Listed Biotechnology Companies A
This Page Last Updated On 22/02/12
Ten year old company which listed in November 2005 with annual revenue of $4 million from sales of blood pressure profile diagnostic equipment. There were high expectations for growth of the company as share prices initially rose but shares fell 60% in 2006. However, there was market interest in the stock and with announcement of significant sales growth in early 2007, there was a temporary 10% lift in shares. The company was valued at $12 million at the end of 2010 with sales growing significantly. Now that the company has a growing base in major markets and a US-based CEO, value of company was expected to increase in 2007 but the market appears to have lost confidence in the company although there was a sharp jump in late 2008 with expectations of increased sales (down 53% in 2007 but up 63% in 2008, a further 23% in 2009 then down 50% in 2010 when financial results indicated decreasing sales). Completion of recent fund raising, improving market profile and promotion to investors has resulted in share price improvement but this was affected by the global financial crisis in August (down 11% to $11 million in 2011). Slower improvement in financials than expected has lead to a 5% decrease in 2012. (21/2/12)
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 early2006 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. Since then, there has been 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 consider that the market cap of $121 million at the end of 2010 was a little 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 begin, there has been 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 the Canadian generic manufacturer is releasing a generic form of Arixtra has resulted in prices falling more than 50%. Eventually down 52% to $84 million following announcement of new clinical trial and raising of new funds ($20 million). There has been a 35% increase in 2012 to $114 million associated with increased sales expectations for the US. (18/2/12)
Acrux listed late September 2004 having already passed through two funding rounds. The technology is 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 is $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 are up considerably and profitability is 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 has been a 22% increase in 2012 to company value of $583 million with improving outlook for Ellavie in European market. (22/2/12)
Previously called Avantogen and Australian Cancer Technology, the company had a market cap of around $20 million at the beginning of 2004 which in our view was too high. However there was a rapid increase in stock prices in February 2004, a dip and then a further increase to a value of $50 million associated with proposed NASDAQ listing and the acquisition of assets of Regalen (then Galenica Pharmaceuticals), part of the plan to move into the US market. The company's pressure for diversification and the move into the US market was kept up, combined with additional fund raising overseas. Share prices had fallen 70% since their high in June 2004 (66% in 2005), but company value was partly maintained with investment alliances and value was given a temporary fillip with appointment of new CEO (since departed) and a new joint venture in the US. However, in May 2006 the delayed announcement of an inadequate response to the Pentrys vaccine in a trial resulted in a 55% drop in prices. The value of the company at $11 million was still high relative to fundamentals with the likelihood of further downwards pressure on prices (down 54% in 2006). Shares were suspended in September 2006 followed by an off market bid for the company valuing it at 40% of the above market cap. Announcement of lack of funds in October eventually led to issue to raise $4.5 million but ASIC imposed a stop on the associated prospectus which was revoked in May 2007. Announced deal with SciClone Pharmaceuticals offered some potential for commercialisation of company technology although this appears to have hit a snag. Company recommenced trading on ASX as Avantogen in October 2007 and after a flurry of activity, shares rose 20% in 2007. There was erratic activity in 2008 with little sign of value despite a market cap of $15 million (down 59%). Yet another name change to Acuvax in December 2008 and this has been followed by a 92% increase during 2009 and then an unexplained fall: down 32% in 2009 to $11 million with sale of 10% holding in RESprotect to provide badly needed cash, over promotion of the company and failed foray to take control of affiliate Hawaii Biotech. There has been an 82% decrease to $2 million in 2010 with funds being raised to increase value to $5 million. Recent fund raising and substantial change over in shareholding and Board suggests new directions imminent. There have been oscillations in 2011 and eventually was down 67% at $2 million with proposal to acquire BioHealth having no effect on share price. In 2012, Acuvax announced its intention to support a range of technologies through acquisitions with the latest being some Israeli technology. (4/2/12)
Another biotechnology company in Western Australia listing without clear justification. Share prices have fallen over 90% since 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 is 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 are some distance from being commercialised (eventually down 17% to $4 million). (13/2/12)
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. New collaborative arrangements with a New Zealand company and a Malaysian company. 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 ADO 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). (17/2/12)
Beginning around May 2003, the company's share price started increasing and this continued throughout the year with maintenance of value after September, when the prices of other small companies fell. There was a further steady increase in price from February 2004 and this culminated in the announcement of a proposed merger with Peptech Ltd. Following the announcement, share prices fell over 20% and shares continued down when the merger did not proceed despite an attempt to talk up the market with forecasts for ThromboView. Shares fell 47% in 2005, partly associated with fund raising, and a further 48% in 2006. There was some stabilisation in 2007 then growth with speculation on a Chinese acquisition (up 67%). The market cap is $8 million with fund raising, animal and human health asset sales and sale, re-lease of premises to assist ThromboView development and the acquisition of a Chinese company. The outlook of the company is uncertain with lack of shareholder support as indicated by a 40% drop in 2006 but there was a 100% speculative rise in 2007 (up 26% by end of the year but down 90% in 2008). An honest reappraisal by the company of its Thromboview strategy offered some hope for the future although the advent of a new shareholder is forcing eventual divestment of this project into a US-based vehicle. The acquisition of a private Chinese biopharmaceutical company offered some new blue sky although there were also significant risks associated with this strategy as indicated by lack of movement on finalisation of Chinese acquisition which has led to price fall, removal of Chinese executives and resignation of Chairman and two directors. This was not been helped by successful litigation against former Managing Director. Shares were suspended and it appeared that problems in China were settled, year end financials could be completed and trading resumed some time in 2009. However in early 2009, sufficient funds for the arrangement were not obtained and the arrangement lapsed with a further renegotiation and initial payments offering hope for eventual resolution. This was not successful and the agreement with China has lapsed with departure of Managing Director and appointment of Executive Chairman. End of year financials have now been completed with relisting in September 2010 and recovery of funds from China. Relisting associated with 41% increase to market cap of $18 million in 2010 and agreement to develop hepatitis therapeutic. There was further recovery of funds leading to a temporary increase in 2011 (eventually down 50% at $9 million). (13/2/12)
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 has been a 25% fall in 2012 to $20 million. (7/2/12)
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 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 consider there is currently not much substance in this company, there is considerable speculation. Acquisition of Recovery Clinic offers some blue sky potential. Reason for rise in 2008 appears to be related to launch of first product, an autostart burette, but there has been continuing easing of prices in 2009 with a recent jump on announcement of first sales of the burette and distribution agreement (down 43%) but revenues 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 has been signed with Concord Hospital. There has been an unexplained 47% increase in early 2012 to $14 million. (9/2/12)
Following its listing 10 years ago, 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 has been a decline and recovery to $21 million in 2012 (down 9%). (13/2/12)
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 are increasing significantly and there has been a 358% increase in 2009 to market cap of $17 million with recent 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). There has been a 40% increase in 2012 to $42 million preparatory to OTC listing in US. (21/2/12)
This company had barely snipped its umbilical with AMRAD in September 2004 and was already raising extra funds for clinical trials. Initially share prices fell 30% and were kept at this level by the subsequent fund raising. However there was a 45% fall in 2005 with subsequent recovery associated with high expectations for its anti HIV/AIDS drug licensed from Shire and actually rose 30% overall in 2005 and remained steady in 2006 with a drop associated with the related merger between CSL and Zenyth Therapeutics and a recovery associated with a development deal with a Chinese company and progress in clinical trials with elevated expectations for commercialisation of apricitabine. The recovery continued into 2007 with an 80% increase in 2007 and an associated $89 million capital raising. The company was bolstering its position with collaborations with a number of groups in Australia and overseas and fund raising. The company had raised funds and market cap was $106 million of which $33 million is cash (prices down 84% in 2008 but up 109% in 2009 following extension of assessment by Tibotec). Announcement of merger with Progen Pharmaceuticals at end of 2008 was countered by proposal from Cytopia and shareholder revolt. Eventually merger did not proceed. Perceived value of AVX bolstered by favourable expert's report valuing Apricitabine at around $200 million which was somewhat at variance with non-cash value of company. There was an initial 19% decline in 2010 following decision of Tibotec not to continue with assessment and withdrawal from government program with CSIRO. This was followed by a steep drop in May with announcement of closure of Apricitabine program due to lack of international interest and resignation of CEO. Down 75% in 2010 to $33 million with cash holding of $22 million. There have been questions about responsibility of directors and appropriate disclosure. There has been a wholesale change over of the Board with the injection of experience from the pharmaceutical industry but further appointments and sparring with Calzada suggests a certain amount of disarray in perspective. Intellectual property previously valued at over $200 million has been written off and advisory assistance has been sought to evaluate remaining portfolio. Attempts by Calzada to roll the Board were unsuccessful and Calzada sold its holding. Avexa is pressing ahead with means of commercialising its intellectual property and value has risen and fallen in 2011 associated with its handling of a share in Allied Medical. In April, a filip was given to the price with agreement with FDA on how to proceed with Apricitabine and there is another attempt to outlicence ATC (eventually down 21% at $26 million in 2011). There has been a further 3% decline in 2012. (21/2/12)
