The Canaccord Biotech Index was up 1.9% despite Bionomics' (ASX:BNO) 17% nosedive after reporting that its cancer drug did not provide any benefit to patients...
The Canaccord Biotech Index was up 1.9% despite Bionomics' (ASX:BNO) 17% nosedive after reporting that its cancer drug did not provide any benefit to patients with kidney cancer. However, you would have to read the press release carefully to realise that, through all the spin-doctoring and data-mining, the drug actually did not work. BNO plunged 30% on the announcement before limping back to close a mere 17% down following bullish commentary by a couple of analysts. Mysteriously, Progen (ASX:PGL) skyrocketed 85% on no news with only $900K worth of shares changing hands. Biotron (ASX:BIT) continued to hand back some of its gains from earlier in the month when the stock jumped 150% following some encouraging interim data from its hepatitis-C drug trial. Antisense (ASX:ANP) picked up 22% after announcing it had started a Phase-1 trial for mobilising stem cells and competed recruitment for its Phase-2 growth disorder clinical trial.
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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