Listed Biotechnology Companies P
This Page Last Updated On 1/09/13
Relisting of Echo Technologies in October 2004 with emphasis on refurbished pharmaceutical facilities in Western Australia and drug discovery through subsidiaries Epichem and Mimotopes (now sold to Commonwealth Biotechnologies) as well as a 15% position in Advanced Molecular Technologies and 40% of Commonwealth Biotechnologies. Prices were relatively stable following relisting, but there was a noticeable decline after April 2006 with a recovery in November (down 31% in 2006). The value of $5 million for the company in 2008 following fund raising indicated vulnerability of the company. A proposal for merger with Advanced Health Group was a development depressing prices and when this did not proceed, the share price rebounded but fell 65% in 2007 due to questions about the Board and viability of the company with some shareholder revolt. This appeared to have been resolved but prices were erratic (down 48% in 2008) culminating in the manufacturing subsidiary going into voluntary administration. Prices rose 100% in 2009 to a market cap of $11 million without explanation although possibly related to sale of property to remove debt. There was an increase and decline to $6 million in 2010 (down 55%) with company moving to invest in oil and gas exploration. There was a recovery and decline to $5 million in 2011 associated with new mineral prospects (down 25%). There was a further 53% decline in 2012 to $4 million. There has been a 43% increase to $13 million in 2013 and the company has completed the acquisition of Pitney Pharmaceuticals and its oncology platforms together with new fund raising. (22/8/13)
Recently established Australian company drawing together US and German technology to develop treatments for cancer and other diseases. Collaborations in place with Takeda, Astra Zeneca and Debiopharm. Company listed in July 2007 and prices rose 50% immediately but are now 80% below the prospectus price. Market cap of $23 million (down 79% in 2008 but up 25% in 2009 with a jump due to speculation over coming clinical trials). Prices down 22% with a market cap of $23 million at the end of 2010 following R&D agreement with CSL, achievement of first milestone, a new funding facility, new funding and FDA approval for orphan drug indication. There has been an increase and decline in 2011 (down 68% at $10 million) with further announcements of advancements, appointment of new Managing Director and new funds raised. New fund raising in 2012 has increased company value to $18 million (shares down 8%). There has been a 5% decrease in 2013 to $18 million with clinical trials promising. (29/8/13)
Ten year old company which first started with the processing of animal byproducts in the dairy industry and through acquisitions of manufacturing facilities of Pharmaction and Milton has grown into a manufacturer and distributor of over the counter (OTC) pharmaceutical products. After raising $17 million in an IPO, company began trading on the ASX in mid November 2006 and by the end of the year prices had risen 14% with a fall then recovery in 2007 associated with legal proceedings (up 19%). There was a further fall, recovery and decline in 2008 associated with market downturn, a favourable outcome to legal proceedings and a recent claim on a subsidiary by Pfizer and an unexplained fall was of concern (up 10% in 2008 with improving financials and up 66% in 2009 but down 73% in 2010 without clear reason ). Market cap of company at the end of 2010 was $35 million and was trading significantly below fundamentals. There was a 40% decline in 2011 to $21 million due to costly and unsuccessful international market ventures. The company is now in the process of selling off assets to reduce debt exposure with the expectation of a return to profitability which was demonstrated in the latest half yearly results. Despite this, there was an initial 24% decline to $17 million in 2012 suggesting some pessimism about the outlook although the company is reporting a return to profitability with reduced revenues. Belief in this latter view may have affected price rise in August (eventually up 5% at $24 million). There has been a 17% fall in 2013 to $20 million associated with lacklustre economic performance. (23/8/13)
Prana has suffered from being over promoted too soon and has endured the consequences of lack of stock market faith. The shares languished in 2003 and early 2004. However, in April 2004, as a result of promotion in the US market, the share price doubled but by July had returned to the mid 50¢ level where it stayed for the remainder of 2004 followed by a severe 70% decline in 2005 associated with problems with preparations of first lead compound due for clinical trials. At the end of 2005, there was a temporary 50% jump associated with early positive results with the second lead compound and a speculative run on the stock in July 2006 which the company then had to hose down and a further run in September which continued through into 2007. Shares rose 100% in 2006 but stabilised a little in 2007 and then declined followed by a 100% jump in December 2007 (up 29% in 2007). This was followed by a further temporary 27% surge in 2008 associated with release of positive clinical trial results (down 38% in 2008) and a significant 52% fall in 2009. The company's market cap is currently a high $46 million (down 17% in 2010 and up 24% in 2011 due to speculation and fund raising and even in 2012), following substantial funds injections and with current cash reserves of $6.7 million. The situation remains uncertain, following the departure of the US-based CEO and some US investors but a recent push to gain a further $40 million could alleviate concerns about funding for clinical trials. Shares up 35% in 2012 at $72 million with some recent speculation associated with media promotion, new fund raising and positive trial developments. There has been a further 164% increase in 2013 to $216 million with more funds raised. (24/8/13)
In 2003 Progen gained market attention with a share price increase from 50¢ in June to over $2 in September. This was followed with a more than doubling of the share price from the beginning of 2004 to October as a result of some speculation relating to clinical trials and eventual licensing. When licensing did not eventuate, shares declined in price, down 50% (39% in 2005). In 2006, prices gradually rose and with the announcement of positive Phase II trail results in mid-December 2006, prices jumped 100% with some subsequent relaxation associated with fund raising ( up 108% in 2006). Announcement of changed royalty arrangements with Medigen resulted in an increase in 2007 which was brought back to earth with a substantial capital raising which has not been without problems including less than favourable trial results: down 57% in 2007. There was a further decline of 53% in the first half of 2008 and an acquisition of CellGate to expand product portfolio. There was a further 50% fall in price with announcement of discontinuation of work on anticancer compound PI-88. Market cap was $47 million which was substantially less than the cash holdings of the company of $75 million. Prices down 70% in 2008. New company strategy is to return some capital to shareholders, review pipeline and look for mergers and acquisitions and this culminated in an agreement to merge with Avexa (ASX:AVX) in late December. There was a temporary rise in early 2009 but confusion was caused by a counter proposal by some shareholders for a merger with Cytopia. Eventual shareholder indications against the merger resulted in Progen withdrawing from merger talks with some rebound in price and a spill in directors. Prices down 29% in 2009 with market cap at $33 million compared to cash holdings of $28 million. Further shareholder dissatisfaction resulted in litigation which was resolved in November with board changes and departure of CEO. There has been a decline in 2010 with a recovery following appointment of new CEO. At the end of 2010, shares were down 49% at $7 million with cash holdings of $15 million but there has been an 13% rise in 2011 to $8 million (still less than cash holdings) with announcement of new collaborative program on diabetes and commencement of clinical trials. However announcement of consolidation of company and reduction of Board and management as well as closure of clinical trial due to adverse reactions has led to a dip (down 29% in 2011 at $5 million). There has been an unexplained decline and recovery in 2012 to $7 million (up 50%) possibly due to clinical trial advancements in China and term agreement with Medigen. There has been an unexplained 33% drop in 2013 to $5 million with new fundraising increasing company value to $10 million (down 40% for 2013) with a new Managing Director. (28/8/13)
Shares in this company were subject to significant speculation in mid July 2004 on the basis of very poorly supported claims. No information on the claimed technical developments was provided and the reviewers of the technology were little known, but this aspect is now being addressed by the company. The substance associated with this company must be treated with circumspection until independent assessments can be made. As expected, prices fell following the surge and were expected to continue but there was a minor recovery between October and December 2004. Prices jumped temporarily in November 2005 with proposed backdoor listing in US which did not proceed but overall fell 27% in 2005 and 53% in 2006. Fund raising and a new company direction lifted prices temporarily again in 2007 (down 50% in 2007, down 73% in 2008 and even in 2009 until April when there was an unexplained 100% increase in price and a further increase in November: up 133% overall in 2009). There has been a further unexplained rise of 43% in 2010. The company had a $9 million market cap in 2011 after funding (down 40% in 2011) and in our view was still vulnerable with little evidence to support the shifts over the year. There has been a 67% decline in 2012 to $4 million with a rights issue significantly undersubscribed. There has been a further 50% fall in 2013. (5/8/13)
This company, previously called Vital Capital, changed from a pooled development fund to a nutraceutical and pharmaceutical company. It has developed two Vitamin E supplement formulations which are being marketed in the US and is developing drug delivery technology. Share prices increased 50% in October-November 2004 due to international fund raising and increasing international interest. Following acquisition of remainder of Vital Health Sciences with an allotment of almost 300 million shares and substantial fund raising, the value of the company at the end of 2010 was $89 million which is high relative to fundamentals but credibility will only come when there is a substantial increase in revenues. There was an increase of 39% in prices in 2006 possibly associated with expectations related to clinical trials and the deal with Nestlé. Prices declined 29% in 2007 and 68% in 2008 but there was a doubling of price early in 2009 associated with positive trial results, an evaluation agreement with CSL and launch of cosmetic products in the US but this has tapered of and was down 11% at the end of 2009. There was a 76% lift in 2010 with launch of Australian cosmetic line, a joint venture on OTC products, licensing in of Calzada technology for a cosmeceutical product and improving half year results. There was a fall and recovery in 2011 to a market cap of $214 million (up 75%) when full year results showed little improvement. Price being supported by further fund raising and expansion into agricultural and hair products sectors as well as expectations of commercialisation of patch technology with 3M. New agreement with Japanese, Korean and Indian pharmas and improving financials led to an initial increase in 2012 with a recent reverse (eventually down 31% to $148 million). There has been a 41% decrease in 2013 with company value at $87 million with reformulation of oxycodone patch to overcome previous problems and positive trial results with new collaboration with USDA on mastitis in cows and questions being asked about accounting procedures depressing prices and resulting in exit of CEO/Executive Director. (30/8/13)
Prior to 2009, Prima had never excited the market, possibly because it set up a number of subsidiary companies originating from the same research institute and all of the technologies would take some time to reach market. Over the initial years, share prices trended steadily downwards and fell 60% in 2004. There was a 30% increase in October/November 2004 associated with Board changes, but this was wiped out at the end of the year when prices fell. Prices fell 29% in 2005 and 46% in 2006 but there was a rise in early 2007 due to favourable results from an early clinical trial on CVAC technology (down 58% in 2007 due to speculation over director associated share sell off). The market cap of $3 million in 2007 followed fund raising and the company was repositioning itself for a new business or change of direction with departure of Executive Chairman. Prices down 76% in 2008. There was an unexpectedly large recovery of 2900% in 2009 to a market cap of $92 million with some refinancing, access to a line of credit, commencement of clinical trials, FDA approval for clinical trials and unrealistic speculation associated with an unrelated vaccine development overseas. There has been fund raising in 2010 but some share price decline which has resulted in a market cap of $127 million (up 13%) and an announcement of intention to list on NASDAQ led to a temporary price rise. There was a 59% increase to $271 million in 2011 with clinical trial progressing, an agreement on approach for European Phase III trial, a new round of fund raising and potential commercialisation in the Middle East in 2011. However there was a marked and unexplained decline in late July 2011 (eventually down 6% at $168 million). There was a temporary 50% increase early in 2012 but shares were eventually down 31% at $117 million with NASDAQ listing, TGA approval for manufacturing of CVAC in Australia, significant changes in the Board and senior management and termination of programs in Dubai and Holland. There has been a 19% decline in 2013 to $106 million with new funds raised and new clinical trials proposed. (14/8/13)
Previously pSivida Ltd an Australian company was reincorporated in the US in June 2008. Company has had a patchy performance since its initial establishment. Company had market cap of $201 million in June 2006 but there has been a significant fall in value since then. Since reincorporation, shares fell 65% in 2008, rose 223% in 2009 and 11% in 2010: company had market cap of $87 million at the end of 2010 following announcement of positive clinical trials, further payment from Alimera Sciences and announcement of a profitable financial year. There was a sharp fall at the end of 2010 associated with lack of FDA approval for Iluvien. Fundraising in 2011 and a price fall of 9% led to market cap of $89 million with reduced revenues and loss of profitability and prices were further reduced by more than 50% when FDA indicated that it was unable to approve Iluvien (down 74% to $26 million). There have been price oscillations in 2012 (eventually up 4% at $30 million) with European approval of Iluvien for the treatment of diabetic macular edema, new technical evaluation agreements signed, an agreement with Alimera to raise funds to develop and commercialise Iluvien and new funds raised. There has been a 200% increase to $104 million in 2013 with improving financials, progress through FDA and new evaluation agreements and likelihood of reimbursement in France. (27/8/13)
Company listed in November 2003 after which shares dipped but then rose over 700% on the launch price. Prices increased 174% in 2005, 43% in 2006 and 42% in 2007 but fell 71% in 2008 and recovered 125% in 2009. The market cap of the company was $697 million in mid June 2010 ($96 million in cash reserves) which in our view was high for this early stage of the commercialisation cycle. Because of a number of issues including the aggressive push to commercialisation and the global fund raising, speculation has maintained prices. There was a surge in price associated with positive clinical trial results and additional funds were raised in association with this. However the uncertainties on world stock exchanges and delays in critical clinical trials affected prices which fell 34% and recovered but eventually declined 71% in 2008 following publication of improving year end results and broader problems on the stock market. Prices rose 125% in 2009 with promising trial results indicating further price increases are possible. There was an increase of 14% in 2010 with acquisition of Canadian drug developer Topigen Pharmaceuticals in exchange for shares and slow growth in revenues. However announcement of medical intervention on CEO and announcement of Phase III results led to a steep fall in June with a recovery in October with FDA approval for Aridol (shares up 10% with a market cap of $674 million in 2010). There was little movement in 2011 until announcement of delay of European approval for Bronchitol led to a 69% drop to $210 million and this was partly reversed in October when a more positive response was announced (eventually down 65% at $318 million with new funds raised). There was a 20% increase to $400 million in 2012 with indications Bronchitol will be reimbursable in Australia, approvals in Europe and completion of clinical trials but there was a significant decline in May due to general market uncertainty followed by a recovery (eventually up 19% to $383 million). There was a 40% drop to $231 million in January 2013 with a negative recommendation by an advisory committee to the FDA followed up later by confirmation by the FDA (now down 89% at $43 million). (26/8/13)
Drug discovery company which listed at the end of March 2005 at a premium of 30%, and retained this value through 2005. The company was promoted at a time of downturn in the sector and it was reasonable to expect that prices would decline once initial euphoria had dissipated. In 2006, the shares of the company rose, fell then recovered and rose 88% overall associated with heightened expectations for company developments and new indications. This continued initially into 2007 but with some subsequent fall in prices due to lack of noticeable progress. This resulted in decision to change CEOs at the end of the year. We consider that longer term share trends will be similar to current levels: market cap of $18 million at end of 2010 was fair (down 60% in 2007 and down 81% in 2008 but up 238% in 2009 associated with engagement of investment advisors and speculation over collaborations with large pharmas including Roche and Pfizer). There was a 53% decline in 2010 despite an agreement with Medimmune and Pfizer. There were price oscillations in 2011 to $18 million (eventually down 38%) due to speculation resulting from promotion by analysts, further fund raising and new and extended collaboration agreements. Improving financials in 2012 appeared to have had limited effect on prices with falls unexplained (down 38% to $11 million) with licensing of technology into the cosmetics industry and new fund raising. There has been an extension of existing collaborative agreements and a new commercialisation agreement in 2013, none of which appear to have had an effect on the bottom line or the share price although there has been a recent 44% drop to $6 million. (31/8/13)
