Listed Biotechnology Companies D to H
This Page Last Updated On 29/12/2022
DXB - Dimerix Ltd.
Dimerix was founded in 2004 as Dimerix Bioscience, a drug discovery and development company with a focus on chronic kidney disease and using bioluminescence resonance energy transfer (BRET) as a tool for study of G-Protein coupled receptor (GPCR) targets. It worked with Berthold Technologies in Germany to develop a BRET detector and tested BRET instrumentation and reagents for Perkin Elmer and Promega. However, there has been little other of commercial output until a backdoor listing through Sun Biomedical onto the ASX in 2015. There were no major changes in 2016 following listing and there had been little change in 2017 with company value at $13 million and with commercial results not likely for some time but positive clinical trial results resulted in a 50% increase in July. Company completed 20:1 consolidation of stock at end of October 2017 and after this change, shares were eventually down 11% at $12 million. Funds raised increased company value to $14 million in 2018 with a 29% decrease in share price but commencement of two clinical trials offer hope. There was a 46% increase in 2019 to $24 million as a result of speculation on trials in process and discussions with FDA on a Pre-IND as well as new funds raised. There was a 469% increase to $146 million in 2020 with announcement that clinical trial had been successful and grant funding provided for involvement in world study on Covid-19. Announcement in September of clinical results from kidney disease trial indicated equivocal results resulting in a 64% drop in share price (eventually up 81% at $47 million). There was a 4% increase in 2021 to $74 million with funds raised for clinical trials which have commenced. There has been a 41% decrease in 2022 to $44 million with commencement of trial in India and retirement of Chairman/founder. (29/12/22)EBR - EBR Systems Ltd.
EBR Systems was founded in 2003 to develop an implantable system for wireless tissue stimulation and eventually adapted to developing superior treatment for cardiac rhythm diseases. It listed in late 2021 at an indicative value of $289 million. There has been a 44% decrease in 2022 to $124 million with a flaw in one of the company's devices affecting short term value. (25/12/22)EX1 - Exopharm Ltd.
Listed, perhaps prematurely, at the end of 2018 to develop and commercialise exosomes as therapeutic agents. Claims to be able to mass produce exosomes sufficient for clinical trials. Shares fell 40% in the year following listing but have stabilised since then. Clinical validation of the company's technology has been slow in appearing. Shares up 116% in 2020 to a company value of $79 million with commencement of clinical trial. There was a 9% decrease in 2021 to $82 million following increases fuelled by speculation, market promotion, new funds raised and collaborations in Finland and Japan. There has been a further 88% decrease in 2022 to $10 million with a recent share price drop unexplained and efforts taken to reduce costs with Board and staff reductions. (26/12/22)EYE - Nova Eye Medical Ltd.
Ellex disappointed the market in FY2004 and FY2005 due to problems in the target markets and declining profitability. The company shifted focus from OEM to controlling distribution specifically in the ophthalmic laser market. This involved short term costs and loss of profitability with a view to improved long term profitability. The company was undervalued by the market despite having good technology, significant revenues and exports. The market cap at the end of 2010 of $26 million was very low on the basis of fundamentals with revenues up significantly and profitability returned. We expected that there would be price increases in 2008 following the downturn as the company was buying distribution companies to improve market presence and US companies to increase market spread (up 106% in 2006 but down 6% in 2007 and down 88% in 2008 due to a double downwards revision in sales projections, replacement of CEO and money flow problems as customers reduced demand). Despite the downward revision in sales projections but increased sales as indicated by last financials, this company remains substantially undervalued. Prices increased 80% in 2009 and this was expected to continue with significant international market penetration announced but uncertainties about continuing bank support tempered expectations for price increases as well as some softening of sales projections. There was a 69% increase in 2010. Initially there was a fall in 2010 as a result of GFC but improving financials suggested there would be an increase in prices during 2010 with gradual opening of market in US and this appeared to be occurring as the company returned to profit and increased its distribution business. However the negative aspects of the strengthening dollar in the latter half of 2010 has reduced profit projections with an associated fall of 57% in 2011 to $11 million. Some recovery is associated with expanding product lines which is expanding market opportunities and consolidation of manufacturing to reduce costs. There has been a rise and fall in 2012 with a recent recovery to $16 million (up 46%) with end of year financials indicating revenues up 10% with significant profit but price sensitivity indicates concerns about deterioration in overseas markets affecting bottom line. There was a further 29% increase early in 2013 to $21 million in expectation of good half yearly results but these were wiped out when the company provided conservative projections but reversed again with announcement of launch of new product in US market, FDA approval for its new laser treatment device and US Government qualification of lasers, positive results on pilot study with new product (eventually up 89% at $39 million) and with new funds raised and significantly increased sales in the US and acquisition of company in US market completed. There was a 24% decrease in 2014 to $30 million despite high revenues, promising trial results, projected continuing profitability, increased sales in US market, sales of the new 2RT laser system commencing in Europe and positive information on canaloplasty surgery for glaucoma. There was a 45% jump in January 2015 to $43 million with announcement of significantly improved half year results, a drop then a 173% recovery to $81 million with latest financials indicating increased revenues and profits and significant market share, release of information on positive laser treatment and move into glaucoma treatment device market as well as indications of 12% increase in sales in FY2016. There was a temporary 9% decrease in 2016 to $73 million with announcement of expansion of production facilities and improving financials for year end in sales and profitability (eventually up 87% at $170 million with more funds raised, launch of new products and improved reimbursement for process in US). There was a further 31% decline in 2017 to $139 million with financials indicating slowing growth due to shifting of manufacturing facilities in Adelaide but sales of new iTrack product likely to lift substantially. There was a 10% fall when company indicated in July lower than projected sales for FY2017 but it had already advised of this likelihood months earlier and projections made months before also indicated this reduced income level. Substantial fund raising to expand into the glaucoma surgery market dampened prices towards the end of 2017. There was a 28% decline in 2018 to $99 million with indications revenues are growing at 13% and losses are small but continuing. A recent sales update provided a temporary boost to share prices and shares are being traded in the US market. There has been a 12% decrease in 2019 to $88 million with a recent short term recovery with announcement of positive trial for Selective Laser Trabeculoplasty in first line treatment of glaucoma, long term benefits from laser treatment for macular degeneration as well as appointment of new CEO who resigned within three months and has been replaced by an interim CEO. The company has also launched a new ultrasound technology Eye Prime™ for evaluating the pathology of the eye. Announcement of sale of laser and ultrasound business for $100 million resulted in substantial recovery of share price. Eventually up 12% at $111 million in 2019. There was a 54% decrease in 2020 to $51 million with company changing its name to Nova Eye Medical Ltd (ASX:EYE) which occurred at end of June. Laser business sale took longer than expected but was completed at the end of June. Since then the newly named company has acquired glaucoma device technology and facilities in New Zealand. There was a 4% decrease in 2021 to $49 million with FDA IDE filing for 2RT treatment and acquisition of portfolio of patents to expand capability in glaucoma treatment. There has been a 26% decrease in 2022 to $36 million with planning in place for FDA approval of 2RT therapy, associated studies and new glaucoma device released and sales exceeding projections. (18/12/22)GSS - Genetic Signatures Ltd.
Sydney based company founded in 2001 to develop and commercialise Easy Screen routine detection of infectious diseases with speed and accuracy advantages over traditional diagnostic methods. Listed in March 2015 to fund commercial roll out of products in US and Europe. Company listed at a premium of 21% ($34 million) and by the end of the year after launching in the US and expanding in Europe shares were up 95% at $57 million. Company experienced growing pains in 2016 and shares were down 44% to $46 million and this continued into 2017 (down 28% to $33 million). Market penetration was gained in 2018 with more tests approved and revenues up with shares increasing 152% to company value of $83 million. This resulted in more fund raising and further expansion in 2019 with shares increasing 26% to company value of $143 million. With emphasis on diagnostics due to the Coronavirus pandemic, shares increased a further 95% in 2019 to $287 million with early profitability. There was an 11% decrease in 2021 to $256 million with company reaching profitability, sales projections up and new products becoming available. There has been a further 50% decrease in 2022 to $129 million with release of a Covid-19 test approved by TGA and revenues maintained with profitability breakeven. (27/12/22)GTG - Genetic Technologies Ltd.
GTG has been an enigmatic company claiming a significant portfolio of patents in the DNA area which initially was discounted but which over time was acknowledged by some companies as worthy of being licensed in return for fees. The success of GTG will depend on its ability to enforce its patent portfolio in the market. Shares increased four fold in the year to August 2003, but thereafter, prices fell over 50% until the September 2004 announcement of positive trial outcomes in the litigatio1n with Applera which doubled the share price. Since that time, the prices have gradually declined then recovered before falling heavily on the announcement of a resolution of litigation with Applera which was not seen as totally positive for GTG. There was a further substantial fall (63%) in 2007 related to an ASIC inquiry into activities of executives of the company but countered by the deal with Monsanto. There was a temporary recovery associated with the premature announcement that FY2007 would be profitable and the appointment of a new CEO. The company had a market cap of $13 million at the end of 2010 (prices down 15% in 2006, down 57% in 2007, down 67% in 2008 and down 16% in 2009). Realisation of value will only come with a further substantial increase in income and a shift to profitability with the first signs being the favourable FY2007 and FY2008 results although revenues are stable rather than increasing. Confusion caused by proposal by largest shareholder to dump other directors which was successful in November 2008 probably contributing to further drop in price - down 67%. Situation further clouded by charges against key director and major shareholder in company for market manipulation leading to his resignation. There was a moderate recovery in prices in 2009 following appointment of new CEO but by years end, prices had again fallen. There was a temporary recovery in early 2010 with licensing in of new genetic tests, acquisition of a breast cancer test and new fund raising but prices were down 21% by the end of 2010 with establishment of US diagnostics operation, new licence to Monsanto, licensing wins with Innogenetics and Pioneer Hi-Bred and costs being contained. There was a 233% increase to $51 million in 2011 on the basis of substantially improved licensing income, the forthcoming launch of a breast cancer diagnostic, promotion in the US, successful litigation and the launch of new infringement suits and first signs of profitability of the company. Shares were suspended prior to a capital raising and fell over 40% following the announcement. There was a 26% decline in 2012 to $38 million with deteriorating financials and a doubling of price in May 2012 with progress being made in the US market. However, AGM in November resulted in removal of number of directors including chairman and subsequent resignation of CEO as a result of play by major shareholder with a precipitous drop in share price (eventually down 35% at $34 million). There was a 23% decrease to $32 million in 2013 with improving half yearly financials but no explanation for the increase other than new agreements with large organisations completed, new fund raising completed and announcement that the major shareholder intends to reduce holding substantially for shares in subsidiary. There was a 73% decline in 2014 to $12 million with pick up in BREVAGen sales and queries from NASDAQ about share price. This resulted in a restructure and refocussing of company, a proposed change of company name to Phenogen Sciences (same as US subsidiary) and divestment of heritage Australian Genetics business to Specialist Diagnostic Services. In November 2014 the company received notice from NASDAQ that it was not meeting compliance with listing rules. There was a 13% decrease early in 2015 to $11 million but this was more than reversed with implementation of new standby facility and new fund raising in the US (eventually up 67% at $43 million). There was a further 56% decline in 2016 to $27 million with raising of funds and a further decline in 2017 with income the lowest in ten years. There was a 27% decline in 2017 to $19 million with NASDAQ again querying the share price. The company is bleeding about $8 million a year and is looking for a place to go. Indec addition, shareholders representing almost 6% of the company are seeking to remove the Board and management. There was a short term recovery of 100% in December (eventually up 18% at $32 million). There was a further 23% increase in 2018 to $39 million but some uncertainty was caused by sudden resignation of Chairman and a director. The subsequent AGM saw the election of three new directors and then the resignation of the reelected CEO. The new board views the current situation as not viable and is proposing to raise new funds and form an alliance with a company associated with most of the directors, Blockchain Global, to apply blockchain technology to biotechnology applications. Shares in 2018 were down 54% at $16 million with new alliances formed, discussions for market entry in China and access to $20 million funding facility gained and associated fundraising commenced. There was a 17% decrease in 2019 with company value at $20 million with new funding, announcement of new collaboration in US and UK and release of two cancer risk tests based on genetics. NASDAQ advised that company did not comply with listing rules due to a perceived capital deficiency and had 45 days to regain compliance. It proposed delisting of GTG on NASDAQ and the company has raised further funds to meet compliance. Latest AGM approved change of company name to Genetype Limited. There has been a decrease and recovery in 2020 to $38 million (even) with speculation over breast cancer test sales in the US, test launches in Australia, NASDAQ notification of non-compliance and substantial new fund raising. There was an 40% speculative jump in July to $58 million associated with fund raising for a Covid-19 risk test and commencement of online sales of a breast cancer risk test in the US. There was a 29% decrease in 2021 with company value at $46 million with fund raising in the US, new Covid risk test launched in US and acquisition of genomics testing company which is providing a revenue stream. There has been a 40% decrease in 2022 to $28 million with launch of a new Multitest platform in medical clinics in Australia, revenues up substantially and acquisition of new company to increase profile in market. (26/12/22)HCT - Holista CollTech Ltd.
Previously called CollTech Australia, this company listed in February 2004 as a producer of ovine collagen. Listing was premature and in first four years, income was meager. By early 2009, company value was vulnerable at $3 million and alternative business was sought with backdoor listing of Malaysian natural products healthcare company and associated name change. Prices rose 45% in 2009 and 38% in early 2010. However prices are oscillating wildly and prices were down 24% by the end of 2010 with market cap of merged company at $14 million which is above projections from fundamentals. There was a further temporary increase in 2011 (eventually up 5% at $15 million with announcement of deferral of collagen plant due to market conditions, new joint ventures with Indian and Australian groups and registration of new biopesticide). There was a precipitous 65% drop to $5 million in April 2012 despite collagen plant meeting significant orders and reduced losses with some subsequent recovery (eventually down 37% to $9 million). There was a 37% increase in 2013 to $14 million with new agreement with Swiss company on new product and establishment of US company to commercialise food products. There was a further 50% fall in 2014 to $8 million and an additional 32% fall in 2015 to $5 million with new deals signed. There was a turn around in midyear with release of food grade sheep collagen (now up 60% at $13 million). There was a speculative 169% jump to $34 million in early 2016 with announcement of bakery development but this was short-lived (eventually up 24% at $17 million with major partner becoming significant shareholder and new partnership deals signed). There was a 12% decrease in 2017 with company value at $16 million with new deal to supply medical collagen for the US market, a new licensing deal on carbohydrate management, acquisition of major share in a marketing company from company's CEO and development of low GI noodles. There was a 33% decrease in 2018 with company value at $14 million with developments announced by a related company, signing of new supply contract in the US and China, global launch of new low GI product and raising of new funds to support entry to new markets. There was a 36% increase in 2019 to $18 million with new collaborations announced and new products coming to market with regulatory approval for North America. The reason for a steep fall in prices in June 2019 is unclear but there was a fall associated with announcement by a related company, Global BioLife, of a safer alternative to sugar which might be competitive with Holista's product. Recent developments in low GI flatbread and bubble tea ingredients are of note. There was a 147% increase in 2020 to $48 million with more funds raised and speculation relating to increased sales of hand sanitiser in Asia associated with concerns about Coronavirus. Some claims for this sanitiser had to be retracted and the speculation abated and there have been a few other missteps in publicity as well as some reduction in sales expectations. Announcement in October that effectiveness of sanitiser had been shown resulted in a 140% share price jump which was reversed when the corporate regulator ASIC found misleading announcements (now down 9% at $20 million with revenues stalling and losses increasing due to problems in its distribution networks and a new move into the North American market). There was a 35% decrease in 2021 to $13 million with litigation relating to defamation resolved and proposed major upgrade of collagen plant supported by Government grants. ASIC is taking company to court regarding misleading comments on products and partnerships. There has been a 49% decrease in 2022 to $7 million. (27/12/22)HXL - Hexima Ltd.
Company previously listed in 2007 in plant biotechnology then delisted in 2011 and switched to human therapeutics from plant sources in 2015 with relisting on the ASX in November 2020. Share price doubled from listing at end of 2020 to around $60 million in 2021 but are 95% down in 2022 to $3 million with announcement in June that a phase 2 clinical trial provided inconclusive results with an associated 80% share price fall and winding down of activities of the company. Shareholders representing over 10% of shareholding in company is seeking to unseat three directors at the next AGM at end of January 2023 with interim CEO stepping down. (26/12/22)