Listed Biotechnology Companies C

CAQ - Cell Aquaculture Ltd.
This company listed in July 2005 with the aim of commercialising a land-based aquaculture system and with a number of international joint ventures under negotiation. Following listing, prices rose 40% indicating the high expectations which would have to be matched with commercial developments. Developments have been the entry into the US market, the joint venture with Delta (discontinued), the operational facility in Europe and the two joint ventures in Malaysia where production is commencing. Prices down 21% in 2006 to just over par, down 25% in 2007 and down 39% in 2008 following fund raising but up 50% in 2009 following announcement of new ventures in South Africa, Singapore and Malaysia and associated fund raising. Company value is $32 million and prices are up 20% in 2010 without explanation. (16/2/10)

(CAU - CollTech Australia Ltd.)
This company listed in February 2004. We believe this was premature and the company is seeking to operate in a relatively closed market for which there is little reliable market information. The long term survival of this company is in question. However there has been market support for the company and although prices fell 25% initially, this fall was recovered but prices fell 59% in 2005 associated with delays in commissioning the plant. In 2006 there was some recovery with a jump after the mid year market correction, new orders and production commencing (prices up 20% in 2006). However, there was a 64% fall in 2007 and a further fall of 47% in 2008 until the fund raising and advent of new blood enabled the prices to recover temporarily (down 71% in 2008 and even in 2009). The current market cap of $3 million following fund raising indicates need to gain early commercialisation now plant is completed. The current value indicates vulnerability of the company resolved only if orders become substantial and the signing of distribution agreements bear fruit. Proposal for acquisition (backdoor listing) of Malaysian natural products healthcare company is proceeding with associated name change to Holista Colltech (ASX: HCT). (29/7/09)

CBB - Cordlife Ltd.
Previously called Cygenics Limited - name change April 2007. This Singapore biotechnology company moved its headquarters to Melbourne to list on the ASX in June 2004. Since listing, shares fell 70%, mainly in the first half of 2005 and in mid 2006 with significant recovery since then. Shares fell 28% overall in 2006 but rose 124% in 2007. There was a 61% fall in prices in 2008 which was of concern but there was a rebound and prices are rose 124% in 2009. The market value of the company is $45 million which is low as revenues are increasing significantly and company is now profitable. In view of this, there is upside for the company but this may be slowed in the short term by diversification into the European market. The fact that the company is now concentrating on its core revenue generating business suggests significant upside following the current market downturn. Up 124% in 2009 following fund raising and acquisition of strategic stake in Chinese market but down 27% in 2010 with evidence of declining profitability. (6/3/10)

CBZ - CBio Ltd.
Ten year-old company developing a product for the treatment of autoimmune diseases listed in February 2010 after 5 years of clinical trials. On listing shares have falled 60% and company is valued at $24 million (3/3/10)

CGS - Cogstate Ltd.
This company listed in February 2004. General review of documentation indicates that this company listed too soon and should have undergone a further funding round before listing. Because of this, we expected shares in the company to be depressed for at least two years unless there was significant speculation in the stock. It was therefore not surprising that in the first two years prices fell 75% and the company had a market cap of only $5 million with $2 million in cash reserves and projections of increased income at the end of 2005. At that stage, the company was undervalued but if revenues could be increased, prices were expected to increase later in 2006. There was a significant increase in revenues which pushed prices up. In 2006, prices rose 91% and prices were up 5% in 2007 until an unexplained drop in June probably associated with company continuing to make losses. The company's market cap is $18 million (down 41% in 2007 and up 23% in 2008 following fund raising). Revenues are growing significantly and first profits have led to 97% increase in prices in 2009 but down 11% in 2010. (23/2/10)

CIR - Circadian Technologies Ltd.
As a management and investment company, CIR has been relatively strong over the last few years as some of its investments have provided a commercial return or at least some value in the stock market. Until recently, the market cap of $24 million was supported more by net asset backing rather than economic revenue or returns and current net asset backing is $54 million following sale of Zenyth and Avexa shares. The outlook for share prices is uncertain at this stage but there has been a clear 45% decline in prices in 2005, an increase of 35% in 2006 and a 22% decrease in 2007 associated with gains from sale of Zenyth shareholding to CSL, announcements of investments and funding in new areas and collapse of Metabolic share price. The sale of Axon and Zenyth provided income and profitability but now the company will have to work on the next growth area to maintain value. This appears to be Vegenics (recently fully acquired), although this could be some time from commercialisation. Shares declined 52% in 2008, in line with the overall fall in the market but there was a 21% recovery in 2009. Company market cap is significantly less than cash holdings of $35 million. Announcement of problems with licencing arrangements of VEGX technology to Ark Therapeutics is of concern. There has been a decline in prices of 23% in 2010. (27/2/10)

CLV - Clover Corporation Ltd.
Share price performed extremely well in 2003 with an increase from 17¢ to 71¢ and the company showed good returns. However in 2004, the share price dropped 40% and stabilised with some recovery as turnover and profits were up. This was due to an exit from the fine chemical business, loss of a key customer in Europe and increasing competition. In 2007, there was an increase in prices associated with company reorganisation and increased sales. The company has a market cap of $44 million which is reasonable on the basis of turnover and profit. While we expected strengthening of the share price in 2005, prices fell 50% and fell a further 21% in 2006 associated with reduced earnings despite increased sales. This continued in 2007 with a fall but there was a 60% recovery associated with expectations of increased sales and profitability in FY2008 which were confirmed by end of year results but general market concerns have pulled down prices (prices up 27% overall in 2007, up 9% in 2008, up 36% in 2009 and up 8% in 2010 with release of positive annual results and for first half of FY2010). (26/2/10)

CMP - Compumedics Ltd.
Following listing 8 years ago, Compumedics share price lost 80% in the first two years followed by some recovery in the next two years but a further 73% fall in 2005. The company has significant turnover and exports and was profitable in 2004. Furthermore, it has prepared platforms for moving further into international markets. However in February and again in July 2005, financial projections were revised significantly with significant losses associated with smaller margins and costs of expanding the marketing and sales effort. There was a further 43% decline in prices in early 2006 with a significant recovery in July associated with maintenance of sales levels and improved profitability in the second half of FY2006. This was followed by a 90% jump in November when market interest in the company returned after a long period. At the end of 2006, prices were up 39% for the year but fell back in 2007 with some recovery in July (down 3% in 2007). There was some price fluctuation in 2008 (down 19%). The market cap is $23 million which is low based on fundamentals. Now that the company has announced reasonable sales levels and profitability, the outlook for the future should be greatly improved and further rises in share prices can be expected after the current stock market problems are overcome. Prices up 44% in 2009 and down22% in 2010 following half yearly financials which indicate reduced revenues and profits. (9/3/10)

CMQ - Chemeq Ltd.
Share prices stabilised around the $5 mark in mid 2003 with a market cap of around $450 million based on optimistic expectations for the future. In 2004, the market had a clear dose of reality with prices falling 80% as a result of uncertainty about timelines to commercialisation, regulatory issues and cost overruns. This was combined with the need to raise more funds to cover overruns and there were subsequent questions about staff turnover and business management. The company gained conditional funding and management support from Mizuho in early 2005 and by June 2006 had a market cap of only $34 million following fund raising (down 44% in 2005 and 52% in first half of 2006). The announcement of the company meeting milestones set by recent investors resulted in a temporary price jump, but the announcement of a substantial reorganisation again pushed prices down. Announcement of a potential strategic alliance with PCAS, a specialty chemicals company resulted in a jump but a subsequent release indicating a dispute with a convertible note holder raised questions about the survivability of the company. The most recent jump was associated with the exit of the shareholding of the former Chairman and the advent of Deutsche Bank as shareholder (which has since exited). Continuing problems with the convertible note holder, a Supreme Court decision against Chemeq and failure of an appeal resulted in administrators being appointed in May 2007. Market cap was only $8 million with prices down 70% in 2006 and 60% in 2007. Administrators and receivers appointed and stock suspended. In March 2008, proposal for commercialising intellectual property released by administrators. Rockingham facility sold in February 2009. Technology collaboration with Arkema France in July 2009 for manufacture of product. (16/7/09)

CNN - Cardia Bioplastics Ltd.
Previously Cardia Technologies. Diversified company which was probably not providing sufficient resources in any area and is now addressing this by reducing presence in biotechnology and emphasising work of its subsidiary Aquenox which it is now seeking to list. Had mediocre performance during 2003, prices fell 50% in 2004, fully recovered in October then fell 66% in 2005 but rose 217% in 2006 and 16% in 2007. There was a 76% fall in 2008 and price oscillations in 2009 (up 10%). With a market cap of $14 million following the acquisition of Biograde in early 2009 and recent fundraising, the company value is reasonable and any increase in this value will depend on commercialisation of Aquenox associated with its listing (not in 2009) and growth of the bioplastics business. Company name changed from Cardia Technologies to Cardia Bioplastics in July 2007. There have been a price oscillations in 2010 with prices up 5% following deal with KFC. (1/3/10)

COH - Cochlear Ltd.
Despite Cochlear's domination of its markets, share prices had been falling since peaking in December 2001and levelled off at $21 by the beginning of 2004. However there was a clear 81% growth in 2005 (including a downturn associated with a market correction). The outlook for 2006 had been for slower growth than in the past with continuing profitability but positive financial results and the acquisition of Entific of Sweden promised more for the future. However, the upward trend was halted by a market correction and less than positive reception of FY06 financial results. Growth in the share price recommenced following this. However reporting of record half yearly results in February 2008 resulted in the share price dropping indicating the sanguine state of the market. The market cap of $3.7 billion is reasonable and with good financial year results, prices rose 27% in 2006, 29% in 2007 but fell 26% in 2008 (in line with market fall). Once current market conditions pass, prices should more than recover as latest financials are very positive (up 25% in 2009 but down 6% in 2010 despite improving financials). (1/3/10)

CSL - CSL Ltd.
The company completed acquisition of Aventis Behring blood products business and this is covered in more detail by other analysts. The company has also divested its Animal Health and JRH Biosciences businesses. The fundamentals of CSL are such that a significant share price increase was expected during 2004 and there was an increase of over 50%. We expected this to continue in 2005 with a greater focus on the high value blood fraction and pharma sectors and shares rose 45% with significantly improved turnover and profits. This continued in 2006 spurred on by improved trading in the plasma therapies market and improved profitability outlook leading to prices rising 54% in 2006. The merger with Zenyth Pharmaceuticals was completed with little significant impact on price. There was a further 67% increase in 2007 despite a temporary dip associated with unfavorable publicity about the Gardasil vaccine. Prices down 7% in 2008 following announcement to acquire Talecris Biotherapeutics, positive FY2008 financials and successful fund raising for the Talecris acquisition. Company market cap is $20.3 billion, down 3% in 2009 following decision not to continue with Talecris acquisition and decision on share buyback. but up 13% in 2010 following improved half yearly results. (9/3/10)

CST - Cellestis Ltd.
Following market listing in April 2001, CST had a meteoric rise to $2.70 within months. Following this, the share price gradually fell except for the market lift in August 2003. There was an 88% increase in share price in 2004 in expectation of product registration in Japan and the US and this expectation maintained prices around the $3 level in 2005 although there was a 25% decline in 2005 with a full recovery associated with positive developments in Japan and the US and a temporary rise in 2006 followed by a rise against the market correction in June 2006 and a subsequent fall. We expected prices to stabilise in 2006 as in our view they had reached their limit. Prices declined 19% in 2007 and a further 43% in 2008 but there has been an 87% recovery in 2009 with positive financials and approval of latest product for sale in Japan. The company has a good if very limited product range and the market cap of $309 million is high in our view with little increase in revenues and reduced profitability (even in 2010). (16/2/10)

CTE - Cryosite Limited
Since listing in May 2002, shares have drifted downwards as company is operating in a limited niche with an expectation of slow but steady growth after one or two years. Company has carved out a clear but relatively unexciting niche and was expected to grow slowly over next 2-5 years. Shares increased in line with increased optimism in the market after June 2003, but prices fell 35% during 2004 and 15% in 2005 despite the bearish market due to announcement of contracts with Bristol Myers and Pfizer. Prices remained more or less the same in 2006 and 2007. The current capitalised value of $6 million is low and we expected some growth in the share price in line with improving financials and continuing profitability but there appears to be a lack of faith in the company. Prices down 53% in 2008 but this company has potential for price increases (prices up 79% in 2009 and down 17% in 2010 which indicates this company is undervalued). (4/3/10)

CUV - Clinuvel Pharmaceuticals Ltd.
Name changed from Epitan in 2006. This company did not really shine in the two years since listing in 2001. However, the market lift in August 2003 combined with promising press releases quadrupled the share price. This was maintained and there was even a further substantial increase in April 2004 and another temporary 20% increase in October/November 2004. We considered that the optimism was premature and there was a 63% decline in 2005. However there was a speculative 113% rise in 2006 but shares fell 52% in 2007, attributed to difficulties of a major shareholder (now exited). There have been some oscillations in 2008 (down 30% overall). The market cap of $83 million following a number of substantial placements is still higher than warranted for this stage in the commercialisation cycle although positive clinical trial results are helping (up 13% in 2009 and even in 2010). (17/2/10)

CXD - CathRx Ltd.
Previously called Advanced Metal Coatings. Listed in October 2005 at a premium and although revenues consisted of grants and interest, value doubled in November 2006 due to high expectations for commercialisation of the company's cardiac catheters in the North American and European markets. Management of listing of the company and its profile in the market ensured that company value was initially maintained then increased (prices up 108% in 2006) but there has been an easing in 2007 (up 6%) and a serious decline in 2008 (down 81%) with a further 46% fall in 2009. However, in April, June and October there have been unexplained jumps in prices. Current market cap of $19 million (up 24% in 2009 with some funds raised but down 56% in 2010) will have to be matched with significant income in the near future. Previous fall in price appeared to be related to uncertainty about future funding which may have been overcome with last fund raising. Lack of revenue growth and soft forward projections is dampening prices in 2010 and has resulted in change in CEO. (19/2/10)

CXS - Chemgenex Pharmaceuticals Ltd.
Previously called AGT Biosciences. Chemgenex's share price has shown some resilience beginning with the market lift in July 2003. There was a further 50% jump in November 2004 followed by an erratic decline to a long term trend around 50¢, with a subsequent temporary increase to 78¢ associated with a NASDAQ listing. The merger with the US company ChemGenex Therapeutics as part of a move into the US market, clinical trial progress with the drugs of this company and the NASDAQ listing maintained the value of the company. In early 2006 there was a significant decline in value with a 42% fall associated with a capital raising and market correction with a temporary turnaround in July 2006 because of problems with a competitive product and a significant recovery thereafter associated with increasing expectations for rapid commercialisation of Ceflatonin. Prices level overall in 2006 but in 2007, there was a 75% price rise associated with the exit of Charter Pacific and the entry of Alta Partners and GBS Venture Partners to the share registry together with further capital raising lifting the market cap to $196 million in 2007 which in our view was high. Company is spinning off Verva Phamaceuticals to merge with Adipogen with proposed listing in 2008 (delayed) and this has reduced losses for remaining company. Prices have fallen, recovered and fallen again in 2008 (down 56% following deal with Stragen which takes up 14% of company and further capital raising). There has been a recovery, fall and further recovery resulting in an increase of 112% in 2009 associated with fund raising and a further sharp fall of 29% in 2010 with information released on questions raised by FDA on trials on Chemgenex drug. Current market cap is $198 million is still high with much still depending on a continuing FDA review. (9/3/10)

(CYT - Cytopia Ltd.)
Previously a pooled development fund having limited success and moved to concentrate on one investment in 2004 with some improvement in share price. This has been supported by board changes, a fund raising and a shift into the US market with a small acquisition there. Prices rose 27% in 2005, fell 25% in 2006, fell 17% in 2007 and fell 66% in 2008 with a further 42% fall in 2009 exacerbated by seeking a merger with Progen in competition with alternative merger proposed between Progen and Avexa. Market cap is currently $11 million compared to cash reserves of $4 million.Company has completed development program with Novartis and has been downsized with new emphasis of oncology. In October 2009, agreement with YM BioSciences of Canada for merger at a share premium of 58% and this was approved by AGM in early 2010. Prices up 24% following approval and company was delisted in February 2010. (1/2/10)

CZD - Calzada Ltd.
Originally called Metabolic Pharmaceuticals. Originally listed in 1999 and by 2007, market cap had reached $245 million which in our view was very high as a result of speculation and we expected subsequent falls. in the share price. It was therefore not surprising that the stock fell 82% in February 2007 when trials of its lead compound for treating obesity were not successful. There was a further 50% fall with announcement that clinical trials on a pain drug were discontinued. Company halted work on oral peptide delivery, closed laboratories and was looking to outlicense its osteoporosis drug. This culminated in July 2008 wth announcement to acquire PolyNovo Biomaterials which was rejected by shareholders in November but since December, the company initially took a 66% position in PolyNovo and eventually 100%. Shares rose 15% in 2009 with market cap of $9 million. In November 2009, company changed name to Calzada and acquired Xceed Capital's and CSIRO's remaining shareholding in PolyNovo under a share swap. In 2010, shares fell then recovered 10% to $11 million. (27/2/10)

| A | B | C | D-H | I-O | P | Q-Z |

Last revised Tue, 9 Mar 2010
Copyright© 2009 Valutech Pty. Ltd. (ABN 71 058 332 666) All rights reserved