The ASX health sector continues to witness remarkable advancements and achievements, with several companies making significant strides in clinical trials, regulatory approvals, and financial performance. This quarterly roundup highlights the milestones and progress of critical players like Imricor Medical Systems, Blinklab, Paradigm Biopharmaceuticals, and Althea Group. These ASX health companies are at the forefront of developing innovative medical technologies, enhancing diagnostic capabilities, and delivering cutting-edge treatments, demonstrating the sector’s dynamic growth and potential.
Imricor Medical Systems (ASX: IMR)
Figure 1: Imricor Medical Systems’ Performance in ASX in the past three months
Imricor Medical Systems is revolutionizing cardiac ablation procedures with its MRI-compatible devices. During 2nd quarter of CY24, Imricor reported multiple milestones, including the commencement of its pivotal trial VISABL-AFL for atrial flutter at the Cardiovascular Institute of South Paris. This trial is crucial for potential US FDA approval in 2025. The company’s interventional cardiac magnetic resonance (iCMR) equipment was also installed at Lausanne University Hospital, with Swiss Medic approval granted, and the first procedures are expected in August to support FDA trial data.
In the US, Johns Hopkins IRB approved the use of Imricor’s NorthStar 3D Mapping System during the VISABL-AFL trial. This system, the only MRI-compatible 3D mapping system for the heart globally, is integral to Imricor’s portfolio, with collaborations underway with Siemens, Philips, and GE Healthcare to integrate with their respective MRI platforms.
Imricor’s expansion continued with successful procedures at Dubrava University Hospital in Croatia and acquiring a new customer, Semmelweis University Hospital in Hungary. The company reported second quarter of CY 2024 consumable revenue of ~US$127k, a 375% increase from Q1, and total revenue of nearly US$311k, up 221% from Q1 CY24. Imricor maintained a cash balance of US$1.5 million as of June 30th, 2024, and raised $35 million in July via a two-tranche placement.
Blinklab (ASX: BB1)
Figure 2: Year-to-date performance of the Blinklab stock in ASX
Blinklab is committed to revolutionizing the diagnosis of autism and ADHD with its smartphone and tablet-based diagnostic platform. In second quarter of CY24, Blinklab initiated regulatory assessment for its US registration study and subsequent 510k FDA submission. The company completed a 280-patient study on autism, with results submitted for publication in a high-impact scientific journal.
Blinklab also started an autism clinical study with the US-based Turning Pointe Autism Foundation and a new study to validate the platform’s diagnostic accuracy for ADHD. Beyond autism and ADHD, Blinklab partnered with Erasmus University Medical Centre to evaluate its AI-powered test for early diagnosis of frontotemporal dementia and Alzheimer’s. Additionally, a clinical study with Bates College in the US aims to validate the platform for assessing Functional Neurological Disorders.
As of June 30th, 2024, Blinklab’s cash balance stood at $6.017 million, reflecting its robust financial health as it progresses towards regulatory approvals and market expansion.
Paradigm Biopharmaceuticals (ASX: PAR)
Figure 3: 3 months’ performance of Paradigm’s stock on ASX.
Paradigm Biopharmaceuticals achieved significant progress in its Phase 3 trial for osteoarthritis (OA) using injectable pentosan polysulfate sodium (iPPS). In April 2024, Paradigm submitted key documents to the US FDA for review and agreement on the trial, leveraging the benefits of its fast-track designation.
During second quarter of CY24, Paradigm continued its successful multi-centre Phase 2 clinical trial in Brazil for mucopolysaccharidosis Type VI (MPS VI), with all participants opting to continue or start iPPS treatment. The company’s cash outflow for the quarter was $8.35m, under the guided $10m, with a cash balance of $17.8 million as of June 30th, 2024. Paradigm forecasts cash outflow for third quarter of CY24 to be under $7m, aligning with strategic financial management practices.
Althea Group (ASX: AGH)
Figure 4: Althea’s performance on ASX in the past three months.
Althea Group, a manufacturer and distributor of cannabis-based medicines, reported a record $34.5 million in receipts for FY24 as it progressed towards EBITDA positive in FY25. The company achieved $7.8 million in customer receipts for second quarter of Calender Year 2024, with a 61% decrease in net cash used in operating activities from FY23 to FY24.
Althea’s subsidiary, Peak Processing Solutions, achieved $4.9 million in cash receipts for the quarter and formalized a joint venture with Nasdaq-listed Flora Growth Corporation to enter the US cannabis beverage market. Althea’s medicinal cannabis business secured enhanced supply conditions, boosting gross profit margins and improving cash flow.
Conclusion
The ASX health sector continues to thrive, with companies like Imricor, Blinklab, Paradigm, and Althea leading the charge in medical innovation and financial performance. These ASX health companies are not only advancing their clinical and regulatory milestones but also setting new benchmarks in the healthcare industry. Their achievements underscore the sector’s potential for growth and its vital role in improving global health outcomes.
