NUH, IIQ: ASX medical device stocks that kicked off July on bright note

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Highlights

  • The S&P/ASX 200 kicked off July with a loss of 0.43%.
  • Nuheara Limited (ASX: NUH) has inked a strategic collaboration and cornerstone investment with Realtek, a Taiwan-based company.
  • Inoviq Limited (ASX: IIQ) has secured a US patent valid till 2038 for its SubB2M technology.

The Australian Securities Exchange (ASX) benchmark, S&P/ASX 200, started the month of July with a loss of 0.43%. The index is up today with a gain of 1.17% to 6,616.40. It has lost 1.34% and 9.47% over the last five days and 52 weeks, respectively.

On that note, let us have a look at two medical devices companies that started this month with a significant gain.

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Strategic alliance and cornerstone investment with Taiwanese company

Nuheara closed Friday (01 July 2022) with a gain of nearly 31%. The spike was triggered by a significant update by the company.

On Friday, the company entered a strategic partnership and cornerstone investment with Realtek Semiconductor Corporation based in Taiwan.

Terms of the agreement

It is a signed Memorandum of Understanding (MoU)under which Nuheara and Realtek will join hands to develop chipset and technology solutions in order to enter the global hearing market.

The partnership underlies a placement of 17,083,334 ordinary shares at AU$0.12 summing up to AU$2.05 million with Realtek. Funds from the placement will be channelised towards working capital, market regulatory development, product research and development.

Nuheara will benefit from the partnership to deliver its next generation of hearing products by incorporating the advanced chipset of Realtek.

Shares of NUH were last trading at AU$0.150.

Inoviq bags US Patent

ASX-listed biotech firm Inoviq ended 01 July with a gain of about 16% following the news of securing a US patent for its SubB2M technology. The patent is valid till 2038.

The SubB2M technology is built on an engineered protein that detects abiomarker,“Neu5Gc”. Neu5Gc is found in different human cancers, including prostate, breast, ovarian, etc.

 The US patent entitled ‘Subtilase cytotoxin B subunit mutant’ was awarded to Griffith University and the University of Adelaide. .

Obtaining this US patent is a significant milestone for the company because the SubB2M tests were first time commercialised as Laboratory Developed Tests in the US.

INOVIQ Ltd has global exclusive rights of SubB2M for diagnostic applications. Earlier in May 2022, IIQ was granted an Australian patent forSubB2M technology.

Shares of IIQ were trading at AU$0.600 (as at 2:14 PM AEST on Monday 04 July) with an uptick of 30.434%.


 


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