ASX Health stocks: INOVIQ soars 44pc on clinical data for breast cancer test

INOVIQ shares soared by 44 per cent after impressive results from a study of its breast cancer screening tech. Get that and more health news here.

The results of a recent study are great news for INOVIQ – and the fight against breast cancer. Picture: Getty Images

Impressive results from an independent study of a new-generation breast cancer test technology sent the stock price of INOVIQ (ASX:IIQ) soaring by 44 per cent on Tuesday morning.

The developer of exosome solutions and precision diagnostics reported “outstanding results” from an independent clinical validation study of its SubB2M/CA15-3 test.

The study showed high accuracy (87 per cent), sensitivity (81 per cent), and specificity (93 per cent) for INOVIQ’s SubB2M test, outperforming a leading approved CA15-3 test.

“The outstanding results from this independent clinical validation study of our SubB2M breast cancer test represent a major milestone for INOVIQ,” CEO Dr Leearne Hinch said.

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“These positive results support the commercial potential of our simple, cost-effective SubB2M/CA15-3 test for screening and monitoring of breast cancer.

IIQ intends to present the data and its development plans to potential partners and KOLs (key opinion leaders) to advance commercial discussions for its SubB2M/CA15-3, SubB2M/CA125 and SubB2M multi-cancer tests.

INOVIQ’s disruptive SubB2M technology is an engineered protein that detects the pan-cancer biomarker Neu5Gc, found in multiple human cancers.

SubB2M tests are designed to enhance the sensitivity, specificity and clinical utility of existing tumour marker tests routinely used for cancer detection and monitoring, such as CA15-3 for breast cancer, CA125 for ovarian cancer, PSA for prostate cancer and CA19.9 for pancreatic cancer.

Trial using Starpharma tech on hold

Meanwhile, Starpharma (ASX:SPL) was down nearly 11 per cent at 2pm (AEST) on Tuesday after announcing a voluntary partial clinical hold had been implemented on a trial in which its technology is used.

The Phase 1/2 study titled AZD0466 Monotherapy or in Combination in Patients with Advanced Haematological Malignancies (NCT04865419) is in the dose escalation phase.

SPL said the asymptomatic reported events leading to the voluntary partial hold were assessed as not related to its DEP dendrimer.

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The company said the voluntary partial clinical hold does not impact its platform technology, or other clinical DEP programs or partnerships.

The other clinical study of AZD0466 in patients with non-Hodgkin’s lymphoma (NCT05205161) is not impacted and continues to enrol patients.

SPL said it would provide further details to the market when additional relevant information becomes available.

AHI facing NASDAQ delisting

Dual-listed Advanced Health Intelligence (ASX:AHI) has dropped more than 25 per cent on Tuesday after announcing it was looking down the barrel of a NASDAQ delisting.

At 2pm (AEST) it was down 25.49 per cent for the day.

It seems a little complex but in June 2022 AHI received a deficiency notification letter from NASDAQ listing qualifications staff indicating it was not in compliance with listing Rule 5550(a)(2) because the bid price for the company’s American Depositary Shares (ADSs) had closed below $1/share for the previous 33 consecutive business days.

In accordance with another NASDAQ Listing Rule 5810(c)(3)(A), AHI was provided 180 calendar days until December 21, 2022, to regain compliance with the minimum bid price requirement.

On December 22, 2022, AHI received notification from NASDAQ granting it a further 180 days – until June 19, 2023 – to regain compliance, following an application for extension.

In the latest announcement, on June 20, 2023, AHI revealed it had a determination letter from NASDAQ stating that the company had not regained compliance with the rule and as a result its securities would be delisted from the bourse and trading of its securities suspended at the opening of business on June 29, 2023.

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However, all is not lost and AHI has appealed NASDAQ’s determination to a hearings panel, with a haring scheduled for August 17.

AHI said that, accordingly, the delisting action referenced in NASDAQ’s determination letter had been stayed, pending a final written decision by the panel, meaning it can keep trading.

The company has a plan to present to the panel to regain compliance with the bid price rule. AHI said it intends to take the necessary steps to immediately effect a ratio change of the ADSs to its non-traded ordinary shares from the current ratio of one ADS representing seven ordinary shares to a new ratio which will have the same effect as a reverse split of the existing ADSs.

Once the ratio change has taken effect, the ADSs must trade at or above $1 for 10 consecutive business days for AHI to regain compliance.

AHI said NASDAQ’s written notice did not affect the listing or trading of its common stock at this time.

The AHI share price has fallen more than 94 per cent on both the ASX and NASDAQ over the past year.

Sonic to buy SYNLAB Group

Sonic Healthcare (ASX:SHL) says it has signed a binding agreements to acquire SYNLAB Suisse SA, the Swiss laboratory network of SYNLAB Group, for 150 million Swiss francs (about A$250 million).

The purchase follows a strategic decision of the SYNLAB Group to divest its Swiss operations.

SHL said SYNLAB Suisse, which employs around 600 staff across 19 laboratories, was expected to generate annual revenues of 100 million francs.

It is one of the few laboratory groups with coverage of all three Swiss language regions and provides services to GP, specialist and hospital clients across the full range of routine and specialty laboratory medicine, including anatomical pathology and human genetics.

The integration of SYNLAB Suisse with SHL will be led by SHL’s existing Swiss leadership team, together with the management team of SYNLAB Suisse.

The purchase price will be funded in Swiss francs from Sonic’s existing cash and debt facilities.

SHL said the transaction will be earnings per share (EPS) accretive from CY24 and the return on invested capital (ROIC) will exceed its cost of capital within two years of acquisition.

Swiss merger control clearance has been obtained and the transaction is expected to close on July 3, 2023.

Immutep completes underwritten retail entitlement

Immutep (ASX:IMM) has announced a fully underwritten placement to institutional investors and a 1 for 7.6 pro rata accelerated non-renounceable entitlement offer of new fully paid ordinary shares to raise about $80 million.

IMM said the placement and institutional component of the entitlement offer had been successfully completed, raising around $67.9 million.

The retail entitlement offer allowed eligible retail shareholders in IMM to subscribe for one new share for every 7.6 existing fully paid ordinary shares which they held at 7pm (AEST) on June 2, 2023 at a price of 26 cents/new share, and also the opportunity to apply for additional new shares in excess of their entitlement.

IMM said the retail entitlement offer closed at 5pm (AEST) on June 23, 2023 and a total of 2009 valid applications for retail entitlements were received, raising approximately $4.7 million.

Eligible retail shareholders also applied for and were allocated a further ~$1.8 million of additional new shares.

Total eligible applications under the retail entitlement offer of approximately $6.5 million represents a total take-up rate by eligible retail shareholders of 52.9 per cent.

Together with the placement and the institutional component of the entitlement offer, the total amount raised under the offer, which was fully underwritten, is around $80 million.

This content first appeared onstockhead.com.au

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