Ellex Medical’s Shares Uplifted On ASX After Announcing The Results Of Its LiGHT’s Clinical Trial

Ellex Medical’s Shares Uplifted On ASX After Announcing The Results Of Its LiGHT’s Clinical Trial

Leading medical technology company, Ellex Medical Lasers Limited (ASX: ELX) have announced the results of Laser in Glaucoma and Ocular HyperTension (LiGHT) clinical trial which demonstrated that selective laser trabeculoplasty (SLT) is safe and effective as a first-line treatment for open-angle glaucoma and ocular hypertension.

Following the release of this news, the share price of the company increased by 10.924% in the intraday trading as on 12 February 2019.

As per the announcement, SLT provided superior intraocular pressure stability to drops, at a lower cost. Further, SLT also allowed almost three-quarters of patients (74%) to be successfully controlled without drops for at least three years after starting treatment.

LiGHT was the first clinical trial which demonstrated a direct comparison between SLT and intraocular pressure-lowering drops in terms of health-related quality of life, clinical, and cost-effectiveness outcomes in a pragmatic hospital setting. The trial was guided by a robust treatment escalation protocol to capture realistic clinical management while minimizing the risk of bias.

The findings of LiGHT have validated the benefits of SLT as a first-line treatment option for untreated, newly diagnosed patients with ocular hypertension and glaucoma across a large randomised controlled trial. The patients who received SLT demonstrated better control of their disease. Further, none of the SLT patients’ disease progressed to a stage that required surgical intervention, and overall the procedure was more cost-effective than eye drops. This is a significant benefit versus eye drops, and when coupled with compliance, toxicity issues and the increased rate of cataract surgery versus SLT observed in the LiGHT trial, is expected to materially enhance clinician interest for SLT in markets such as the UK where eye drops are recommended as first-line therapy.

On 22 February 2019, the company released its half-year results for FY 2019. In the half-year period, the company’s sales increased by 9% to $41.6 million compared to the prior corresponding period (pcp). Further, Ellex 2RT® revenue increased by 532% to $1.2 million as compared to pcp, following the release of the LEAD clinical trial data in intermediate age-related macular degeneration (iAMD) in Sept. Ellex iTrack™ revenues increased by 24% to $6.5 million as compared to pcp, driven by continued growth in volume and revenue in the USA.

The overall performance of the company in the first half, with near double-digit top-line sales growth across the business was mainly driven by its glaucoma therapy segment, which grew 18% over the pcp and has exhibited a 23% compound annual growth rate over the last three years.

Now, let’s have a glance at the company’s stock performance and the return it has posted over the past few months. The stock is trading at a price of $0.660, up by 10.924% during the day’s trade with a market capitalization of ~$85.44 Million as on 12 March 2019. The stock has provided a year till date return of -11.19% & also posted returns of -17.36%, -11.85% & -1.65% over the past six months, three & one-months period, respectively. It had a 52-week high price of $0.900 and touched 52 weeks low of $0.500, with an average volume of ~123,504.


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