Invion Limited (ASX: IVX) is engaged in life-sciences business with a focus on transforming PDT (Photodynamic Therapy) for treatment of cancer. IVX holds the Australia and New Zealand license and distribution rights to the Photosoft™ technology.
Recently, the company received a query from ASX on 1st April 2019, regarding the wide range of price movement from a low of 1.3 cents to a high of 1.8 cents along with a significant increase in the volume and ASX had requested for any related information. In response to that, IVX stated that it does not have any information that is not made available to the market. The company highlighted that there was a research published, initiating a coverage on the company. IVX could not furnish any further explanation for the recent trading activity of its securities.
IVX spun-off nadolol and zafirlukast, two respiratory assets on 12th February 2019, and transferred it to Chronic Airway Therapeutics Limited (CAT), which is a newly formed public unlisted company. CAT has appointed R&G Pharma Studies, which will support developing nadolol in China to be used for treating COPD. After completing the spin-out, the focus of the company will be on developing and commercialising the Photosoft™ technology funded by an R&D agreement with Cho Group.
Total revenue came in at $1.17 million in 1H FY19, recording a growth of 3,943,79% (pcp). Incurred losses by the company in 1H FY19 at $0.91 million was slightly reduced as compared to $1.16 million in 1H FY18. Being in the biotechnology sector, business operations are subject to risks and uncertainties due to the nature of drug development and commercialisation.
The shares closed the day at A$0.024 on ASX (as on 09 April 2019) surging up by 33.33 percent as compared to its previous day’s close. At the current market price of A$0.025, market capitalisation stands at A$99.01 million. 52-week high and low price stands at A$0.049 and A$0.012, respectively. The sharp movement has been witnessed in the last few trading sessions. The stock gained 28.57% in last five days (measured as on 08 April 2019).
Pursuit Minerals Limited
Pursuit Minerals Limited (ASX: PUR) acquired a portfolio of projects from Teck Australia Pty Ltd, Pursuit’s largest shareholder. The project portfolio for the company is focused on the emerging energy metal, vanadium. PUR is well placed to take benefit of Scandinavia’s cost effective power, world-class infrastructure and stable legislative frameworks with its Sweden and Finland projects. PUR plans to focus more on the development of its vanadium project portfolio. The rapid transformation of energy grid to renewable energy in Europe will lead to the requirement of battery and that places PUR in a good position.
Recently, an initial phase of metallurgical test work on three drill holes from the Airijoki Project in northern Sweden and three drill holes from Koitelainen Project in northern Finland has been completed. The higher recoveries were attained by an increase in crushing size to 355 microns. PUR has defined an Inferred Mineral Resource (IMR) at the Airijoki Vanadium Project in northern Sweden. IMR consists of four zones. The resource containing 5.9 million tonnes of magnetite @ 1.7% V2O5, for 100,800 tonnes of V2O5 based on 13.3% mass recovery of magnetite concentrate and a cut-off of 0.7% totals 44.3 million tonnes. PUR raised a capital amount of $2.27 million on 8th November 2018 to fund the development of vanadium projects in Finland and Sweden and for working capital purposes.
The company recorded net revenue of $14,291 in 1H FY19 as compared to $12,648 in 1H FY18. Losses from the operations for the same period came in at $0.64 million as compared to $2.54 million in 1H FY18. The ability to further raise additional capital and successful exploration remain the key condition as a matter of going concern for the company.
The shares closed the day at A$0.024 on ASX (as on 09 April 2019) moving up by 14.286 percent as compared to its previous day’s close. The market capitalisation for the stock stands at A$3.75 million at a current market price of A$0.024.
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