Listed Biotechnology Companies Q-Z

This Page Last Updated On 3/8/20



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 85% in 2018 to $6 million). A recent short term (November 2018) 114% jump in share price to $17 million remains unexplained and there was a 153% increase to $21 million in 2019 with a recent fillip given by commencement of clinical trial in Israel, new successful fund raising and better promotion in the market. There has been a further 395% increase in 2020 to $115 million with speculation followed by positive clinical trial results. (31/7/20)

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 35% increase to $73 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. There was a 133% increase in 2019 to $171 million with trial results positive, a new De Novo submission to the FDA, development of new devices and CE mark and TGA approval for smartphone based diagnostic test and advent on a new digital health program. There was a 70% decrease in 2020 to $54 million which was part recovered with a 110% jump with announcement of integration into international and Australian health platforms, new studies in the UK, Germany and Australia and a new sleep apnoea application (now down 45% at $102 million). (28/7/20)

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 was a 3% increase in 2018 with company value at $15 million and increased exposure of the company overseas and there was a 106% increase in 2019 to $48 million with funds raised and reorganisation of the Board. There has been an 233% increase in 2020 to $173 million with clinical trials advancing, resignation of founder and Chief Research Officer and selection for inclusion in Melbourne and US Covid antivirus screening programs. (3/8/20)

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 had 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 (eventually up 44% at $38 million). There was a 52% decline in 2019 to $24 million with appointment of new CEO to drive commercialisation, new funds raised and a significant Japanese investor taking up a shortfall in a rights issue. There has been a 13% increase in 2020 to $27 million. (28/7/20)

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 (eventually up 173% in 2018 at $24 million). There was a further 275% increase in 2019 to $96 million with signing of licensing and distribution agreements, improving financials, new technology patented and company promotion. There has been a 33% decrease in 2020 to $67 million with latest financials indicating plateauing revenues and declining profitability, a new agreement opening up US market, a new area of activity and new funds raised. (29/7/20)

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 50% decline in 2018 to $14 million with need to commercialise the technology becoming pressing and change over of CEO. There was a 7% decline in 2019 to $13 million with announcement of three test sites for diagnostic trial and first patients recruited. There was a 68% decrease in 2020 to $4 million but announcement that key biomarker in its test had been validated resulted in a doubling of the share price (currently down 38% at $8 million). (28/7/20)

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 was a further 45% increase in 2018 to $22.7 billion with revenues continuing to increase, profits levelling off and acquisition of MatrixCare for US$750 million. There was a 38% increase in 2019 to $31.4 billion with earnings figures resulting in a share surge. There has been a 31% increase in 2020 to $41.05 billion with improving financials. (27/7/20)

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 higher value. Up 5% to $19 million in 2017 with completion of core software platform and interest from China in manufacturing relationship. There was a further 116% increase in 2018 to $49 million with funds raised for launch of next generation device and significant changeover of board. There was a 26% increase in 2019 to $63 million with Wheezo clinical trial about to start and a new Joint Venture in India but this increase dissipated once trial started and has recovered with approval for trading in Europe and Australia and reorganisation of the company (eventually up 1% at $54 million). There has been a 46% increase in 2020 to $91 million with company planning to transition from a device manufacturer to an eHealth Software as a Service (SaaS) company and has raised funds to this end. The company received a 60% fillip with signing of deals with pharmacy provider and buy now pay later provider. (29/7/20)

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 was 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 (eventually down 53% at $10 million). There was a 26% decrease in 2019 with company value at $9 million following new fund raising and completion of acquisition in China in hemp market. There was a 29% decrease in 2020 to $6 million with a move to increase operations in the cannabis market but following new collaboration in Singapore the price has recovered (now down 7% at $8 million). (25/7/20)

(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 45% decline in 2018 to $15 million despite positive clinical trials for diagnostic test and publication of results and possibly due to fund raising now completed. There was a 40% decrease in 2019 with company value at $10 million with distributors for diagnostics being found and a new technology platform acquired. However announcement of a new direction collaboration resulted in a 70% recovery in early November and new funds (eventually down 37% at $11 million). There was a 42% decline in 2020 to $9 million with raising of new funds and a new trial starting in Korea. Proposal for merger with Bard1 which will acquire Sienna shares at 120% premium resulted in a 100% turnaround and company has announced license for new cancer detection technology (now up 84% at $28 million.) Company shares suspended for transfer to Bard1 at end of July (27/7/20)

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 was a 35% decrease in 2018 to $18 million with improving sales forecasts, new plant operating in Malaysia and new funds raised to shift manufacturing to Malaysia to reduce costs. There was a further 60% decrease in 2019 to $8 million and a significant recovery with new investment and indications of improving business (eventually up 38% at $36 million). There has been a 39% increase in 2020 to $53 million with a recent recovery unexplained and funds raised despite Coronavirus crisis. (29/7/20)

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 50% to $115 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 was successful and there was a change of management which resulted in a decision to close business centres which led to a 30% increase in share prices. There was a 60% increase in 2019 with company value at $184 million with signs that new management is reducing losses, current users exceed 0.5 million, a new device has gained FDA approval and US market is growing significantly leading to appointment of new staff to service this. There has been a 56% decrease to $106 million in 2020 with latest financials indicating company is turning the corner significantly but share price was hit by fund raising during Coronavirus crisis. (29/7/20)

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 was a decline and recovery in 2018 to $440 million (even) with signing of licensing agreement with Mundipharma on VivaGel BV and positive indications from anticancer testing. Request by FDA for more data on VivaGel BV in late December resulted in a 30% drop in share price which was soon recovered. There was a 2% increase in 2019 to $451 million with launch of first Vivagel BV products in Australia, Japan and Europe, progress made in the US with approval for Vivagel and a new DEP agreement with AstraZeneca as well as promising results coming from clinical trials underway and research studies. There has been a 9% decrease in 2020 to $411 million. (30/7/20)

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 was 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 and there may be further speculation associated with development of a cannabidiol spray. There was a 61% decrease in 2019 to $8 million with announcement of TGA denial of marketing approval for Artimist oral spray (which led to suspension of the program), the appointment of a new Chairman and CEO, reorganisation of the Board, new commercialisation approaches and raising of new funds as well as a 25:1 share consolidation in late November 2019. There has been a further 53% decrease in 2020 to $4 million with fund raising in process but announcement in July that the TGA had approved ZolpiMist resulted in a 240% boost (now up 16% at $10 million). (30/7/20)

TD1 - TALI Digital Ltd.

Company renamed from Novita Healthcare Ltd (ASX:NHL) in December 2019. Previous company was Avexa, a spinoff from AMRAD. There was a 50% decline of Avexa in 2015 to $7 million with some recovery on announcement of intention to acquire TALI Health and associated 20:1 share consolidation (eventually down 78% at $3 million). There was a further 52% decline in 2016 to $2 million with new funds raised and TALI acquisition completed. Conclusion of this acquisition resulted in some recovery as well as improved publicity and substantial new fund raising (eventually down 61% at $6 million).Name changed to Novita Healthcare Ltd (AX:NHL) in December 2016. There was a 63% increase in 2017 to $16 million with sale or dissolution of legacy businesses, raising of new funds, acquisition of Newly, an online marketplace connecting healthcare professionals with organisations in need and appointment of new CEO. There was a 34% decrease in 2018 to $13 million with launch of first commercial product and changeover of Board with new fund raising and sale of Newly subsidiary. There was a 62% decrease in 2019 to $7 million with implementation of Tali platform in two locations in the US and in Victoria. Prices depressed by entitlement offer which has raised funds. However, announcement in October that use of TALI detect in the US would be reimbursed resulted in a 400% turn around and part maintained with announcement that NDIS would access TALI (eventually up 76% in 2019 at $38 million). Company name changed to TALI Digital (ASX:TD1) occurred on 23/12/2019. There has been a 45% decrease in 2020 to $21 million with Google accreditation achieved but the Coronavirus crisis is depressing prices. (29/7/20)

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 7% to $12 million in 2018 following acquisition of Chinese medical company. There was a 53% decrease in 2019 to $6 million with finalisation of sale of IP and acquisition in China which has helped bottom line. There has been no significant change in 2020 with company value at $6 million. An announcement was made on 18 March that a related company in China had gained a CE mark for its COVID-19 diagnostic test and this was preceded by a 600% jump in prices. This is now the subject of an ASX enquiry with trading suspended. Following the price jump, it was subsequently reported that the diagnostic was not approved in China for exportation but this embargo has now been removed. (22/7/20)

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 was little change in 2018 with company value at $142 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. There was a 138% increase in 2019 to $393 million with development of a number of programs and preclinical technologies, an NDA submission and new collaborations in the US, Turkey, Japan, Europe and Latin America as well as raising of substantial funds and acquisition of a radiopharmaceutical production facility in Europe. There has been a 12% decrease in 2020 to $345 million with trials progressing and production facility acquisition completed but the Coronavirus crisis is depressing prices and delaying trials. (18/7/20)

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 on 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 was a further 45% decline in 2018 to $18 million. Name change to Total Brain Ltd (AX:TTB) at end of November 2018. There was a further 27% decline in 2019 to $19 million with new alliances formed, substantial fund raising and new predictive test but the announcement of a partnership with IBM resulted in a 45% jump in prices followed by fund raising with another jump (eventually up 155% at $80 million). Company agreed to 10:1 consolidation which occurred early in 2020. There has been a 62% decrease in 2020 to $35 million after consolidation with Coronavirus crisis affecting prices. (27/7/20)

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 27% decline in 2018 to $39 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). There was a 14% decrease in 2019 to company value at $34 million with revenues and profitability up with a transition to a new CEO organised and renegotiations with Siemens completed and share buyback in offing. There has been a 34% increase in 2020 to $45 million with appointment of new CEO. (25/7/20)

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 was a 31% decrease in 2018 with company value at $20 million with release of new hypertension assessment product and there was a 14% decrease in 2019 to $18 million. There was a 238% increase in 2020 to $61 million due to speculation that the use of Uscom devices to monitor coronavirus patients in China is leading to an increase in demand and indications that Uscom technology is promoted for monitoring of sepsis in children. However this speculation has faded (now up 71% at $31 million) with financials improving slowly. (17/7/20)

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 55% in 2018 to $14 million with erratic price changes unexplained and little evidence of products in the pipeline. There has been little change in 2019 with company value at $14 million and the reason for a recent recovery has been substantial new funding for clinical trials and publication of research supporting the company product focus. There has been a 15% increase in 2020 to $16 million with publications supporting the company's direction but a recent price spike remains unexplained. (20/7/20)

ZLD - Zelira Therapeutics Ltd. (formerly Zelda Therapeutics Ltd.)

Another of a host of ASX companies seeking their fortunes in the cannabis space (28 by our count). Entered market through reverse takeover of Gleneagle Gold (ASX:GLN) with relisting in November 2016 relying on developments by existing US company Zelda Therapeutics and looking to form collaborations with a number of Australian entities with a clinical trial program focussed on insomnia, autism and opioid reduction. Since relisting, share price has been in positive territory so market has high expectations and in 2019, share price is down 5% to company value of $48 million with an increase associated with start of clinical trial in Melbourne on effect of cannabis in reducing opioid dependence and market speculation following promotion. Company proposed a merger with US-based Ilera Therapeutics to create a global company with a name change to Zelira Therapeutics in early December 2019 and change of Board. There has been a 2% decrease in 2020 to $47 million with a recent 50% jump in share price associated with a successful insomnia trial using medicinal cannabis and local production of products and brands progressing as well as strengthening US end of operation. (17/7/20)