Listed Biotechnology Companies A


This Page Last Updated On 13/11/19

1AD - AdAlta Ltd.

Company developing next generation antibody platform to treat serious diseases such as Idiopathic Pulmonary Fibrosis (IPF) listed in August 2016 at a value of $19 million. By the end of the year, shares had fallen 32% to $13 million. There was a 35% recovery in 2017 to $25 million as company prepared for clinical trials after FDA granted orphan drug designation for IPF and down 8% in 2018 to $27 million with raising of further funds. There has been a 43% decrease in 2019 with company value at $21 million and new funds raised, changeover of CEO and new deal with GE Healthcare. (11/10/19)

ACL - Alchemia Ltd.

Alchemia listed just before Xmas 2003 and the price rapidly fell from 75¢ to 60¢ and then more slowly to around 45¢. However, in mid-June 2004, due to speculation, there was a run on stock which resulted in a 50% price increase. In October 2004, there was a further 50% jump associated with technology development announcements and associated speculation. Following this there was a gradual relaxation of prices to around the pre-October 2004 levels and a gradual then rapid rise to around $1.20 (up 51% in 2005) and maintenance at this level in early 2006 associated with the absorption of Meditech Research. There was a significant decline up to September 2006 associated with the reassessment and eventually termination of the relationship with APP. Following this, there was some uncertainty (down 33% in 2006 overall, down 42% in 2007, down 77% in 2008 but up 350% in 2009 following successful NDA filing with FDA). We felt that the market cap of $121 million at the end of 2010 was high following substantial fund raising, milestone payments from manufacturing partner and FDA approval of NDA application (down 13% in 2010). While this may be justified once sales began, there was a price fall in June 2010 due to the arrival of a previously unknown competitor in the market but some recovery with progress in clinical trials and marketing arrangements. There was a further 6% increase to $129 million in 2011 with the announcement of the FDA approval of Fondaparinux. However, the announcement that a Canadian generic manufacturer was releasing a generic form of Arixtra resulted in prices falling more than 50%. Eventually down 52% to $84 million in 2011 following announcement of new clinical trial and raising of new funds ($20 million). There was an 98% increase in 2012 to $167 million associated with increased sales expectations for the US and proposed demerger of oncology business into US subsidiary Audeo Oncology which would have dual listing and an initial value of over US$100 million if IPO were to be successful. However, announcement in December that demerger would not proceed resulted in 34% share price fall (eventually up 28% overall at $108 million). There was a fall and recovery to $185 million in 2013 (prices up 48%) with income increasing, a sudden changeover of CEO, chairman and board and new funds raised for clinical trials. This was followed by a 15% increase in 2014 to $213 million despite a deterioration in the target market. The announcement in October 2014 that Phase III trial of HA-Irinotecan in metastatic colorectal cancer was not successful resulted in an 85% drop and possibly departure of CEO (eventually down 84% at $29 million). There was a further 61% fall in 2015 to $11 million with announcement of results of strategic review and indications that sales of Fondaparinux were declining. This led to cost cutting with reduction in size of Board and executive overheads and sale of Alchemia Oncology and VAST technology. Shares more than doubled in price in September 2015 with announcement of proposed sale of Fondaparinux intellectual property and proposal to return capital to shareholders as part of capital restructure (eventually up 10% at $32 million in 2015). Following shareholder meeting, $30.2 million returned to shareholders, remaining company (shell) valued at $3 million. Introduction of new board member who is a significant shareholder indicated developments in the offing for this company (down 92% at $3 million). Company was temporarily suspended from quotation on ASX in June due to insufficient operations. There was a 13% increase in 2017 to $3 million but outlook for company remained unclear. There was no significant change in 2018 with company value at $3 million with a short term increase possibly due to speculation about future developments and there has been significant changeover of the Board. An unexplained 70% short term jump in share price in mid-October remains of interest. There was a 22% increase in 2019 to $4 million with yet another changeover of the Board and suspension pending announcement of change of business which is being extended to June. In June the company announced that it had reached agreement to acquire Australian Primary Hemp and will change its name to that with the aim of relisting in September after due diligence and shareholder agreement completed. All of this was approved at the latest AGM and there has been a changeover of Board and a change of company name to Australian Primary Hemp (ASX:APH). (11/10/19)

ACR - Acrux Ltd.

Acrux listed late September 2004 having already passed through two funding rounds. The technology was good and well supported with good potential for commercialisation. On listing the price fell 10% immediately and stayed at around this level followed by another 40% fall in April 2005 and some recovery. Announcement of positive Phase 3 trial results led to a 28% jump in 2006 which was wiped out in market drop of June followed by further rises as there were signs that the licensing stream was increasing with the licensing to Organon and milestone payments becoming significant. Market cap of $578 million following substantial fund raising (up 17% in 2006, a further 84% in 2007 but down 66% in 2008 and up 359% in 2009 following ostensibly positive analyst reports, conclusion of Phase III clinical trials with positive results and distribution agreement for Ellavie in Europe). There was a 62% increase in 2010 with announcement of substantial deal with Eli Lilly on AXIRON which provided substantial profit in FY2010, regaining of testosterone spray licence from Vivus and FDA approval for Axiron with associated milestone payment. There was a 19% decrease to $478 million in 2011 with financials showing that company revenues were up considerably, and profitability was also substantial as well as announcement of company's first dividend, launch of Axiron in the US by Eli Lilly, new veterinary product in Europe and introduction of Ellavie in Europe. There was a 38% increase in 2012 to company value of $658 million with improving outlook for Ellavie in European market and approval for sales of Axiron in Australia but final financial results for the year were seen as disappointing by the market and prices fell (eventually down 1% at $475 million). There was a 10% decrease to $426 million in 2013 possibly associated with the noticeable development in Acrux’s markets and signs that sales of Acrux product were levelling off. There was a further 32% decline to $291 million in 2014 and then a further drop of 22% in April (eventually down 55% to $192 million) due to FDA advice that testosterone products increased risk of stroke and heart attack in men (since discounted by FDA). This was impacting sales of Axiron but recovery in the second quarter of the year resulted in some increase in price and expectation of milestone payments as annual sales exceed $100 million (prices down 50% in 2014 to company value of $214 million and down 42% to $125 million in 2015 possibly due to uncertainty about FDA communications on risks of testosterone treatment and signs that Axiron sales are levelling off). There has been a 59% decrease in 2016 to $52 million with a US court ruling invalidating the Axiron formulation and application patents which will hit future sales of Axiron as generics arrive in market. There was a 52% decrease in 2017 to $25 million (less than cash holding) with sales projections declining but there was a jump in July with announcement of a release of a generic version of Axiron through Eli Lilly then a competitive one through Teva Pharma and Axiron sales are only down slightly from the year before although earnings have been severely impacted by a $10 million impairment. Termination of agreement with Eli Lilly on Axiron resulted in a 26% drop in September and Axiron was withdrawn from market in September. There was a 20% recovery in 2018 to $30 million with filing of Abbreviated New Drug Applications (ANDA) with FDA and intimations of other products indicating there is still life in the company. There was some dampening of prices towards to end of 2018 with patent challenge to one generic product and overall market downturn. There has been a 17% increase in 2019 with company value at $35 million following settlement of patent dispute over new product and dossiers for new drugs presented to the FDA. (13/11/19)

ACW - Actinogen Medical Ltd.

Another biotechnology company, previously called Australian Biogen, in Western Australia listing without clear justification in late 2007. Share prices fell over 90% in the year following listing indicating general market attitude. Company market cap was $3 million at the end of 2009 (down 82% in 2008 and up 16% in 2009 following 100% temporary jump based on wild speculation).There was a speculative 40% jump and a drop in 2010 to $1 million associated with speculation and a further quadrupling of prices associated with a new discovery that was some distance from commercialisation (up 20% to a market cap of $3 million by the end of 2010). There were unexplained oscillations in 2011 partly due to new discoveries that were some distance from being commercialised (eventually down 17% to $4 million). There was a further 80% fall to $1 million in 2012 apparently relating to concerns about lack of focus of the company with a round of fund raising significantly undersubscribed, staffing reduced and little spare cash. There was a 60% increase in 2013 with problems in raising funds and the withdrawal of a prospectus created some uncertainty. While one company has expressed interest in recapitalizing the company, the decision to close down the company laboratories resulted in a price fall (prices down 30% at $1 million in September 2013). Company took out a short-term loan to keep afloat and this coincided with exit of key players from the board. Re-engagement of chief scientists indicated there were moves to revive the company (shares even with company value of $1 million in November although regaining chief scientist doubled share price and subsequent consolidation and fund raising had little effect on price. Eventually up 10% in 2013, with company value at $4 million.) There was a 105% increase in 2014 to $22 million with recommencement of antibiotic program, new collaboration with Curtin University providing interesting results, acquisition of Edinburgh startup Corticrine and substantial renewal of board with a shift of the company to Sydney and a greater emphasis on medicine. There has been a further 36% increase in 2015 to $37 million with appointment of high-level advisory board to drive drug development and positive Phase I clinical trial. Company changed its name to Actinogen Medical Ltd in November 2015. There was an 18% decline in 2016 to $30 million and a temporary unexplained recovery (eventually up 18% at $44 million with FDA queries likely to delay a clinical trial). There was a 43% decrease in 2017 to $29 million with FDA and TGA approval for clinical trial and more funds raised. There was a 10% recovery in 2018 with company value at $50 million with more funds raised. There was a further 7% increase in 2019 to $54 million with increasing expectations for positive clinical outcomes but when the clinical trial results provided promising results but no significant effect, shares fell 67%. Eventually down 80% at $10 million but at end of September 2019, clinical results indicated a cognitive improvement in patients which resulted in a 370% rebound and currently down 16% in 2019 at $43 million. (9/11/19)

ADO - Anteo Diagnostics Ltd.

Previously called Biolayer Corporation and SSH Medical, a medical equipment development company, which was restructured and acquired Queensland biotechnology company Bio-Layer. The latter company had already licensed its technology to a US diagnostics company and was working with a number of other international and local companies on developing new diagnostic products. Company had a market value of $3 million at the end of 2008 following substantial fund raising (down 57% in 2006, down 65% in 2007 and down 62% in 2008). A significant increase in revenues and reduction in losses suggested that company may be undervalued but the company needed to improve its cash position for survival, and this was done with further fund raising. Name changed to Anteo Diagnostics in November 2008, but the company looked as if it might change its name to Anteo Technologies. New collaborative arrangements with a New Zealand company and a Malaysian company were negotiated. Prices down 65% to market cap of $3 million in 2009 indicating serious vulnerability of company despite fund raising. There was a 1,114% increase to $57 million in 2010 as a result of speculation following a licensing agreement with Bangs Laboratories which is already incorporating the Anteo technology in its product, but associated income is only just commencing. There was some relaxation in price in 2011 with recovery following announcements of further commercialisation (down 13% to $56 million). There was an increase to $63 million in 2012 with signing of new technical licensing agreement but shares fell below par with first signs of commercialisation bearing fruit (down 15% at $49 million). Half yearly financials indicated substantially improved financials with further improvements likely but with little initial significant effect on prices. Signature of agreement with BBI Solutions led to an increase (eventually up 154% in 2013 with company value at $130 million). There was a 25% decrease in 2014 to $101 million with launch of new product and new collaboration. There was a further 32% decrease in 2015 to $76 million with first signs of revenues increasing, a new distribution deal in Japan, new development agreements signed, a new product launched, new collaboration with IMRA, acquisition of Belgian diagnostics company and extension of arrangements with Sigma-Aldrich. Prices depressed by fund raising for Belgian acquisition which is now complete. New funds raised and 50% decline in share price in 2016 resulted in company value of $46 million with new investment arrangement, speculation over battery technology, retirement of CEO, and new products. There was a 78% decline in 2017 to $10 million following expected announcement of sale of Belgian diagnostics subsidiary to remove substantial debt. However, announcement of positive assessment of battery technology resulted in some recovery and new CEO was hired (now down 61% at $18 million). Company value was given a boost with the announcement in December 2017 of commencement of a lithium battery project to push commercial discussions. There was a decline and recovery in 2018 to $20 million (up 6%) with another change of CEO and Chairman and some progress on lithium battery technology. There has been a 24% decrease in 2019 to $19 million, with promising developments for diagnostics in China, appointment of yet another CEO who has just been replaced, new funds raised and new collaborations in the US and Spain. (27/10/19)

ADR - Adherium Ltd.

New Zealand digital health company developing technologies to address optimal medication and optimise remote patient management in chronic disease successfully raised $35 million and following listing on 26 August 2015, company value at end of 2015 was $92 million (up 29%). There was a 63% decline in 2016 to $41 million and a further 58% decline in 2017 to $17 million with a new CEO appointed to drive sales but company value is little more than cash holding. There was a 63% decrease in 2018 to $6 million with funds raised, new marketing approaches being used and restructuring to reduce costs. There has been a 5% decrease in 2019 to $6 million with raising of new funds and a new collaboration to develop an Adherium platform for treatment. (12/11/19)

AHZ - Admedus Ltd.

Formed from the reverse takeover of Allied Medical by bioMD in June 2011 and incorporating the tissue engineering technologies of bioMD, a medical distribution business and DNA vaccine development technology of Coridon Pty Ltd. Prior to the merger, bioMD had languished and the injection of funds and new businesses led to a 167% increase in 2011 with the company value at $45 million (eventually up 33% at $26 million with report of positive trials and push to commercialise tissue technology). There was a 48% fall in 2012 to $19 million with raising of further funds completed and promising results announced. There was a 662% increase to $201 million in 2013 with funds raised and end of year financials indicating reduced losses and announcement of projects advancing as well as the company taking an increasing share of Coridon. New fund raising through rights issue was successful in increasing value of company substantially. Name changed from Allied Healthcare Group to Admedus in November 2013. Speculation waned towards the end of the year (eventually up 638% at $195 million.) There was some change (down 23%) in 2014 at $173 million with first orders of CardioCel from the US and Canada and new funds raised. There has been a further decline in 2015 (down 43% to $134 million) despite improving prospects for the Cardiocel product, new fundraising completed successfully but significantly increased losses, 10:1 consolidation and funds raised from new US investors. There was a further 47% decline in 2016 to $92 million with significant slippage of some product milestones, sudden resignation of Managing Director, winning of new supply contract and FDA clearance of new product. Company is in process of substantial restructuring and promotion in the market has resulted in some share price recovery but fund raising resulted in significant price drop. There was a 17% decrease in 2017 to $74 million with reorganisation of Chairman and CEO positions, a new COO, FDA clearance for Cardiocel and positive clinical trial results. There was a 53% decline in 2018 to $48 million with improved entry to US hospital market and developments with new products as well as a new JV in Hong Kong. A 79% drop in share prices to $37 million in November 2018 was associated with a restructuring and recapitalisation of the company with the outcome as yet unclear. There has been a 3% decrease to $35 million in 2019 and the company is currently in an extended suspension relating to a capitalisation plan. In April as the culmination of 9 months' work by a HK investor, there was a proposal for acquisition of Admedus subsidiary Admedus Vaccines by Constellation Ltd. Behind this was a substantial change in Admedus shareholder ownership in previous months. Fourteen days after the announcement of the proposal, the transaction was terminated, and administrators were appointed to find a solution for funding of the subsidiary. In May, the company announced it was divesting part of its infusion business to BTC Specialty Health a wholly owned subsidiary of BTC health (AX:BTC) for $6.3 million which would enable Admedus to focus on its main ADAPT implantable bioscaffold business. Company shares were suspended in April and this continued until October when sales of distribution rights for two products were announced (up 2% to $37 million). (25/10/19)

ALT - Analytica Ltd.

This company has had a chequered career since listing in 2000. 2003 was a year of consolidation with minor changes in price. Two acquisition prospects were considered in the medical devices area with one being followed up in 2004 in retractable syringes - a difficult market. The diagnostics business was also sold in 2004. Market cap value of $19 million at end of 2008 following a 52% fall in 2005, 25% in 2006 and 41% in 2007 but up 331% in 2008 indicated that while we thought there was not much substance in this company, there was considerable speculation. Acquisition of Recovery Clinic offered some blue-sky potential. Reason for rise in 2008 appeared to be related to launch of first product, an autostart burette, but there was continuing easing of prices in 2009 with a jump on announcement of first sales of the burette and distribution agreement (down 43%) but revenues were still minimal. There was a 33% decrease in 2010 associated with FDA approval for autoburette, licensing and distribution agreements and manufacturing problems. Value of $10 million at end of 2011 was high as sales were still minimal (share price down 27% in 2011 with funds raised) but a supply agreement was signed with Concord Hospital. Prices up 16% in 2012 to $12 million following fund raising and sales of product commencing. Prices up 23% in 2013 to $19 million with meagre revenues apparent and new funds raised to promote new product. There was a decrease of 4% to $25 million in 2014 with increase of emphasis on new product Pericoach (released in November) with the reimbursement outlook in the US looking positive. There was a 15% fall in early 2015 to company value of $22 million but this was temporarily reversed with announcement of an app for Pericoach being available for the iOS system on iPhones and FDA providing 510(k) clearance but new fund raising has caused a recent drop in share prices (now down 74% at $9 million) with more funds raised (48% take up of share offer). Company has launched PeriCoach in US and appointed a distributor and sales partner there but there was some press speculation about the company and alternative products exist in the market. There was a further 57% decline in 2016 to $6 million with more funds being raised, expenditures cut back and less emphasis on expensive marketing to promote product. Further substantial fund raising has resulted in some price recovery in April 2016 (eventually down 29% at $11 million). There was little change in 2017 with company value at $14 million following raising of further funds. Company has retained a New York investment bank with a view to selling Analytica and/or its technology. There was no change in 2018 with company value at $17 million with funds raised to maintain the company, a new Australian-based manufacturer found and reregistration of product in US market expected in early 2019. There has been a 20% decrease in 2019 with company value at $14 million with new funds raised and the PeriCoach System gaining a CE mark for treatment in Europe. (4/11/19)

ANP - Antisense Therapeutics Ltd.

Following its listing 1in 2001, shares drifted down 75% as it was known from the outset that commercialisation of the company's products would take some time. The shares were given a fillip in August 2003 as part of an overall boost in biotech stocks and, surprisingly, prices remained high for a while before gradually declining. However, the announcement in March 2005 of complications with a competitor's product directed at the same target led to a sharp 60% drop and some temporary recovery associated with reinitiation of clinical trials, although a proof of concept study which indicated limited effect reversed this (down 71% in 2005). In 2006, recommencement of a clinical trial and a proposal for refinancing of the company resulted in an improvement (100% in five months to end January 2007) and prices were the same as at the beginning of 2006. There was a modest 5% price rise in 2007. In 2008 there was a 100% increase due to the deal with Teva Pharmaceuticals and positive trial results (eventually down 17% in 2008). The market cap of the company was $29 million in early 2010 (up 57% in 2009 and down 11% in 2010) which we considered was high in view of cash reserves of $3 million and was driven by future expectations as Teva had made milestone payments. When Teva advised in March 2010 that it was discontinuing development and termination of the licence, there was a steep fall in value with some recovery to $8 million (down 87% in 2010) on expectation of new licensing opportunities and new funds raised and up 229% in 2011 at $23 million with excessive speculation over early stage clinical trials. There was a decline to $16 million in 2012 (down 52%) with new funds raised but no explanation for a temporary rise which ended when agreement with Afandin lapsed. There was a 36% increase to $22 million in 2013 following developments on clinical trials and share consolidation having little impact on company value. There was a 40% decline in 2014 with company value at $14 million with new fund raising completed and company searching for partnership deals to assist future development. There was a short term 60% increase in 2015 to $28 million with signing of licensing agreements in Sweden and the Netherlands and licensing revenues providing some profitability This dissipated to a degree (eventually down 21% at $13 million). There was a further 49% decline to $6 million in 2016 with announcement that licensing partner Strongbridge Biopharma was terminating its licence to ATL1103 and new application being sought for ATL1102 in multiple sclerosis. There was a 33% decrease in 2017 to $4 million with positive clinical trial results and slow progress to next trials. There was a 29% decrease in 2018 to $6 million following new fund raising and commencement of new clinical trial. There was a 200% share price jump to $22 million in October (eventually up 8% to $10 million). There was a further 88% increase to $21 million in 2019 due to speculation over a trial in process and raising of new funds. Preliminary results for the clinical trial were positive leading to a further 64% jump in prices (now up 304% in 2019 to $44 million.) (12/11/19)

ANR - Anatara Lifesciences Ltd.

Company reviving an old product from pineapple stems for treating gastrointestinal diseases in animals and humans listed towards the end of 2014. Second trial in pigs underway and shares have shown a steady increase since February 2015 (up 223% at $51 million in 2015) with second positive trial in pigs. There was a further 1% increase to $52 million in 2016 and down 9% in 2017 with company value at $47 million. However, announcement of increased interest in a commercial agreement by Zoetis resulted in a 37% jump in August 2017 (eventually up 65% at $85 million). There was a 73% decrease in 2018 to $23 million with the FDA approving the Human Food Safety Dossier on Detach®, a global licensing agreement signed with Zoetis and the retirement of Executive Chairman and other directors. There was a 28% decline in 2019 to $16 million with appointment of new CEO and a further 41% drop when Zoetis terminated its Detach licence (down 52% at $11 million). (8/11/19)

APH - Australian Primary Hemp Ltd.

Company arising from reverse takeover of Alchemia Limited in October 2019. More details coming soon. (11/10/19)

ATH - Alterity Therapeutics Ltd.

Before changing its name from Prana Biotechnology to Alterity Therapeutics in April 2019, Prana suffered from being promoted too soon and endured the consequences of lack of stock market faith. Lack of success in developing lead compounds led to price oscillations without clear outcomes in the decade to 2015. With further promotion, value peaked at $447 million in 2014. However, failure of a clinical trial in 2015 resulted in a steep fall in prices with company value reaching $18 million in 2018. The advent of a new investor in 2019 resulted in some recovery (up 48% to $42 million) and change of name to Alterity Therapeutics has led to a repositioning of the company in the market. Shares are down 27% at $21 million in 2019 (9/11/19)

ATX - Amplia Immunotherapeutics Ltd.

Company resulting from reverse takeover of Amplia Therapeutics by listed company Innate Immunotherapeutics (ASX:IIL) finalised with name change in September 2018. Previous New Zealand company was developing treatments for secondary progressive multiple sclerosis and listed on the ASX in December 2013. Shares down 3% in 2014 at $34 million and down 13% in 2015 to $32 million. There was a decline and recovery in 2016 to $243 million (up 476%) following fund raising and publicity about trial underway with value highly speculation driven. There was a temporary speculative increase in early 2017 to $315 million possibly associated with indications by a Trump official of investment in the company but this rapidly subsided with application that a major shareholder may have gained effective control of the company in contravention of the Corporations Act (mid-June 2017 down 52% at $120 million). In late June 2017, the share price collapsed when a Phase 2b clinical trial of a lead compound showed no clear clinical or statistical benefit (eventually down 97% at $6 million). Company looked for a new key technology and closed its New Zealand operations. There was an 11% recovery in 2018 to $7 million but the announcement in March of proposed acquisition of Melbourne company Amplia Therapeutics and its cancer program for $3.9 million in shares resulted in a 220% share price jump (eventually down 50% at $6 million). Company proceeded with the acquisition of Amplia and a 10:1 consolidation with significant changeover of board in line with Amplia shareholders holding 45% share of the company. Company changed its name to Amplia Therapeutics in early September. The company has not explained a 35% fall in share price in December 2018. There was an 18% decrease in 2019 with company value at $6 million with funds being raised preparatory to clinical trials and new CEO appointed. Announcement in July of positive preclinical results resulted in a 35% speculative price jump which has since disappeared (down 43% at $4 million). (30/10/19)

AVE - Avecho Biotechnology Ltd.

This company, previously called Vital Capital then Phosphagenics, changed from a pooled development fund to a nutraceutical and pharmaceutical company in 2004. It developed two Vitamin E supplement formulations which were marketed in the US and was developing drug delivery technology. Share prices increased 50% in October-November 2004 due to international fund raising and increasing international interest. Following acquisition of remainder of Vital Health Sciences with an allotment of almost 300 million shares and substantial fund raising, the value of the company at the end of 2010 was $89 million which was high relative to fundamentals. There was an increase of 39% in prices in 2006 possibly associated with expectations related to clinical trials and the deal with Nestlé. Prices declined 29% in 2007 and 68% in 2008 but there was a doubling of price early in 2009 associated with positive trial results, an evaluation agreement with CSL and launch of cosmetic products in the US but this tapered off and was down 11% at the end of 2009. There was a 76% lift in 2010 with launch of an Australian cosmetic line, a joint venture on OTC products, licensing in of Calzada technology for a cosmeceutical product and improving half year results. There was a fall and recovery in 2011 to a market cap of $214 million (up 75%) when full year results showed little improvement. Price was supported by further fund raising and expansion into agricultural and hair products sectors as well as expectations of commercialisation of patch technology with 3M. New agreement with Japanese, Korean and Indian pharma companies and improving financials led to an initial increase in 2012 with a reverse (eventually down 31% to $148 million). There was a 28% decrease in 2013 with company value at $107 million with reformulation of oxycodone patch to overcome previous problems and positive trial results with new collaboration with USDA on mastitis in cows and questions being asked about accounting procedures depressing prices and resulting in exit of CEO/Executive Director. This was reversed with announcement of successful phase 1 trial on oxycodone patch (eventually up 21% in 2013 at $117 million). There was a 35% decline in 2014 to $98 with release of successful Phase II results. A new CEO was appointed and company considered selling its BioElixia cosmetics brand. There was a further 84% decline in 2015 to $15 million with a sharp drop and then a recovery following agreement on licence for animal nutrition in the UK but losses were increasing and company restructured to focus on shorter term projects. In early 2016, the company announced that it had commenced litigation against Mylan Laboratories relating to previous joint development on a formulation of the antibiotic Daptomycin. There was a further 33% decline in early 2016 to $10 million with announcement that clinical trial did not meet required endpoint and some subsequent recovery (down 25% at $11 million). There was a doubling of price in April with announcement of a licensing and R&D deal with a large Japanese healthcare company (eventually up 142% at $37 million.) There was a 38% decline in 2017 to $27 million with ending of collaboration with Integrated Animal Health, reducing opportunity for commercialisation in the animal sector, sale of BioElixia beauty products brand and signing of product development agreement in Japan and licensing agreement for TPM as well as raising of new funds with an associated decline in price. There was a 44% increase in 2018 with company value at $41 million following raising of funds, the changing nature of the collaboration with Terumo and more licensing issues arising. However the announcement that arbitration in Singapore over breach of IP was not in the company's favour resulting in a crash (down 92%) in share price to company value of $3 million (down 89% in 2018). Shares were suspended until settlement arrangements were resolved and following this, there was some recovery (down 72% at $8 million). There was a further 40% decline in 2019 to $5 million with management changes. AGM in May gained shareholder approval for name change to Avecho Biotechnology (AX:AVE) and this occurred on 27 May 2019. The company has been able to sell IP to distribution partner which resulted in some recovery but Terumo has withdrawn from licensing arrangement (down 20% at $6 million). (28/10/19)

AVH - Avita Medical Ltd.

Previously called Clinical Cell Culture Ltd. and formed in 2008 from merger with Visiomed Group Ltd. Previous company affected by uncertainties associated with gaining FDA approval for product in 2007 followed by downward revision of sales projections. 77% share price decline led to cost cutting and change of management followed by merger with Visiomed, share consolidation and name change. New trading commenced in late June 2008. Shares down 87% in 2008 with market cap of $3 million which was less than cash holding at the time but revenues were increasing significantly and there has been a 358% increase in 2009 to market cap of $17 million with new funding to accelerate acceptance of ReCell in US market, clearance for sale of ReCell in China and clearance for clinical trial in US. There was a gradual decline of 33% in 2010 to a market cap of $12 million despite commencement of trials in the US, increasing support in that market and launch of ReCell in Middle East and European markets. In 2011 there has been a rebound: eventually up 14% at $30 million (revenues increasing slowly, losses up, decreasing emphasis on respiratory product lines and new fund raising which has doubled the value of the company). Prices barely maintained in 2012 (down 4% at $39 million) with OTC trading commencing in the US, new fund raising successfully completed and a new grant in support of US clinical trials on ReCell. Prices up 13% in 2013 with company value at $44 million and some shareholder dissatisfaction which resulted in resignation of CEO and Chairman and subsequent share price increase. There was a 39% decline in 2014 to $27 million. There was a further decline in 2015 with some recovery after appointment of new CEO (eventually up 13% at $50 million with more funds raised, winning of large contract in US and CE mark for product portfolio as well as divestment of Funhaler asthma spacer non-core business). There was a 29% increase in 2016 to $76 million with positive trial results being announced, opening up of trials to compassionate use and distribution deal in China. There was a 48% decline in 2017 to $64 million with developments in the US resulting in some recovery and raising of further substantial funds which has dampened prices. Company is relocating offices in Australia and UK as part of global strategy to improve market access. There was a 29% increase in 2018 to $134 million with institutional placements providing substantial funds for commercialisation in the US market, establishment of sales force in the US, the acquisition of a lease on a manufacturing facility in California to support push into the US market, first commercial orders as well as engagement of more management staff and FDA approval for RECELL. There has been a 757% increase in 2019 to $1.292 billion with launch of Recell Product in the US market, positive reviews in international meetings and developments increasing commercial opportunities. (9/11/19)