A Glance At 4 Diversified ASX-Listed Stocks - RXH, JXT, RHY, CDX

  • Jun 18, 2019 AEST
  • Team Kalkine
A Glance At 4 Diversified ASX-Listed Stocks - RXH, JXT, RHY, CDX

Rewardle Holdings Limited

Social media company Rewardle Holdings Limited (ASX: RXH) connects more than 3.2 million members with nearly 5,000 local businesses across Australia.

Strategic Partnership with Pepper Leaf Meal Kit Delivery Service: RXH today (as on 18th June 2019) announced that as part of its strategy to leverage its operations, it has entered a strategic partnership with Pepper Leaf, a subscription-based meal kit service provider. RXH will help Melbourne-based Pepper Leaf in growing its business through marketing, operational support and corporate strategy services, and in return, Pepper Leaf will compensate it with combined options to acquire shares in Pepper Leaf (Options) and hourly rate service fees (Cash). Pepper Leaf will issue 12 million options with an exercise price of A$0.125 and an expiry tenure of four years to Rewardle Holdings Limited. This way, RXH will own ~54% in Pepper Leaf. RXH will receive fees in the form of cash for a variety of business services based on mutually agreed time and materials rates.

The Management of RXH believed that Pepper Leaf is a great and profitable business, ideally placed to capitalise on the disruption of the country’s food and grocery sector valued at A$100 billion. With this development, RXH will provide Pepper Leaf a substantial operating advantage which will decelerate the customer acquisition costs. The Management of Pepper Leaf considers this opportunity to scale up the business, which is constrained by high competition and unprofitable customer acquisition costs that otherwise compromise the meal kit business model.

In response to the ASX query dated 15th May 2019, the company recently updated that it expects slightly negative operating cash flows for the time being, which are expected to decrease, going forward, due to the continuous focus on cost reduction and development of existing and new revenue streams. RXH experienced its first month of positive operating cash flow and decreased sequential operating cash outflow by 48% from A$369,000 to A$195,000 during the March quarter.

The company, in the month of January 2019, announced the joining of Mr. Rodney House as a Non-Executive Director of the company.

On the news of Strategic Partnership with Pepper Leaf, the stock of RXH shot up significantly and closed at A$0.007 on 18th June 2019, up 75% from its last close. The market capitalisation for the stock stands at A$2.11 million.

Jaxsta Limited

As a music technology provider, Jaxsta Limited (ASX: JXT) is engaged in the development of an online platform to hold international official music data.

Loaded data partners (Source: Company’s Website)

Jaxsta Signs Data Partner Agreement with Merlin: On 18th June 2019, the company updated about entering into a commercial data access agreement (CDAA) with Merlin (Music and Entertainment Rights Licensing Independent Network B.V.). Under the agreement, JXT secured a licence, authorising it to use Merlin and its participating members’ relevant music data for ingestion to its platform, namely, Jaxsta Platform, across the globe. As per the CDAA, JXT will reimburse Merlin with royalty fees within the tenure of this agreement. This royalty fees will be structured on the same basis as the other data partners. The tenure of this agreement is for two years. Under the CDAA, JXT will issue 1,125,955 warrants, each to subscribe for one new ordinary share in Jaxsta to Merlin. These warrants will have A$0.01/warrant exercise price and can be exercised in multiple tranches over seven years bound by certain vesting conditions.

Jaxsta recently updated about the soft launch of the beta version of Jaxsta.com, positioning it to be the world’s first database of official music credits. The platform, which can be accessed through Jaxsta.com, is a public website database of official music credits. The company also updated that Jaxsta Pro, a B2B (Business-to-Business) subscription-based service, is on track for a market launch in the upcoming months.

The company, recently, entered into a digital product agreement with Universal Music Group.

With this agreement with Merlin, the total licensing data agreements in the past 21 months for Jaxsta stand at 29, which includes companies such as The Recording Academy, Sony Music Entertainment, Universal Music Group and Warner Music Group.

With the market price of A$0.240 on 18th June 2019, the market capitalisation for the stock stands at A$55.52 million. The stock has gained ~26% in the last six months.

Rhythm Biosciences Limited

Rhythm Biosciences Limited (ASX: RHY) is engaged in the development and commercialisation of medical diagnostics technology for sale in domestic and international markets. The company’s ColoSTAT® product is in the development phase and is aimed at providing an accurate and early detection test for colorectal cancer. The company started trading on the ASX on 7th December 2017.

Progression of colorectal cancer (Source: Company’s Report)

Monash Health signed with first patients recruited for ColoSTAT® clinical trial: The company, on 18th June 2019, announced that Monash Health has become the second hospital to join the RHY prospective clinical trial of ColoSTAT®. The hospital has recruited first patients for the trial.

This trial entails a prospective, cross-sectional, multi-centre study, which will analyse the diagnostic performance of the ColoSTAT® In Vitro Diagnostic relative to colonoscopy (Primary endpoint). Secondary endpoints of the study involve the assessment of the ability of ColoSTAT® to spot advanced adenomas and a comparison of the performance of ColoSTAT® with the currently used FIT (Faecal Immune Test); both relative to colonoscopy.

Rhythm Biosciences Limited is expected to complete the recruitment of circa 1,000 patients for the trial by the end of CY2019. This trial will form an important factor for both CE Mark and TGA registration, and finally the approval to market ColoSTAT® in Australia and Europe in 2020.

Parallelly, RHY will continue to work with various global businesses on assay development, to optimise the clinical utility of the reagents, which will form the core components to the final ColoSTAT® test.

The company is expected to sign further hospitals to connect the ColoSTAT® trial in the upcoming months.

The company recently confirmed that QMS (Quality Management System) has received certification as compliant with the ISO (International Organization for Standardisation).

On 18th June 2019, the stock closed at A$0.160. The market capitalisation for the stock stands at A$15.11 million. The stock dipped ~27% in the last one year, whereas gained ~14% on a YTD basis. The 52-week high and low range for the stock stands at A$0.270 to A$0.127. The stock gained ~6% on the news of Monash Health signed with first patients recruited for ColoSTAT® clinical trial.

CardieX Limited

CardieX Limited (ASX: CDX) is engaged in the designing, manufacturing and marketing of medical devices for use in cardiovascular health management.

CardieX Overview (Source: Company’s Report)

Update on Material Customer Contract: In an announcement with ASX on 18th June 2019, the company provided clarification with regards to its request on 13th June 2019 for a trading halt, pending an update about a material customer contract.

As per the update, CDX has determined that the GEMDC customer contract is material to inHealth but is not currently material to CardieX. The decision was based on the virtue of CardieX’s current equity position in inHealth i.e. 7.7%, which is before the conversion of the currently subscribed tranche II convertible note, that will lift CardieX’s position to 41.03% before the tranche III option to boost this stake to 50.5%.

Wearables & Blumio Update: The Management of the company recently updated about the objectives and progress of the Deborah Heart and Lung Center Study for the Blumio sensor. Additionally, the Management gave an update about the activities being carried put in line with the JDA (Joint Development Agreement) between the company and Blumio.

The stock of CardieX Limited gained ~30% in the last one year. The 52-week high and low range for the stock stands at A$0.067 to A$0.024, respectively. Current Earnings Per Share (EPS) stands at – A$0.008. The stock closed at A$0.031 on 18th June 2019, down nearly 11% from its last closing price.


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