Australian biotech market today 16.03.09

By Kate McDonald
Monday, 16 March, 2009

Pharma and biotech stocks were up 1 per cent at 3pm, compared to a minimal rise in the All Ordinaries.

Cochlear (ASX:COH) was up $1 to $49.91 per share following an excellent half-year report, which showed total revenues increased by 19 per cent and sales were up 22 per cent.

CSL (ASX:CSL) was up 38c to $33.38, and the last of the Big Three, Resmed (ASX:RMD) was down 10c.

Sonic Healthcare (ASX:SHL) is up a healthy 50c while Avexa (ASX:AVX) is up 16 per cent to 8c a share following good news from its Phase IIb trial of apricitabine in HIV patients.

Alchemia (ASX:ACL) is up another cent to 24c and Biota (ASX:BTA) is up slightly.

Biotron (ASX:BIT), a spin-out from ANU’s John Curtin School of Medical Research which is in early phase trials for an anti-viral for hepatitis C, is down 1c. Biotron was hit hard by the cancellation of the Commercial Ready scheme and is in the middle of a capital raising scheme.

Novogen (ASX:NRT) was up 4c to recover last week’s loss. ChemGenex (ASX:CXS) was down slightly to 43c, while Cytopia (ASX:CYT), Healthscope (ASX:HSP) and Phosphagenics (ASX:POH) were up slightly.

Life Therapeutics (ASX:LFE) is worth lolly money at 5c a share.