Listed Biotechnology Companies I-O
This Page Last Updated On 23/02/12
The company had a pretty average 2003 and early 2004 with consolidation being the theme. Share prices were lack lustre until July when they increased around 30% as a result of the announcement of deals with US companies, but gradually declined about 30% to the end of 2005 and a decline and recovery in 2006 associated with reduced revenue and profitability but with significant recovery in the last 6 months due to improved financials (up 14% in 2006). The company had a market value of $26 million at the end of 2010 which was low given that it is one of the few biotech companies that until recently was consistently profitable. Financials had indicated that revenues were growing slowly and profitability was up considerably. This together with the announcement of improved collaboration with Pfizer had resulted in a recovery in prices (up 21% in 2007 but down 31% in 2008 - below the average market decline for the sector) with the potential for improvement when current market malaise has passed. However there has been a sharp drop in 2009 with announcement of reduced revenues and profit (down 18%). Evidence of sharply reduced revenues and profit for FY2010 led to a sharp drop in 2010 with recovery at the end of the year on expectation of return to profit in the current financial year (down 57%). There was a 35% decline in 2011 to $17 million with company reporting difficult economic conditions but there has been some recovery due to government funding to support drug research and improved financials although not as much as expected. There has been a further 6% fall in 2012 due to poor financials. (22/2/12)
Name changed from Anadis Ltd in December 2008. Shares bottomed in March 2003 and quadrupled following that, although they fell 19% in 2005 (partly as a result of a capital raising) and 27% in 2006. This continued through into 2007 with a further 66% decline to a market cap of $10 million. This lack of momentum led to the exit of the CEO. Uncertainty remained about the viability of the company but speculation over laboratory results led to a brief 50% jump in prices in early 2008 but prices fell 70% in 2008 to a market cap of $4 million. Manufacturing business was sold in 2008 and name changed to Immuron (ASX:IMC) in December 2008. Expectations of trial of immunotherapy product, new potential product licensed in from Israel and fund raising has led to some fluctuations in 2009 (up 173% at $23 million with further funds raised and new shareholding from Israeli licensee). US-based executives have been let go and there are discussions with leading pharma company on influenza treatment. Prices down 12% in 2010 with a market cap of $21 million following fund raising and positive clinical trial results. There has been an increase and decline in 2011 (down 24% at $17 million with appointment of new CEO but sales are still low although a recent deal with Paladin Labs offers promise). There has been a 28% decline in 2012 with changeover of board members. (8/2/12)
Imugene tripled in price during 2003 and prices more or less remained at this level until early 2005. This was based on optimistic expectations which could not be met in the short term. There was a fall and partial recovery in prices during 2005 (down 30% overall) and a recovery in 2006 (up 38% overall) with stabilisation in early 2007 associated with positive results in avian influenza trials (down 41% in 2007). There was a further 45% fall in early 2008 with a subsequent jump associated with positive trial results and a further jump with announcement of a strategic alliance with Merial and initial payments (down 43% in 2008). The market cap of $5 million for the company in 2009 was reasonable and prices in FY2009 were expected to climb further (temporary rise following speculation associated with outbreak of swine influenza and eventually up 4% with a year in profit) but there was a 60% decline in 2010 with ending of agreement with Merial. Announcement of negotiations with a new potential licensee resulted in a bounce and shares are down 38% in 2010 with a market cap of $8 million following announcement of positive vaccine trial. Announcement of deal with Novartis appeared to have little new effect and company is in dormant mode. However licence income has provided profitability in the last year. Down 78% to $2 million in 2011 with announcement of termination of development agreement with Novartis due to trial results not meeting expectations. A review has concluded that activities need to be cut back with concentration now on vaccine delivery and pig vaccines rather than poultry as well as development of new partnerships. Laboratory has been closed. (21/2/12)
Eight year old Queensland company listed in October 2007 before substantial revenue had been generated. Following listing, prices have increased then declined and on basis of fundamentals, it was hard to see prices being maintained until there are realistic projections for a substantial increase in revenue and profitability. Market cap of $128 million is a little high as revenues are stable but this value may gradually be supported. Down 5% in 2008 compared to market sector decline of 39% which indicates strong support for company and up 4% in 2009 associated with possibility that insurers in the US may accept the Impedimed product as the gold standard. Prices rose 4% in 2010 with announcement of special reimbursement code for Impedimed use, contracts with US managed care organisations, raising of funds to expand operations in the US and strengthening of US team. This has been balanced by levelling off in revenues. Prices down 35% in 2011 to $82 million with progress in FDA approval. There has been an unexplained 19% jump to $98 million in early 2012 (now even at $82 million). (20/2/12)
Previously named Q-Vis then Salus Technologies then Karmelsonix before the most recent change in August 2011. Formed from the acquisition of KarmelSonix from Israel and PulmoSonix from Australia to develop respiratory products. Developments are 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 has been introduced to stop bleed in difficult credit environment. Market cap of the company is not reflected by the fundamentals indicating there are high expectations for this company. Sales of WheezoMeter may provide better fundamentals but recent sales are 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 has 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 (now down 67% at $15 million). A new funding agreement with overseas investor for at least two years offers some future prospects and listing in the US but the market has not responded significantly with little in the way of sales (down 29% to $12 million in early 2012). (4/2/12)
This company listed in September 2004 having previously been listed without note on the Newcastle Stock Exchange. In our view, the company was listing too soon and promising much. The company did well following listing with share prices up 100% and positive scientific reports were released. But it was hard to see this being maintained in 2005 and prices fell 53% in 2005 to par and remained at this level in 2006 with a small temporary rise in mid 2006 (down 10% in 2006). Preliminary favourable results from Phase II trials in Russia resulted in a 200% increase in September/October 2007 and prices rose 92% overall in 2007. There was a fall and recovery in 2008 associated with new investment, increased expectations for commercialisation and approval for a clinical trial in New Zealand (down 73% in 2008, up 120% in 2009 and down 39% in 2010). The market cap of $39 million at the end of 2010 following fund raising was reasonable if a little high as a result of speculation on positive clinical trials which are under way in Russia and in New Zealand. Establishment of subsidiary in Russia offers opportunity for early commercialisation with registration of the encapsulation device gained. Recent grant to support clinical trials is also promoting share price as well as early positive results from NZ trials which are being expanded. Appointment of new Managing Director appears to have had little effect although a recent rise is associated with continuing positive trial results. Lack of positive price movement in 2010 appears to have led to shareholder dissatisfaction causing ditching of Chairman and one director at AGM. Some recovery in late 2010 with announcement of sale of Diabecell treatments in Russia. There was a further fall in share price in 2011 to $16 million (down 66%) with new substantial investors and funding support for clinical trials which have been expanded to Argentina. Lack of market support has indicated uncertainty about eventual commercialisation not helped by recent departure of the CEO and termination of agreement with Centocor. There was a 144% jump in October 2011 with announcement of joint venture with Otsuka Pharmaceuticals which was contributing $25 million (eventually down 66% at $16 million). There has been an unexplained 50% increase in 2012 to $23 million. (17/2/12)
This company was formed from the merger in early 2010 of listed company Aquacarotene Ltd and Farmacule Bioindustries with an associated share consolidation. Name of the merged company was changed to Leaf Energy in November 2010. Company value is $4 million and prices fell 43% in 2010 following the merger but was even in early 2011 with first milestone for Vitronectin production successfully achieved. However, shares fell 20% following announcement of departure of CEO but recovered (eventually down 40% to $2 million), a new CEO has been appointed and initial test shipments of product have begun. New funds being raised via 1 for 1 rights issue to explore potential of marine yeast and shares have fallen 13% in 2012. (16/2/12)
This company, specialising in retractable syringes and giving sets, listed in February 2004. Since then the share price has fallen 80% and the company is valued at $5 million with small cash reserves. The award of funds (twice) by the Queensland Government has been useful, but significant developments will need to occur for survival of this company. Prices stabilised in 2006, even in 2007 and down 55% in 2008 but there have been wide price oscillations in 2009 due to FDA approval for equipment and unrealistic speculation about potential of company and agreement for manufacture of equipment in North America (up 122% in 2009). Prices fell 45% in 2010 following announcement of rights issue to fund expansion in US but with still no sales recorded and little market reaction to signing of manufacturing agreement. There has been a 71% decline to $1 million in 2011 and with departure of the CEO and a director, company appears to be suffering a slow death. (6/2/12)
This company, drawing on stem cell technology from Adelaide and overseas, launched in mid December 2004 at a premium of 60% and although prices dropped to par, they have again risen, up 89% in 2005, up 55% in 2006 but down 30% in 2007 associated with market correction and further oscillations in 2008 (down 22%). There was a further increase in 2009 with release of trial results (up 36%) and another 243% increase in 2010 based on inflated analyst reports, speculation and strategic alliance with Cephalon. It is still too early to assess the substance of this company but some questions have been asked about issues of ownership of associated companies. The company is also being strongly promoted even though commercialisation is some time away and current income until recently has been reliant on grants and interest income. In our view, the company is overvalued for this stage of the commercialisation cycle and significant work is required to achieve commercialisation to justify the current value of $2.0 billion following absorption of Angioblast Systems and investment by Cephalon. However the US$100 million licence fee payment by Cephalon has finally provided support for the value from the larger companies and this together with subsequent income has supported the 48% increase in value in 2011 to $1.9 billion. There has been a 13% increase to $2.2 billion in 2012 on speculation relating to a diabetes trial. (17/2/12)
Merger of two New Zealand companies listed at beginning of February 2005. Collaborations in the US and Australia. Following listing, prices fell about 15% but recovered with the announcement that progress through clinical trials for first product has been facilitated with considerable cost savings. There was also an unexplained 50% jump in prices in late 2005 which held up into 2006 and a temporary improvement in 2006 associated with collaboration with Metabolic Pharmaceuticals but prices fell 25% overall in 2006 with a temporary rise in early 2007 associated with expectations about a glypromate Phase 3 trial which had commenced and a 50% fall followed by a temporary jump in November 07. The company had a market cap of $1 million in early 2009 following several fund raisings but prices had fallen 55% in 2007, 94% in 2008 and a further 50% in early 2009 following announcement of glypromate clinical trial showing no effect. There was a massive turnaround in prices in April 2009 possibly due to speculation over new funding and new move into cancer research as well as announcement that US Army will fund next clinical trial. Prices rose 270% in 2009 but fell 57% in 2010 to a market cap of $7 million. There has been a fall and a recovery in 2011 due to speculation over recommencement of clinical trials (up 69%) which together with fund raising has increased market cap to $31 million. (16/2/12)
Five year old company listed early January 2005. Developing HIV protease inhibitor primarily for the Chinese market. Limited track record at this stage and primary issue will be rate of commercialisation in a difficult market. Prices fell 60% in 2005 and CEO has changed twice since listing. Price will remain under downward pressure until there is good clinical support for the company's lead product. However, announcement of preliminary clinical trials in 2006 and acquisition of assets of Swedish company producing inexpensive HIV diagnostics resulted in price improvements and prices rose temporarily by 27% but overall were even in 2006 and down 52% in 2007 with associated capital raising: market cap of $8 million. With change of second CEO prices fell a further 60% in 2008: market cap of $3 million with shares suspended because half yearly financials not completed and funds very low. There were signs that suspension would be lifted but company survival remained uncertain and this culminated in company going into administration in February 2010. Proposal for consolidation and recapitalisation of the company has been successful and implemented but any change of name associated with this has been deferred. Company was valued at $1 million with shares down 81% in 2010. Shares again quoted on ASX in March 2011 and rose 100% above the presuspension price with signing of deal in China to progress its main drug candidate and a move into the resources sector. However, share prices have returned to original levels or less (down 31% at $5 million in 2011). (3/2/12)
Novogen showed a steady rise in share price from $1.25 in September 2002 to over $8 in December 2003. The company achieved significant sales and a successful entry into the US market. However, the value of the company has fallen by over 70% to around $49 million since then. In our view, this market cap is fair. Some levelling or fall in share prices was expected during 2006 unless the company could reduce its losses. This occurred (down 48% in 2006) and was accentuated by a downturn in the market and delays in milestone licence payments. However there was a temporary lift in 2007 associated with resolution of a patent infringement and an associated new licensing agreement. Pricing held up initially in 2008 despite the market fall but then fell although there was a temporary recovery associated with fund raising to support Marshall Edwards in the US (down 52% in 2007 and down 44% in 2008). There was some initial recovery in 2009 supported by speculation apparently based on a blog in the US which caused a spike in May and new research on possible applications of phenoxodiol but since then there has been a gradual decline resulting in departure of Managing Director. Prices down 14% in 2009 and a further 36% in 2010 to market cap of $39 million. Announcement of lack of significant effect in clinical trials in June 2010 resulted in halving of prices (down 80% to $12 million) with a substantial reorganisation of management and advisory from NASDAQ on low share price and sale of IP to subsidiary for US$4 million in stock as well as NASDAQ questioning of listing of subsidiary Marshall Edwards. There was a temporary recovery in 2011 associated with move of IP to Marshall Edwards subsidiary, sale of consumer products division and further indications of NASDAQ listing problems which appear to have been resolved (down 17% to $10 million). (11/2/12)
New company created to specialise in the sales and distribution of bioseparations products originally sold through Life Therapeutics. This company has undertaken extensive developmental work but commercialisation is still at an early stage. Prices have fallen 86% since listing in May 2007 (down 65% in 2007, down 74% in 2008 and down 67% in 2009). Company value at $2 million was precarious until the reverse takeover of NxGen Pharmaceuticals was announced. NuSep business was to be spun out into another vehicle: Prime BioSeparations. Independent expert report indicated proposed acquisition not fair nor reasonable and acquisition did not proceed. Shares were relisted after 20:1 consolidation in early July.and fell 71% in 2009 with company value at $6 million following successful capital raising. Shares down 13% in 2010 with recent fund raisings and acquisition as well as new venture in Asian market increasing value to $16 million and reporting of a profitable year. There has been a 70% decline in 2011 to $8 million associated with declining revenues and profitability due to delays in commercialisation and the need to inject funds into longer term investments including the Singapore project which has just received local blessing and investment. Advent of new major investor appears to have temporarily halted price slide in 2011. Nevertheless there has been an unexplained 27% decline in 2012. (22/2/12)
Backdoor listing through a software company, OBJ acquired transdermal permeability enhancement technology in 2004. Several announcements of the experimental features of the technology have been made, but commercialisation of the technology would take time and so some speculation was likely. Shares increased 108% in 2005, declined 30% in 2006, declined 38% in 2007 and fell 86% in 2008: the company had a market cap of $5 million following fund raising which was vulnerable at that time in our view. However there has been speculation associated with laboratory results, further fund raising and a commercial deal which lifted the share price 480% in 2009 to a market cap of $32 million. Technology appears some distance from commercialisation. There has been recent shareholder disaffection but impact on prices uncertain although there has been reorganisation of the company with departure of the Chief Operating Officer. There was a large increase in 2010 associated with speculation on collaboration on product development with GSK and a consumer product company but was down 21% at $27 million by the end of 2010 which was high in our view. There was a temporary increase in 2011 in association with a collaborative agreement with GSK (eventually down 22% to $21 million). There has been a 6% rise in 2012. (23/2/12)
Since the announcement of its licensing deal with Pentax in 2000, share prices have languished and despite some rise associated with the overall market lift in August 2003, prices have not been strongly supported except for rises associated with regulatory approval in the US, the release of a new research product and the deal with Carl Zeiss. The company is currently valued at $10 million, which is vulnerable with stability in 2005, a 28% increase in 2006, a 33% decrease in 2007, a further decline of 82% in 2008 but up 46% in 2009 and down 11% in 2010, following departure of CEO after only two years. To maintain value, the company will need to become profitable and will need to increase revenues. Recent declines have been due to soft forward sales projections by Pentax as well as broader issues in the market and this is being reflected in decreasing revenues. There was a rapid drop in price in October 2008 with need for fund raising. Company has been downsized in difficult climate with a recent contract with Carl Zeiss offering some hope as well as the new agreement with Hoya and new fund raising. Agreement on expanded cooperation with Carl Zeiss has provided some lift in prices at end of 2010. There has been a fall and recovery in value in 2011 (eventually up 69% to $16 million) with a strategic review underway and further speculation in December 2011. Prices have more than doubled since October 2011 apparently due to speculation (up 32% in 2012 to $22 million). (23/2/12)
