2012 to $465 million associated with speculation over coming clinical trials and clinical and animal trials and when primary endpoint of one clinical trial was not met, this increase was wiped out (eventually up 14% at $369 million). There was a 33% decline in 2013 to $246 million. There was a further 27% decline in 2014 to $181 million with new products incorporating Starpharma technology going on sale in Japan and new agreement with AstraZeneca. This was followed by a recovery in July 2014 with TGA approval for a condom incorporating a Starpharma product (shortly to be launched in Australia) and more funds raised (down 39% at $168 million). There was a 43% increase in 2015 to $273 million with dosage trials providing promising results, AstraZeneca signing a licensing deal and potential treatment for ovarian cancer (questionable). There was a 3% decline in 2016 to $267 million with more funds raised and new licensing deals completed. There was an 88% increase to $504 million in 2017 following FDA approvals for Vivagel BV and successful clinical trials as well as sale of company's agribusiness arm for $35 million and acceptance of the company's technology by AstraZeneca for its next anticancer drug trial. There has been a decline and recovery in 2018 to $554 million (up 10%) with signing of licensing agreement with Mundipharma on VivaGel BV and positive indications from anticancer testing. (13/12/18)

(SRX - Sirtex Medical Ltd.)

Sirtex showed a dramatic increase in price at the end of 2002 associated with commercialisation of its technology commencing. Since that time, the company has been the subject of an unsuccessful takeover bid, has significantly increased turnover and reached profitability. While there may be some questions about future directions and products for the company as its current market appears limited, fundamentals would suggest that the market cap of over $200 million at the beginning of 2004 was prematurely high. As the company has increased turnover significantly and has achieved profitability, it has good prospects if it can diversify into the associated breast cancer market as recently reported. Prices increased 25% in early 2006, despite the litigation with University of Western Australia and a cross claim between Sirtex and its founder which caused a drop in August 2006. As revenues have increased and the company has returned to profitability, prices rose 35% in 2006, up 67% in 2007 but down 29% in early 2008. The litigation with UWA was resolved in favour of Sirtex leading to a temporary 20% bounce in share prices with a further decline associated with marginal profits for the year and continuing petty legal issues (down 63% in 2008). Improving financials led to a price rebound of 348% in 2009 with a 20% decline in 2010 when revenue and profitability appeared to plateau. Market cap at end of 2011 was reasonable at $250 million with further increases likely as sales are continuing to increase and profit will follow (down 26% in 2011). There has been a 193% increase in 2012 to $732 million with all legal proceedings successfully completed, financials improving significantly, dosage sales up considerably, positive clinical reports, proposed tripling of US manufacturing capacity, establishment of European manufacturing facility and new collaboration in Singapore. There was a 25% drop in 2013 to $552 million possibly resulting from reduced profitability despite increasing revenues and a concern the company may be overvalued although there is recovery from this position underway with annual sales reaching almost $100 million (eventually down 11% in 2013 at $658 million). There was a 142% rise in 2014 to $1,604 million with annual sales at $130 million and profit of $24 million and projections increasing, although the reason for a recent sudden sharp decline in share prices is not clear. In 2015 there was a further 38% increase to $2.2 billion with annual sales over $147 million and profit of $30 million. The announcement in March that Sirtex spheres were not successful in a clinical trial resulted in a 62% price fall with some recovery as trial indicated that the Sirtex treatment was effective in progression free survival in liver cancer (eventually up 41% at $2.3 billion). Latest financials indicate substantially increased revenues and profit as well as positive promotion by overseas agencies and record sales but dosage sales are increasing at noticeably lower rates than last year and this resulted in a dramatic drop in the share price ( down 65% to $0.818 billion in 2016). However, in 2017 announcement of dosage sales up 5.6%, shares were up 6% to company value of $865 million. There had been some downward pressure following termination of CEO over share trading issues and Federal Court proceedings alleging deceptive conduct by the company and this was followed by clinical trial results being positive in treatment of hepatic cancer but not colorectal cancer with an associated fall. There has been some recovery with writing off of intangibles ($90 million contributing to annual loss of $27 million) and restructuring of company to reduce costs (up 17% to $921 million). However the company is subject to two class actions in the Australian Federal Court alleging misleading and deceptive conduct. There was a further 6% decrease in early 2018 to $865 million but announcement of improved projections for FY2018 resulted in a 15% recovery and the announcement at the end of January that the Board is supporting an acquisition offer by Varian Medical Systems resulted in a 67% price jump to company value of $1.542 billion. There has been a competitive proposal from China-based CDH Investments at a 20% increase in price but no counter proposal from Varian and the Board supported the CDH bid which was approved by shareholders in September (up 103% at $1.89 billion). Company delisted following acquisition. (24/9/18)

SUD - Suda Pharmaceuticals Ltd.

Formerly Eastland Medical Systems now focussing on sub-lingual drug treatment for malaria. Another company offering an alternative delivery system for drugs. Surgical products business still generating small turnover for company. Company has also acquired oral spray drug delivery technology from NovaDel and is applying this to treatment of migraine and nausea and oral delivery of sildenafil. Shares down 23% in 2014 at $58 million and a further 54% in 2015 to $31 million despite a new collaborative agreement with Amherst and new funds raised. There was a 26% decline in 2016 to $23 million. There has been a decline and recovery and down 20% in 2017 with company value at $20 million and trading was suspended in February 2017 in association with litigation with HC Berlin Pharma. Announcement of licensing arrangement with Teva Pharma had little impact on value but increasing profile of the company in the media did. Company changed name to Suda Pharmaceuticals Ltd in November 2017. There has been a 63% decrease in 2018 to $15 million with sale of non-core subsidiary and loss in litigation with payment of A$2.5 million over 3.5 years occasioning a 1:1 rights issue which has raised substantial funds. A recent speculative 100% jump in share price probably resulted from new commercial deal completed for migraine treatment. (21/11/18)

TDL - TBG Diagnostics Ltd.

Previously called Progen Pharmaceuticals. In 2003 Progen gained market attention with a share price increase from 50¢ in June to over $2 in September. This was followed with a more than doubling of the share price from the beginning of 2004 to October as a result of some speculation relating to clinical trials and eventual licensing. When licensing did not eventuate, shares declined in price, down 50% (39% in 2005). In 2006, prices gradually rose and with the announcement of positive Phase II trail results in mid-December 2006, prices jumped 100% with some subsequent relaxation associated with fund raising ( up 108% in 2006). Announcement of changed royalty arrangements with Medigen resulted in an increase in 2007 which was brought back to earth with a substantial capital raising which has not been without problems including less than favourable trial results: down 57% in 2007. There was a further decline of 53% in the first half of 2008 and an acquisition of CellGate to expand product portfolio. There was a further 50% fall in price with announcement of discontinuation of work on anticancer compound PI-88. Market cap was $47 million which was substantially less than the cash holdings of the company of $75 million. Prices down 70% in 2008. New company strategy is to return some capital to shareholders, review pipeline and look for mergers and acquisitions and this culminated in an agreement to merge with Avexa (ASX:AVX) in late December. There was a temporary rise in early 2009 but confusion was caused by a counter proposal by some shareholders for a merger with Cytopia. Eventual shareholder indications against the merger resulted in Progen withdrawing from merger talks with some rebound in price and a spill in directors. Prices down 29% in 2009 with market cap at $33 million compared to cash holdings of $28 million. Further shareholder dissatisfaction resulted in litigation which was resolved in November with board changes and departure of CEO. There has been a decline in 2010 with a recovery following appointment of new CEO. At the end of 2010, shares were down 49% at $7 million with cash holdings of $15 million but there was a 13% rise in 2011 to $8 million (still less than cash holdings) with announcement of new collaborative program on diabetes and commencement of clinical trials. However announcement of consolidation of company and reduction of Board and management as well as closure of clinical trial due to adverse reactions led to a dip (down 29% in 2011 at $5 million). There was an unexplained decline and recovery in 2012 to $7 million (up 50%) possibly due to clinical trial advancements in China and term agreement with Medigen. There was an unexplained 33% drop in 2013 to $5 million with new fundraising increasing company value to $14 million (down 17% for 2013) with a new Managing Director. There was a 200% increase in 2014 to value of $41 million associated with speculation over trial of product by Medigen in China and a further jump with granting of European patent on sulphated polysaccharides (eventually up 396% at $69 million). The announcement in July 2014 that clinical trial in Asia did not meet primary endpoint of disease free survival led to a more than 75% fall in share price (eventually down 28% at $10 million). There was a further 19% decline in 2015 to $8 million with some recovery on announcement of proposed acquisition of TBG Inc. from Medigen Biotech (eventually up 25% at $12 million). Shareholders approved a name change to TBG Diagnostics Ltd. at end of 2015 and a significant changeover of board members. Shares down 20% with expansion of company capital to $39 million in 2016, sale of Pharmasynth subsidiary for $2.2 million, proposed acquisition of Taiwanese company and opening of new laboratory in China. Shares down 66% in 2017 to $13 million with company needing some reinvigoration and down 26% to $10 million in 2018. (12/12/18)

TLX - Telix Pharmaceuticals Ltd.

Company was established in 2017 and listed in November of that year. Innovative company drawing on technology from around the world to develop molecularly targeted radiation (MTR) for diagnosis and cancer therapy with initial focus on prostate, kidney and brain cancer. Premium of 18% on listing ($152 million) which fell to par by the end of 2017($128 million). There has been a 5% decrease in 2018 to $122 million with a number of international collaborations and clinical trials developing and launch of new imaging product as well as acquisition of Belgian supplier company. (12/12/18)

TTB - Total Brain Ltd.

Previously called Brain Resource Ltd. (AX:BRC) Following the listing of BRC over a decade ago, the market showed little interest initially in the company because of the lack of movement or commercialisation. Following July 2003, there was significant interest with doubling of the share price due to announcements of commercialisation of product and the potential collaborations with major pharmaceutical companies. However, this pressure was not maintained and prices fell to 30¢ before increasing by 50% from August to November 2004 but fell back to the 20¢ level by August 2006. There has been a 100% increase since that time associated with substantially increased revenues and profitability. However a sharp drop in October 2008 was of concern. In our view the market cap then of $18 million was low with the company having four profitable years (prices down 28% in 2006, up 70% in 2007, down 56% in 2008, up 50% in 2009 but down 33% in 2010 with latest financial results indicating a slow growth in revenues). Prices rose 15% in 2011 ($21 million) with a levelling off in income and profitability with new moves or new announcements likely such as take up of MyBrainSolutions and new ADHD joint venture. There was a 7% increase in 2012 to $22 million with revenues and profitability stable and a 2% increase in 2013 to $25 million with new funds raised from previous major shareholder. Shares even at $33 million in 2014 with discussions continuing with FDA on diagnostic for depression, new fund raising and growing market penetration of products. There is increasing optimism on submission to FDA for depression treatment test and a new deal with Boeing (down 28% in 2015 to $27 million with new funds raised). Company is also proposing to change its name to MyBrainSolutions. Further decline of 17% in 2016 to $22 million with expansion of collaborations in the US and a sudden unexplained 30% drop in June (eventually down 47% at $15 million). Was a further 30% decrease in 2017 to $12 million with appointment of new CEO likely to gain the company higher profile and new funds being raised to expand in the US market. Following the AGM in November 2017, there was a temporary recovery (eventually down 40% at $31 million) with raising of substantial funds. There has been a further 42% decline in 2018 to $19 million. Name change to Total Brain Ltd (AX:TTB) at end of November 2018. (24/11/18)

UBI - Universal Biosensors Inc.

Listed in December 2006 with good pedigree and as a result shares jumped 170% on listing and are now up 180% ( up 32% in 2007 review including an unexplained jump in June 2007 and a further jump in October associated with continuing developments with Lifescan) and fund raising. There is significant speculation pushing prices and it remains to be seen how quickly commercialisation can match the current market cap of $245 million (down 60% in 2008, up 214% in 2009 and down 18% in 2010). It would appear that value was affected not only by market downturn but also fact that company was falling behind projections for commercialisation but registration of first product has resulted in substantial price increase and first indications of profitability. The decline in 2010 is probably due to recovery from speculation in 2009 and Global Financial Crisis but positive trials on new product indicates further rises in 2011. However, lack of positive financial results and delays in FDA approval for recent test has dampened prices in 2011 but some recovery provided by new agreements with Siemens Healthcare and Cilag (finally down 51% to $119 million). There was a 19% jump in early 2012 to $141 million with launch of Lifescan product in the US then a decline when end of year financials indicated plateauing revenues. However, half yearly and third quarter financials have indicated significant recovery, reversed by current round of fund raising (up 22% at $159 million). There was an 50% reversal in 2013 to $80 million with half yearly results disappointing investors but a promising outlook with downturn caused by recall of Verio over and new timetable for launch of Siemens product. There was a 57% decrease in 2014 to $34 million when it was revealed that there was a delay in the launch of its new blood coagulation testing device (now launched) and some subsequent recovery when first commercial order from Siemens was received and CE mark gained for new analyser (eventually down 61% at $32 million). There was a 150% increase in 2015 to $79 million with indications of new tests to be incorporated in Siemens test platform and improving income. There was a 31% decline in 2016 to $55 million with financials improving and recent FDA clearance for sale in US of Siemens’s analyser using UBI product as well as new acquisition in Canada. There was a 3% decline in 2017 to $53 million with company maintaining its profitability and income likely to increase substantially. There has been a further 20% decline in 2018 to $42 million with latest financials indicating improved revenues but reduced earnings and resignation of key R&D managers (a recent decision by a client to buy out obligation to pay quarterly licence fees resulted in a short term 45% jump in share prices). (13/12/18)

UCM - Uscom Ltd.

Listed in 2006 but as sales were slower than projected, prices declined initially, but there was a late jump in prices possibly associated with speculation on future sales (up 25% in 2006). In 2007, there was a 73% fall in prices followed by a partial recovery and then a further fall with an unexplained recovery (up 67% in 2008) and a further 61% recovery in 2009. The company had a market cap of $3 million at the end of 2011, eight years after listing with revenues still limited. Company strengthened by distributor taking major position on share register. There was a 58% decline in 2010 due to declining sales and increasing losses. Changeover of chairman and refocussing of the company in late December 2010 with further capital injections and board changes offers hope for the new year. There have been price oscillations in 2011 (down 77%) with further fund raising but annual sales have dropped below $1 million. This has not been helped by disagreements at Board level over company management and direction with the major shareholder prevailing and the new guard departing with major changes to the Board and management and further depression of the share price. There was a 199% rise in 2012 (to $13 million) with improving sales but continuing losses and new funds raised. The company has acquired NZ company Pulsecor for $2.4 million in shares. (down 30% in 2013 at $11 million with new funds raised.) Shares up 43% in 2014 to market cap of $16 million with new markets opening in China, Canada, the Netherlands, Germany and Scandinavia and a new report rating Uscom products highly as well as measurement of central blood pressure for hypertension. Shares down 13% in 2015 at $17 million with new applications for USCOM products being found, new distribution agreements signed, new sales executives signed and acquisition of Thor Laboratories, a respiratory function device company in Hungary. There was a 40% increase in 2016 to $27 million with sale of product into UK NHS system and positive results from Thailand as well as new funds raised and new deals in Vietnam and China leading to manufacturing uptick. There was a 14% decrease to $29 million in 2017 with revenues increasing slowly, new partnerships formed in Europe and significant new key investor and placement adding substantial funds. There has been a 38% decrease in 2018 with company value at $18 million with release of new hypertension assessment product. (11/12/18)

VBS - Vectus Biosystems Ltd.

Company listed in 2016 just over 10 years after being established. It aims to remain a research and development company relying on licensing arrangements for survival which is a high risk strategy. In first year after listing, prices remained around listing price and have only started to fall in the last year (down 33% in 2017). Outlook for earnings by the company remains uncertain. Prices down 54% in 2018 to $14 million with erratic price changes unexplained and little evidence of products in the pipeline. (24/11/18)

(VLA - Viralytics Ltd.)

Previously called Psiron and changed name at end of 2006. Shares in this company increased significantly in 2003 due to its investment program and the stabilisation of the company following the distribution of products and services with Analytica Ltd. The company entered new developments through its agreement with Viro Targ. The market cap of the company was $20 million in 2008 and a significant proportion of this was associated with future commercialisation prospects. Whether these transpire in a timely manner will influence prices in the future. However, in our view, the company was over valued and the sudden departure of the CEO and CFO and then two directors following shareholder disagreements have given cause for concern. Shares were suspended for five months in 2006 due to fund raising and were relisted at the end of August with a subsequent fall and recovery associated with the commencement of ADR trading in the US (down 12% in 2006, a further 44% in 2007 and 52% in 2008). There has been a decline and sudden recovery with good publicity in 2009 (down 8%) and a further 100% temporary jump in early 2010: eventually down 11% at $18 million as talks with FDA on trials result in some delay, options converted raising $3.9 million and potential for treatment of brain cancer demonstrated. There was a 91% increase to $37 million in 2011 associated with possible application of the company's technology to pancreatic cancer or other speculative matters. Following a 10:1 consolidation in August, prices fell around 25% and for all of 2011, prices up 2% at $25 million with more funds raised. There was no significant movement in 2012 (company value even at $29 million) with continuation of US trial (with positive preliminary results), new collaborations developing, a change of CEO and new funds being raised (SPP oversubscribed). In 2013 there has been a decline and recovery to $30 million with recruitment milestones for clinical trials having been met. There was a speculative jump in September 2013 (eventually down 9% to $27 million) and a recovery in 2014 with major new funds raised and positive clinical results (down 3% in 2014 at $54 million). There was a recovery in 2015 (eventually up 124% at $152 million) possibly as a result of speculation following a report by a US analyst, confirmation of positive clinical trial results in several cancers and recently announced collaboration with Merck on clinical trials as well as significant new fund raising. There was a 113% lift in early 2016 to $173 million with new funds successfully raised, revenues up substantially and losses down but this dissipated. Overall there was an 80% increase to $286 million in 2016 with publication of good laboratory and clinical results. There was a 42% decrease in 2017 to $166 million without clear reason. There has been a 9% decrease in 2018 with a substantial placement by a Chinese company which has increased company value to $175 million. There was a further 175% increase to $467 million with offer for a takeover by Merck & Co or its subsidiary (now up 152% at $484 million). Shareholders have approved the takeover terms and trading ceased on 5 June 2018 . (23/6/18)