ASX Health Sector Update: ILA, TYP, DXB, OIL Drive Innovations on All Ordinaries

Highlights:

• Island Pharmaceuticals completed Phase 2a/b dengue trial and advanced Galidesivir acquisition

• Tryptamine Therapeutics progressed psilocin-based TRP-8803 in binge eating disorder trial

• Dimerix secured DMX-200 licensing deals and advanced Phase III trial for kidney disease

The ASX health and biotech segment, represented by tickers such as ILA, TYP, DXB, and OIL, featured prominently on the S&P/ASX All Ordinaries during the March quarter. Despite broader macroeconomic and geopolitical challenges, key players in the sector maintained operational momentum and disclosed advancements across trials, licensing, and technological developments.

Island Pharmaceuticals (ASX:ILA)

Island Pharmaceuticals completed the Phase 2a/b PROTECT trial using ISLA-101 for dengue fever. The company reported that dosing for the Phase 2b cohort concluded in February and met the established timeline. The trial was earlier deemed safe with evidence of anti-dengue activity, following review by the trial’s safety committee.

Post-quarter, pharmacokinetic data indicated the desired blood concentration levels had been achieved across all participants in the 2b cohort. Island also continued pipeline expansion efforts, with a focus on acquiring the antiviral compound Galidesivir from a Nasdaq-listed entity. Galidesivir is noted for its activity against multiple RNA viruses.

The company raised additional capital during the quarter via the exercise of options linked to a previous rights issue. Shareholder engagement initiatives included participation in investment conferences and meetings across Australia. Operational expenses during the period were attributed to research and development for the PROTECT trial and administrative functions, with a closing cash balance reflecting adequate funding.

Tryptamine Therapeutics (ASX:TYP)

Tryptamine Therapeutics reported clinical progress on its intravenous psilocin formulation TRP-8803, which is being studied for use in treating binge eating disorder. A research collaboration was formalised with a local university to commence an open-label trial. The design includes two patient cohorts, with dosing scheduled two weeks apart and administration alongside psychotherapy.

The company also had a presence at a major global biotech conference during the quarter, showcasing its development programs. Changes to corporate governance included the appointment of a new auditor and company secretary. Tryptamine’s financial disclosures indicated a strong cash position, supplemented by an anticipated research and development refund from national tax authorities.

Dimerix (ASX:DXB)

Dimerix continued the ACTION3 Phase III trial of DMX-200 for focal segmental glomerulosclerosis. The company held regulatory discussions with the US FDA, which confirmed acceptance of proteinuria as a suitable endpoint for full approval. Enrolment included adult and paediatric patients.

A licensing agreement was executed with Fuso Pharmaceutical Industries for the Japan market, marking the third licensing deal for DMX-200. Dimerix also reported inclusion in the S&P/ASX All Ordinaries index and continued discussions for further partnerships. Post-quarter, the company finalised an exclusive agreement with a US-based firm for commercialisation in the American market.

Quarterly expenditure was primarily attributed to clinical trial activity, with cash holdings reported. Further inflows are expected from milestone payments and the exercise of outstanding options, due for expiration in the following quarter.

Optiscan Imaging (ASX:OIL)

Optiscan unveiled a new microscopic imaging device, InForm, which is tailored for pathology laboratories and integrates real-time digital diagnostics. The company concluded beta testing of its Telepathology platform, incorporating user feedback into ongoing development for final rollout.

The veterinary health market also emerged as a strategic focus, with product development for animal applications underway. Plans are in motion to trial the InVue system at a major Melbourne hospital, with manufacturing activities scaling in parallel.

Preparations for expanded US trials are ongoing, with regulatory consultations aimed at defining the pathway for approvals. The quarter also featured executive appointments aligned with the company's transformation strategy and capacity-building efforts at its Melbourne site. A higher-than-usual tax refund was received, linked to prior research activities and related approvals.