Stocks’ Details
 

Prescient Therapeutics Limited

Update on Phase 1b Study of PTX-100: Prescient Therapeutics Limited (ASX: PTX) a bio-pharmaceutical research company with a market capitalisation of $18.53 Mn as on 8^th May 2020. Recently, the company, through a release dated 22^nd April 2020 announced that Phase 1b study of PTX-100 would move to the next dose level, following the completion of the first cohort of patients and demonstrating acceptable safety. It has also added Peninsula & South Eastern Haematology and Oncology Group as a new site to the study in order to support recruitment and diversity of cancer types.The costs for the March 2020 quarter comprised the continuing clinical trials for PTX-200 and PTX-100 and manufacturing to ensure supply for clinical programs. It managed to close the quarter with cash reserves of $8.15 million.


Net Cash Used in Operating Activities (Source: Company Reports)

Future Aspects: The company continues to work on numerous strategic and calculated initiatives designed to improve shareholders’ value, expand its product pipeline.

Stock Recommendation: The company has a robust cash balance and astute financial management. The stock of PTX has risen 38.24% within the time span of one month. Therefore, considering the above-stated facts, we have a watch stance on the stock at the current market price of $0.047 per share on 8^th May 2020.
 

Invion Limited

Fluctuations in Cash Position: Invion Limited (ASX: IVX) is engaged in the development of the Photosoft^TM technology for the treatment of a range of cancers. The market capitalisation of the company stood at $49.51 Mn as on 8^th May 2020. During March 2020 quarter, the company was mainly focused on the ongoing development and testing of the IVX-PDT active pharmaceutical ingredient. It added that the pre-clinical studies of the IVX-PDT gel formulation are continuing in preparation for ethics committee submissions in 2H FY20. IVX is well-financed through its R&D services agreement with RMW Cho Group.

At the end of the quarter, the company registered total cash reserves of $0.413 million, which was in line with forecasts. Cash outflows relating to operating activities stood at $0.586 million. These fluctuations in cash position are because of the timing of payments and receipts.


Cash Flows (Source: Company Reports)

First Clinical Human Trial: The company is aiming first human clinical trial for skin cancer (BCC) in late 2020/early 2021. The company is likely to build shareholder value with the help of optimised IVX-PDT, which will be based on Photosoft^TM technology.

Stock Recommendation: The stock has risen by 28.57% in the last one month and has corrected 55% in the last one year. The stock has EV/Sales multiple of 9.6x as compared to the industry median (Healthcare) of 9.2x on TTM basis. The stock of IVX is trading at a price to book value multiple of 9.6x against the industry median (Healthcare) of 2.4x on TTM basis. Thus, based on the above factors, we have a watch stance on the stock at the current market price of $0.009 per share on 8^th May 2020.
 

Noxopharm Limited

Major Development in March 2020 Quarter: Noxopharm Limited (ASX: NOX) is engaged in drug development, with a major focus on the clinical development of Veyonda®. The market capitalisation of the company stood at $29.7 Mn as on 8^th May 2020. Recently, the company has appointed Mr. Fred Bart as a Non-Executive Director. During the March 2020 quarter, the company made strong progress in its core business of developing Veyonda® as a new treatment for end-stage prostate cancer and it made significant progress in the development of a drug pipeline. In addition, the company has also received approval for first IND application for Veyonda® by US-FDA in February 2020. During the same quarter, the Australian Patent Office has allowed the Australian patent application for Veyonda®.


Cash Flows (Source: Company Reports)

Commencement of DAART-2 Trial: Following the successful completion of the DARRT-1 trial in December 2019, the company has continued to advance its planning and preparations for the DAART-2 trial during March 2020 quarter. The DARRT-2 trial is anticipated to begin in early 2021.

Stock Recommendation: The company closed the quarter with a cash balance of $2.04 million. Net cash outflow from the operating activities amounted to $3.1 million against $4.1 million in the previous quarter. It spent a total of $1.8 million for research and development during the quarter. The company is in discussions with stakeholders, which include investment banks and fund managers throughout Australia and the US to assess partnering and corporate finance options. The stock of NOX was placed in a trading halt on 7^th May 2020 owing to the release of an announcement regarding a capital raising. The stock will remain in a trading halt until the earlier of the commencement of normal trading on 13^th May 2020 or when the pending announcement is made to the market. The stock last traded at $0.195 per share. 

 
Comparative Price Chart (Source: Refinitiv, Thomson Reuters)

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