Botanix Pharmaceuticals Ltd
Completed Enrolment of BTX 1204 Atopic Dermatitis Study: Medical dermatology company, Botanix Pharmaceuticals Ltd (ASX: BOT) has completed enrolment for its Phase 1b BTX 1204 atopic dermatitis patient study. During the trial, thirty-six patients received either BTX 1204 or vehicle (placebo) treatment for 4-weeks at four leading Australian dermatology clinics. However, the company is currently preparing an Investigational New Drug (IND) application for BTX 1503 and is on track to commence a phase 2 clinical study in 2Q CY2018 in the US and Australia market. BTX 1204 is targeting the prescription atopic dermatitis market that currently generates more than US$8 Bn in annual sales globally. Following the completion of study, Botanix plans to file an IND application with the United States Food and Drug Administration (FDA), allowing a multicentre Phase 2 safety and efficacy study for BTX 1204 for potential commencement later in 2H CY2018. Simultaneously, BOT continues to develop its broader pipeline of products including its lead acne treatment BTX 1503. On the other hand, the consolidated revenue from continuing operation spiked up 16,406% year on year (YoY) to $1,805,276 in 1HFY18 from $10,937 in 1HFY17. However, loss from continuing operations after tax amounted to $2,392,381 in 1HFY18 from $1,246,000 Mn in 1HFY17 on the back of rise in research and development expenses, professional consultant expenses and incurred share-based payment during the same period.In February month, BOT raised A$15 Mn through a placement of shares at an issue price of 11 cents per share. This fund was slated for use in accelerating clinical development and enable broader commercialisation strategy. BOTshare price was up by 166.67 per cent in the past six months and by 4.35 per cent in the past five days, as at April 10, 2018, and the run-up looks to be at a higher side (with another 4% rise on April 11, 2018). We give an “Expensive” recommendation on the stock at the current market price of $ 0.125.
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Recent Dermatology Transactions (Source: Company Reports)
Reffind Ltd
Multiple Events Support Overall Growth:Reffind Limited’s (ASX: RFN) stock surged 30.769% on April 11, 2018 while the group upgraded its core WooBoard product features i.e., easy-to-use recognition, social capabilities, improved branding opportunity and unified points system that drives daily interaction amongst employees. As a result, the group has also improved web application performance, providing a better user experience for its customers and creating mobile-based versions of the platform. On the other hand, the group recorded a half-yearly revenue from ordinary activities of $133,292 which was down by 63.7 per cent as compared to the same period in the prior year. Loss after tax was down by 65.7 per cent and amounted to $761,335 in first half of the year. Based on that, there were no dividends paid, recommended or declared during the same period. However, the group has entered into a binding head of agreement with Loyyal. This Loyyal investment will provide an opportunity to the company to significantly expand its existing enterprise rewards customer base in the Asia Pacific region, including employee and customer loyalty programs. Primarily, the group is revamping its service offering to leverage from distributed ledger technology (DLT) and implement blockchain functionality across its product range. The group has successfully raised funds of approximately $3.6 Mn in the last six months through placement from the market. Of which, the group raised $1,610,302 capital through placement share of 161,030,201 at $0.01 per share and rest capital i.e., $2,004,750 raised by the placement of 82,500,000 share at $0.0243 per share during the same period. RFN now aims to build its business and deliver on better strategic plans with support from a number of successful capital raisings. Moreover, the group has targeted strategic focus on Cloud based Software as a Service (SaaS) solution in the Employee Rewards, recognition and Loyalty space. The stock price was down by 70.45 per cent in the past three months and up by 8.33 per cent in the past five days as on April 10, 2018. We give a “Hold” recommendation at the current market price of $ 0.017.
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1HFY18 Financial Performance (Source: Company Reports)
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