Australian biotech market watch 12/06/09

The All Ordinaries has continued its rally, gaining half a percent in trading up to 3pm this afternoon, although most of the gains were in property and finance, with the health indicies not faring as well.

Cochlear (ASX:COH) dropped fractionally, although several analysts have recently been offering a positive outlook on the stock. A heavier fall was experienced by Halcygen Pharmaceuticals (ASX:HGN), which dropped 19.4% to 25c, and SciGen, which shed 15% to 32c. Pharmaxis (ASX:PXS) also dropped 14c to $2.55 after a big day Thursday, which saw its price jump from $2.50 to $2.70.

It wasn't all bad news though, particularly for ChemGenex (ASX:CXS), which jumped 10% in response to its announcement yesterday of positive results from its clinical trials of anti-chronic myeloid leukemia drug, Omacetaxine.

CathRX (ASX:CXD) also jumped 7.1% to 60c, continuing its week-long rise following its capital raising announcement of last week. Ramsay Health Care is still meandering its way up, this time by 29c to $11.65.

Biota Holdings (ASX:BTA) is up 6.3% to $1.35 following its announcement that its phase IIa challenge study of BTA798, an orally active inhibitor of human rhinovirus (HRV), was successful in demonstrating proof-of-concept in humans.