After Prana (ASX:PBT) announced a result we would rather forget from their Alzheimer's drug, the biotech sector closed down 7.9% last week

Matthijs Smith

Canaccord Genuity Australia

After Prana (ASX:PBT) announced a result we would rather forget from their Alzheimer's drug, the biotech sector closed down 7.9% last week. This was the second clinical trial result in 6 weeks for the company's PBT2 drug and pretty much confirmed that the drug is unlikely to provide a significant therapeutic benefit for patients. Reva Medical (ASX:RVA) also continued to weigh heavily on the sector after it announced it was no longer investing in its ReZolve2 resorbable stent because it had a newer, better version. Unfortunately, this puts the company back to where it was when it listed in 2010 and is not the first time it has switched to a new product. Sirtex (ASX:SRX), fortunately, came to the rescue announcing 18.2% growth in unit sales of their SIR-Spheres. While the company continues to deliver solid growth, positive data from their clinical trials could provide a massive boost to sales.


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Matthijs Smith
Matthijs Smith
Senior Life Sciences Analyst
Canaccord Genuity Australia

PhD Human Genetics, MBA, BSc Hons (1st Class). Sell side analyst specialising in life science companies since 2006. Previous background in biotech companies, medical research, consulting with BCG and scientific journalism with Nature

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