May 2, 2024 | Incannex

Weed Week: Cannabis trade shows and Europe imports medicinal marijuana

Avecho - AVE Health & Biotech IDT Australia - IDT Incannex Healthcare - IHL Live Verdure - LV1 Murray River Organics Group - MRG News

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Virginia is the latest US state to legalise marijuana and they’re celebrating with the first annual CannaFest VA cannabis trade show on September 19.

The event will feature a concert, and a custom car and motorcycle exhibition but no, you can’t smoke weed at the event.

In California, Papa & Barkley have just released a line of cannabis-infused sleep aids in what the company ‘guarantees’ will deliver consumers one more hour of sleep every night.

And in Canada, Aurora Cannabis have announced the delivery of its initial shipment of medical marijuana to France for use in the country’s pilot program.

Aurora CEO Miguel Martin said the delivery will support the de-stigmatization of medical cannabis in France.

“If successful, this pilot program could lead to one of the largest regulated medical cannabis markets in Europe,” he said.

On our side of the pond, Australian-based medicinal cannabis producer Cannim has just completed the first-ever legal commercial export of Jamaican cannabis flower to Germany.

“Germany represents a huge opportunity for Cannim,” chief commercial officer Stuart March said.

“Our ability to cultivate high quality, medical-grade Jamaican cannabis that meets the strict standards of the German Pharmacopoeia is testament to the professionalism of our teams in Jamaica and Australia.”

ASX Winners

Code	Company	Price	%Mth	%Wk	MktCap
IDT	IDT Australia Ltd	0.64	78	36	$ 160,706,313.90
IHL	Incannex Healthcare	0.375	42	29	$ 423,199,045.66
MRG	Murray River Grp	0.225	18	22	$ 9,925,907.18
LV1	Live Verdure Ltd	0.29	7	9	$ 12,008,175.30
AVE	Avecho Biotech Ltd	0.016	-20	7	$ 31,213,980.94
SUD	Suda Pharmaceuticals	0.05	-6	4	$ 21,636,899.37
ECS	ECS Botanics Holding	0.035	-15	3	$ 29,341,342.68
MDC	Medlab Clinical Ltd	0.18	-3	3	$ 59,880,742.43
EMD	Emyria Limited	0.195	3	3	$ 30,028,903.91
MMJ	MMJ Group Hlds Ltd	0.079	-5	3	$ 18,166,364.82
DTZ	Dotz Nano Ltd	0.36	-4	1	$ 147,988,678.18
WOA	Wide Open Agricultur	0.78	-1	1	$ 76,121,990.64
YPB	YPB Group Ltd	0.002	0	0	$ 9,983,641.04
ROO	Roots Sustainable	0.01	-17	0	$ 4,858,055.38
PAL	Palla Pharma Ltd	0.35	-5	0	$ 58,288,738.68
MXC	Mgc Pharmaceuticals	0.039	-7	0	$ 93,390,041.96
LSH	Lifespot Health Ltd	0.095	-14	0	$ 16,004,360.92
EN1	Engage:Bdr Limited	0.004	-20	0	$ 10,211,810.06
BDA	Bod Australia	0.295	-14	0	$ 30,159,817.20
LGP	Little Green Pharma	0.7	-17	-1	$ 128,244,467.43
APH	AP Hemp Ltd	0.32	-15	-2	$ 25,215,344.55
AC8	Auscann Grp Hlgs Ltd	0.096	-13	-3	$ 41,851,975.45
BOT	Botanix Pharma Ltd	0.075	-4	-4	$ 72,012,513.48
CPH	Creso Pharma Ltd	0.12	-8	-4	$ 149,570,497.75
EXL	Elixinol Wellness	0.11	-8	-4	$ 34,656,946.94
CAN	Cann Group Ltd	0.29	-24	-5	$ 90,071,568.93
RGI	Roto-Gro Intl Ltd	0.033	-18	-6	$ 10,962,969.50
NTI	Neurotech Intl	0.046	-13	-6	$ 32,750,498.92
SCU	Stemcell United Ltd	0.014	-26	-7	$ 14,606,489.21
EPN	Epsilon Healthcare	0.145	4	-9	$ 28,906,042.35
EVE	EVE Investments Ltd	0.0045	-10	-10	$ 17,294,138.51
CGB	Cann Global Limited	0.0045	-10	-10	$ 25,764,690.53
AGH	Althea Group	0.255	-20	-11	$ 66,905,252.70
RNO	Rhinomed Ltd	0.32	60	-11	$ 87,564,150.54
ZLD	Zelira Therapeutics	0.037	-21	-12	$ 45,232,272.71
CAU	Cronos Australia	0.11	-8	-12	$ 5,348,750.00
EOF	Ecofibre Limited	0.625	-27	-13	$ 213,134,985.63

The biggest weed winner on the ASX this week was IDT Australia (ASX:IDT), up 36% off the back of news it managed to turn its FY20 loss into a profit in FY21.

IDT’s full year net profit after tax came in at $2.1m, compared to a $0.8m loss in FY20.

Plus, the company has also developed its own proprietary medicinal cannabis products – several of which are now commercially available.

Next up was Incannex Healthcare (ASX:IHL) which jumped 29% after announcing plans to pursue listing US Nasdaq exchange under the ticker IXHL.

The idea is access to larger pools of capital with investors who are experienced in psychedelics and medicinal cannabis.

And Murray River Group (ASX:MRG) was up 22% on no news.

It was followed by Live Verdure (ASX:LV1) up 9% after releasing its annual report highlighting revenue increased by 52.4% to $607,531 (compared to $398,673 in the previous corresponding period).

The company said the increase was a result of an increase in online sales of hemp products and customer growth.

Trailing the pack was Avecho Biotech (ASX:AVE) which rose 7% after releasing its half yearly report, which detailed revenue increased 35% to $265,898, with losses of $1,737,551.

The company said the loses were primarily related to the development of its pharmaceutical CBD soft-gel product.

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Incannex sets sights on US capital markets and prepares for a Nasdaq listing

Health & Biotech Incannex Healthcare - IHL

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Incannex lodged extensive registration form with SEC. A strategic dual-listing will give Incannex access to larger pools of capital with investors who are experienced in psychedelics and medicinal cannabis.

For Incannex Healthcare (ASX:IHL), the US represents a major market for its multi-channel development strategy.

And in line with that strategic focus, the company has previously flagged its intention to explore a US listing, after receiving significant interest and positive feedback from US investors.

This week, the company’s management team confirmed its execution on that strategy with thefiling of its Form F-1 registration statement with US regulators.

The Form F-1 is an “extensive and important disclosure document that the SEC requires prior to granting approval to list in the United States”, Incannex said.

In structuring its application, IHL filed for a US public offering of American Depositary Shares (ADSs), each of which will represent 50 ordinary shares in the company.

Incannex also confirmed that the ADSs would be listed on the US Nasdaq exchange under the ticker IXHL, which has already been reserved for the company.

Major market opportunity

In comments to Stockhead, Incannex highlighted the strategic rationale for the US listing, which initially will provide greater access to a larger pool of global investors.

The US is also a market that has a higher degree of familiarity with companies developing clinically backed solutions in medicinal cannabis and psychedelic therapies.

Some listed development companies in the US market have already attracted valuations of US$1bn or more seemingly when they have plans aimed at pursuing FDA registration for their products.

In addition, “valuations for credible psychedelic projects are highly favourable in the US”, the company said.

It flagged the example of US company Mindmed, which is running a clinical development program for the use of LSD in treating anxiety.

Mindmed received its pre-IND feedback from the FDA in December last year, and has achieved a valuation of more than $US1bn.

In comparison, IHL is pursuing the use of psilocybin for anxiety (generalised anxiety disorder, which is a severe form of anxiety) and is expecting pre-IND feedback by the end of this year, which puts the company’s project on a similar development path to Mindmed.

Advisory team

Along with the opportunities provided by deeper capital markets and more knowledgeable investors, Incannex has also commissioned an experienced advisory team to lead its listing plans.

The company has appointed Roth Capital Partners as the sole book runner for the Nasdaq IPO.

Roth Capital has a track record of bringing Australian companies to US capital markets, working on the dual-listings for lithium stocks Lake Resources and Piedmont Resources, as well as fellow biotech company Imugene.

Roth Capital was the lead placement partner for Imugene’s December 2019 listing at 3.6c, and the stock is now trading near 30c.

Taken in summary, IHL’s US listing plans are the latest exciting development for the company as it builds out a market-leading development pipeline.

“We look forward to the opportunity to open our company’s operations up to a global audience of investors, with deeper pools of capital and extensive experience in psychedelic therapies and medicinal cannabinoid biotech companies,” Incannex said.

This article was developed in collaboration with Incannex Healthcare, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

The post Incannex sets sights on US capital markets and prepares for a Nasdaq listing appeared first on Stockhead.

ASX health stocks: CSL leads another round of strong earnings, but FY22 outlook remains subdued

CSL - CSL EBOS Group - EBO Fisher & Paykel Healthcare- FPH Health & Biotech Incannex Healthcare - IHL Island Pharmaceuticals - ILA Pacific Smiles - PSQ ProMedicus - PME Telix Pharmaceuticals - TLX

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The ASX 200 health stocks index (XHJ) fell by 0.76% this morning, compared to the broader index which rose by 0.04%.

It’s all about earnings today as some of the larger health caps reported their results.

Australia’s biggest health company, CSL (ASX:CSL), has delivered a strong full year net profit of US$2.375 billion.

This was 13% higher than the previous year’s results (or 10% on a constant currency basis), and came off the back of 13% increase in top line revenues $US10.3 billion.

“Despite the uncertainty and complexities we have faced, our CSL Behring and Seqirus businesses maintained all critical operations,” says CSL’s CEO, Paul Perreault.

CSL will pay its biggest dividend on record, after declaring a final payment of $US1.18 a share.

Despite the strong results, the company says there will be tough times ahead in FY22.

It expects FY22 profits to come in lower than this financial year, of between $US2.15 billion and $US2.25 billion, as a result of increased plasma costs.

CSL stock price fell by 2%.

CSL share price today:

Other health stocks announcing earnings today

Ebos Group (ASX:EBO)

The pharmaceutical distributor reported another record result, with a 5% increase in full year revenue to $9.2 billion.

This is the first time that the company has surpasssed the $9bn revenue mark.

Bottom line NPAT came in at $188.2 million, up 15.5% on the previous corresponding period (pcp).

During the year, Ebos saw strong performances from both its Healthcare and Animal Care segments.

Looking ahead, the company ecpects further growth in FY22. Underpinning that will be its $30m capital investment on a new state of the art pet food manufacturing facility, as well as its strong balance sheet, according to the company.

Final dividend declared was NZ 46 cents per share, bringing total dividends declared for the year to NZ 88.5 cents per share (up 14.2%).

Fisher & Pykel (ASX:FPH)

The company said that revenue for the first four months of FY22 was $583m, which was 2% below pcp.

The company does not expect sales for the rest of the year to exceed previous figures.

It will also not be releasing earnings guidance for the rest of FY22, given the uncertainties surrounding COVID-19 cases.

“With the ongoing global vaccination activity, and most countries now having experienced a COVID- 19 hospitalisation surge resulting in a corresponding boost in hospital treatment capacity, we do not expect our Hospital hardware revenue to continue at this elevated level for the remainder of the financial year,” said CEO Lewis Gradon.

Pro Medicus (ASX:PME)

The imaging company reported a 19.5% increase in full year revenue to $67.9m, for a bottom line net profit of $30.9m, up 33.7% on pcp.

Pro Medicus announced a final fully-franked dividend of 8c per share, taking total dividends for the year to 15c per share.

“It was also our biggest year in terms of both sales and implementations, laying the foundation for a further step-up in exam volumes in FY22,” says Pro Medicus CEO, Dr Sam Hupert.

Pacific Smiles (ASX:PSQ)

The dental company reported a 27% increase in full year revenue to $153.2 million, for an underlying NPAT of $14.0 million, up by 72.8% on pcp.

Drivers of growth include 1 million patient appointments during the year, with 15 new dental centres opened throughout NSW and Victoria.

Given the continued uncertainty created by COVID-19, PSQ says it is unable to provide guidance for FY 2022 at this time.

Share prices today:

Other notable health announcements today

Telix Pharma (ASX:TLX)

The company announced it has entered into a pan-cancer clinical collaboration with Merck of Germany.

The two companies will conduct combination studies with one of Merck’s investigational proprietary DNA Damage Response Inhibitor (DDRi) molecules, in combination with each of Telix’s TLX591 and TLX250.

TLX591 and TLX250 are late-stage products in development for prostate and renal cancer therapy, respectively.

“Pre-clinical studies provide evidence that the combined effect of Merck’s DDRi compound with Telix’s MTR candidates has potential to significantly impact cancer by improving efficacy and reducing the required radiation dose for tumour reduction and remission, compared to MTR only,” commented Telix CEO, Dr. Christian Behrenbruch.

Island Pharma (ASX:ISL)

Island has been granted a key patent from IP Australia covering a method of treating or preventing dengue and other mosquito borne viruses.

The patent will underpin Island’s drug repurposing strategy to rapidly and efficiently develop antiviral therapies with a key focus being mosquito borne viral diseases, such as dengue fever.

Incannex (ASX:IHL)

The company has filed a registration statement with the US SEC as it prepares for a listing in the US.

The filing relates to a proposed US public offering of American Depositary Shares , each of which will represent 50 ordinary shares of Incannex.

Incannex plans to list the ADS on the Nasdaq under the ticker symbol “IXHL”.

Share prices today:

The post ASX health stocks: CSL leads another round of strong earnings, but FY22 outlook remains subdued appeared first on Stockhead.

Rise and Shine: What you need to know before the ASX opens

3P Learning - 3PL Health & Biotech Incannex Healthcare - IHL News ResMed - RMD

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On Stockhead today, the stock that has soared 10,000pc, all you need to know about Custom Indexing, and are lithium stock valuations overstretched?

But first… the day ahead

China signals that its crackdown on businesses could last for years, with the government unveiling a five-year plan to tighten regulations.

Back home on the COVID-19 front, the ACT has gone into a seven-day snap lockdown starting from 5pm last night.

To the ASX, companies expected to report annual earnings today include: Resmed (ASX:RMD), Incannex Healthcare (ASX:IHL), and 3P Learning (ASX:3PL).

Australia’s new homes sales for July will also be released today. June’s figures came in at 5,841 units, a 15% gain from the prior month.

TRADING HALTS

Today

Magnum Mining and Exploration (ASX:MGU) – offtake agreement
Duketon Mining (ASX:DKM) – exploration results

Monday

Creso Pharma (ASX:CPH) – Health Canada license
Galan Lithium (ASX:GLN) – capital raising
Dimerix (ASX:DXB) – capital raising
Alexium (ASX:AJX) – sales update clarification

MARKETS

Gold: $US1,752.77 ($2,388.30) (+0.07%)
Silver: $US23.16 ($31.56) (-1.44%)
Oil (WTI): $US68.91 (-0.49%)
Oil (Brent): $US71.14 (-0.42%)
Coal: $US168.75 (+0.99%)
Iron 62pc Fe: $US167.94 (-0.66%)
AUD/USD: $US0.7335 (-0.53%)
Bitcoin: $US$44,421.30 (-3.43%)

WHAT GOT YOU TALKING YESTERDAY?

Earnings. And some good ones too.

Other stocks releasing results included AGL, AMP and Telstra https://t.co/TbhMQtZRcm $AMP $QBE $ADA $AGL $TLS $MGR $AGI
— Stockhead (@StockheadAU) August 12, 2021

And Woodside Petroleum (ASX: WPL), which is about to make the oft-delayed final investment decision on Scarborough.

Woodside has secured environmental approval from Western Australia for its Scarborough gas development. #asx #ausbiz #naturalgas #gas #LNG #CCS $WPL https://t.co/FNRw7HP5xW
— Stockhead (@StockheadAU) August 12, 2021

To keep up to date with Stockhead coverage, follow our Twitter page or sign up to our members-only Facebook group here.

For all you crypto lovers Stockhead’s Cryptohead Facebook group is the place to share your views, insights, tips and ideas.

Also, be sure to check in at 10.20am each day for our daily ‘10 at 10’ column — a live summary of winners & losers at the opening bell.

YESTERDAY’S WINNERS

Scroll or swipe to reveal table. Click headings to sort.’

Stocks highlighted in yellow rose after making announcements during intraday trade.

Code	Company	Price	%	Volume
CNR	Cannon Resources	0.3	50.0%	8,378,600
CLZ	Classic Min Ltd	0.0015	50.0%	61,324,148
AJX	Alexium Int Group	0.097	34.7%	16,355,484
ADA	Adacel Technologies	1.375	33.5%	1,681,653
PCL	Pancontinental Oil	0.002	33.3%	1,050,000
TSC	Twenty Seven Co. Ltd	0.004	33.3%	1,045,019
ARC	Aust Rural Cap Ltd	0.595	32.2%	260,127
SOR	Strategic Elements	0.4	27.0%	17,148,669
ADV	Ardiden Ltd	0.015	25.0%	81,541,604
AFR	African Energy Res	0.025	25.0%	1,994,574
CCE	Carnegie Cln Energy	0.0025	25.0%	6,273,173
GGX	Gas2Grid Limited	0.0025	25.0%	2,300,000
POW	Protean Energy Ltd	0.01	25.0%	16,961,449
CHR	Charger Metals	0.71	24.6%	9,131,873
STM	Sunstone Metals Ltd	0.027	22.7%	64,490,141
RSH	Respiri Limited	0.08	21.2%	1,811,969
RLC	Reedy Lagoon Corp.	0.023	21.1%	25,181,363
AVL	Aust Vanadium Ltd	0.03	20.0%	42,864,913
CLE	Cyclone Metals	0.006	20.0%	37,273,962
DCX	Discovex Res Ltd	0.006	20.0%	341,666

Among stocks with news, ASX debutante Cannon Resources (ASX:CNR) led the pack after making a strong start to listed life.

The nickel play, which was spun out of Rox Resources (ASX:ROX), raised $6m from investors at 20c and climbed to 30c for a day one gain of 50%.

Elsewhere, the two technology stocks that caught the market’s attention yesterday — air traffic control software company Adacel (ASX:ADA) and mattress tech company Alexium (ASX:AJX) both held their gains after reporting strong full-year updates.

And investment group Australian Rural Capital (ASX:ARC) rose more than 30% after flagging it had taken a 40% stake in Merewether Capital Management, a new fund set for launch this year that will be run by former Oracle stock picker Luke Winchester.

YESTERDAY’S LOSERS

Scroll or swipe to reveal table. Click headings to sort.

Code	Company	Price	%	Volume
ANL	Amani Gold Ltd	0.001	-33.3%	7,150
NPM	Newpeak Metals	0.0015	-25.0%	6,392,525
OEX	Oilex Ltd	0.003	-25.0%	7,500,746
T3D	333D Limited	0.0015	-25.0%	4,546,009
XTC	Xantippe Res Ltd	0.0015	-25.0%	850,000
PGY	Pilot Energy Ltd	0.064	-22.0%	37,108,643
XST	Xstate Resources	0.004	-20.0%	4,916,971
ENV	Enova Mining Limited	0.025	-16.7%	140,434
IPB	IPB Petroleum Ltd	0.017	-15.0%	1,922,091
NTL	New Talisman Gold	0.003	-14.3%	3,000,000
KLR	Kaili Resources Ltd	0.025	-13.8%	10,000
JAL	Jameson Resources	0.095	-13.6%	40,000
ACB	A-Cap Energy Ltd	0.052	-13.3%	92,618
KP2	Kore Potash PLC	0.014	-12.5%	551,333
ANP	Antisense Therapeutics	0.175	-12.5%	5,532,970

The post Rise and Shine: What you need to know before the ASX opens appeared first on Stockhead.

Weed Week: Cannabis ice cream deal and Israeli CBD market worth US$475m by 2025

BOD Australia - BDA Botanix Pharmaceuticals - BOT Cann Group - CAN Creso Pharma - CPH Health & Biotech Incannex Healthcare - IHL News Roto-Gro International - RGI Suda Pharmaceuticals - SUD

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Massachusetts based cannabis operator MariMed has just announced a joint collaboration with the legendary Boston ice cream brand Emack & Bolio’s^® to create a line-up of cannabis-infused vegan and dairy ice cream.

The ice cream will contain MariMed’s full spectrum of natural cannabinoids and terpenes from whole plants as are used in its Betty’s Eddies and K Fusion brands – so yes, it will give you the munchies.

The cannabis ice cream line is expected to debut in Massachusetts this year, followed by launches in other legal cannabis markets.

Then there’s American manufacturer cbdMD who have signed an agreement to enter the Israeli market with IM Cannabis Corp.

Essentially, IMC will have the exclusive right to import, sell, distribute and market cbdMD’s products in Israel subject to the execution of a definitive agreement – and the legalisation of CBD for non-medical purposes in Israel.

“Upon the legalization of CBD products in Israel, the Israeli CBD market is expected to reach up to US$475 million by 2025,” IMC ceo Oren Shuster said.

And on Aussie shores, the Department of Primary Industries and Regional Development says that a pilot project has shown that industrial hemp has promise as a potential high yielding, multi-purpose, summer feed option for livestock.

Apparently, there were no adverse effects on feed intake or animal performance on the Merino wethers – but THC was detected at low levels which would not meet regulatory requirements.

ASX Winners

Code	Company	Price	%Mth	%Wk	MktCap
CPH	Creso Pharma Ltd	0.135	0	23	$ 149,570,497.75
IHL	Incannex Healthcare	0.285	12	19	$ 293,878,839.93
BOT	Botanix Pharma Ltd	0.086	2	16	$ 81,743,934.22
SUD	Suda Pharmaceuticals	0.053	-21	13	$ 27,406,739.20
BDA	Bod Australia	0.345	5	8	$ 34,392,774.00
CAN	Cann Group Ltd	0.305	-24	7	$ 96,283,401.27
RGI	Roto-Gro Intl Ltd	0.039	-5	5	$ 13,361,119.08
CAU	Cronos Australia	0.125	9	4	$ 6,078,125.00
MXC	Mgc Pharmaceuticals	0.041	8	3	$ 95,724,793.01
MMJ	MMJ Group Hlds Ltd	0.084	2	2	$ 18,741,249.78
LV1	Live Verdure Ltd	0.27	42	2	$ 10,807,357.77
EVE	EVE Investments Ltd	0.005	0	0	$ 19,215,709.45
CGB	Cann Global Limited	0.0055	10	0	$ 30,835,531.70
ZLD	Zelira Therapeutics	0.044	-8	0	$ 51,183,887.54
ESE	Esense-Lab Ltd	0.018	0	0	$ 8,973,009.29
EN1	Engage:Bdr Limited	0.005	11	0	$ 12,242,857.35
MRG	Murray River Grp	0.175	-13	0	$ 7,720,150.03
LSH	Lifespot Health Ltd	0.098	3	0	$ 16,846,695.70
EOF	Ecofibre Limited	0.755	-4	-1	$ 250,646,743.10
EXL	Elixinol Wellness	0.1225	-2	-2	$ 37,807,578.48
EPN	Epsilon Healthcare	0.155	15	-3	$ 28,906,042.35
NTI	Neurotech Intl	0.051	-4	-4	$ 35,537,775.43
ECS	ECS Botanics Holding	0.0365	-4	-4	$ 31,067,304.01
DTZ	Dotz Nano Ltd	0.355	6	-4	$ 147,988,678.18
AC8	Auscann Grp Hlgs Ltd	0.1	-5	-5	$ 42,733,069.67
SCU	Stemcell United Ltd	0.016	-6	-6	$ 16,693,130.53
WOA	Wide Open Agricultur	0.76	-4	-6	$ 75,432,438.07
LGP	Little Green Pharma	0.75	-6	-6	$ 133,037,067.53
IDT	IDT Australia Ltd	0.375	23	-6	$ 86,349,661.20
PAL	Palla Pharma Ltd	0.345	-9	-7	$ 55,860,041.24
APH	AP Hemp Ltd	0.345	-14	-7	$ 27,507,648.60
AGH	Althea Group	0.28	-21	-8	$ 72,152,723.50
ROO	Roots Sustainable	0.01	-17	-9	$ 5,937,623.24
MDC	Medlab Clinical Ltd	0.17	6	-11	$ 56,458,985.72

The biggest weed winner this week was Creso Pharma (AX:CPH), up 23% off the back of news its wholly-owned Canadian subsidiary Mernova secured a medicinal cannabis sales licence and new purchase orders totalling C$224,580 ($242,546).

“Mernova is well positioned to expand its presence in the Canadian medicinal market, while continuing to increase market share in the country’s growing recreational market,” Mernova managing director Jack Yu said.

Next up was Incannex Healthcare (ASX:IHL), up 19% who announced it had completed the human research ethics committee submission for its phase 2a Psi-GAD study that combines the administration of psilocybin with specialised therapy to patients with Generalised Anxiety Disorder.

Botanix Pharma (ASX:BOT) was up 16% on no news, followed by Suda Pharmaceuticals (ASX:SUD) which jumped 13% after appointing a new independent non-executive director in oncology expert Dr Dr Debora Barton.

Bod Australia (ASX:BDA) was up 8%, and Cann Group (ASX:CAN) was up 7% – both on no news.

And trailing the pack was Roto-Gro International (ASX:RGI) up 5% even after highlighting the adaptability of its indoor vertical farming technology by applying to the NASA and CSA Deep Space Food Challenge.

The post Weed Week: Cannabis ice cream deal and Israeli CBD market worth US$475m by 2025 appeared first on Stockhead.

ASX health stocks: Rhinomed rockets 80% after securing first government purchase for COVID-19 Rhinoswabs

Creso Pharma - CPH Health & Biotech Incannex Healthcare - IHL Opthea - OPT Proteomics International Laboratories - PIQ Rhinomed - RNO Uscom - UCM

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The ASX200 health stocks index (XHJ) fell by 0.13% this morning, compared to the broader index which rose by 0.59%.

The shares of Rhinomed (ASX:RNO) popped by as high as 80% this morning, after announcing its first purchase orders from the government.

The company has now commenced supplying one million SARS-CoV-2 Rhinoswabs to the NSW Health Pathology, as part of the department’s program to support testing capability.

Revenues from this initial order will represent approximately 25% and 35% of its unaudited FY21 revenues of $3.9m.

Following this development, Rhinomed says it will start ramping up its manufacturing facilities to meet the expected demand for its Rhinoswab technology, both domestically and internationally.

The Rhinoswab technology

Rhinomed’s Rhinoswab technology aims to improve the sample collection process.

Following extensive testing, it was proven that the Rhinoswab is substantially more comfortable and easier to use than the standard nasal swab, while capturing a larger sample.

The technology is said to accelerate the sample collection process and significantly reduce queues and waiting times.

Rhinoswab works with existing PCR pathology workflows and equipment, and has equivalent cost and quality to the US and European standard of care nasopharyngeal swabs.

Results from tests performed at CWZ and Radboud University Medical Center in the Netherlands have indicated 89% of respondents preferred Rhinoswab to the traditional Nasopharyngeal swab.

And 98% of respondents said they felt no pain when using Rhinoswab vs 48% with Nasopharyngeal swab.

“The Rhinoswab can make a meaningful impact on the SARS-CoV-2 testing process and enable more people to be tested quickly and easily,” commented Rhinomed CEO Michael Johnson.

“With approximately 2 billion SARS-CoV-2 tests having been carried out globally over the last 18 months, there is a major opportunity for Rhinoswab to radically improve the testing process, clinical outcomes and user experience.”

Rhinoswab has been registered with the US FDA, Australian TGA and has a European CE mark.

Rhinomed share price today:

Other notable ASX health stocks announcements today

USCOM (ASX:UCM) says that Uscom China has received five new software copyrights covering the core performance and function of the Uscom BP+ central BP monitor. The Uscom BP+ is a central blood pressure (cBP) monitoring device which measures blood pressure and blood pressure waveforms at the heart, as well as in the arm.

Creso Pharma (ASX:CPH) meanwhile, says that its Canadian subsidiary Marnova has been given a licence by Health Canada to sell medicinal cannabis in Canada, a market that was worth C$500m in 2019.

Opthea (ASX:OPT), Incanex (ASX:IHL), and Proteomics (ASX:PIQ) meanwhile, are presenting their respective businesses at various conferences.

Opthea is presenting at the H.C. Wainwright Ophthalmology Conference , Proteomics at the Australasian Diabetes Congress, while Incannex has presented its case for psychedelic therapies.

The post ASX health stocks: Rhinomed rockets 80% after securing first government purchase for COVID-19 Rhinoswabs appeared first on Stockhead.

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ASX health stocks: Rhinomed rockets 80% after securing first government purchase for COVID-19 Rhinoswabs

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