Australia is a powerhouse of biotechnology with world-class scientists. Biotechnology is in its high growth phase worldwide. Australia is the best place for clinical trials, offering a stable economic environment and boosting health infrastructure.
Recently, the Australian government announced that it is offering a further AU$9.8 billion in the Mid-Year Economic and Fiscal Outlook update to deliver ongoing Telehealth, COVID vaccinations, and safeguard Aussies to have access to superior health care and medicines.
Not only the government, but many ASX-listed players from the space have also made significant developments. In this article, we will look at those stocks and see how they are positioned.
Avecho Biotechnology Limited (ASX: AVE)
The Company is engaged in developing and creating animal health products and innovations in human health using their proprietary drug delivery system called Tocopheryl Phosphate Mixture (TPM®).
On 20 December 2021, the Company signed an agreement with Medterra Pharma to commercialise and develop Avecho’s soft gel CBD capsule to treat arthritis. This deal will help AVE secure Food and Drug Administration approval for its soft gel CBD capsule.
Other than this, the Company released results for its Australian Phase I PK study illustrating the absorption profile of cannabidiol from its proprietary CBD soft-gel product.
By the end of the day’s trade, AVE stocks settled at AU$0.016, up 6.666% from their previous close. AVE has a market cap of AU$27.54 million.
Clinuvel Pharmaceuticals Limited (ASX: CUV)
Global biopharmaceutical company Clinuvel Pharmaceuticals recently announced that two xeroderma pigmentosum (XP) patients had received afamelanotide treatments in the CUV156 study, part of the Company’s DNA Repair Program.
CUV focuses on commercialising and developing a treatment for metabolic patients with genetic and life-threatening disorders, and its mission is to translate scientific concepts and breakthroughs into commercial products
The Company believes that afamelanotide will aid the DNA damage repair process, identified as nucleotide excision repair, in XP patients.
By the end of the day’s trade, CUV stocks settled at AU$26.770, down 7.467% from their previous close. CUV has a market cap of AU$1.42 billion.
Race Oncology Ltd (ASX: RAC)
Race Oncology is a precision oncology company, on 21 December 2021 it announced that its Share Purchase Plan closed heavily oversubscribed with AU$43.9 million received in applications from 2,340 shareholders. The funds raised by the Company would help in accelerating:
By the end of the day’s trade, RAC stocks settled at AU$3.480, down 4.658% from their previous close. RAC has a market cap of 581.97 million.
Bottom Line:
The development made significant progress in recent months. Thus, these stocks can be considered while exploring companies from the pharma space.
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