Top performing biotechs delivered over 100% returns in FY12
Thursday, 19 July, 2012
Despite the volatile performance of the Australian life sciences index in recent months, the stocks of three companies have managed a more than 100% return over the last four quarters.
The top performer, ITL Limited (ASX:ITD), closed out FY12 179% higher at $0.20, PwC's most recent BioForum report shows. This represented a market cap of $21.5 million.
During the financial year, the company sold its Malaysian distributor for $1.1 million, announced a net profit after tax of $900,000 and completed a debt restructure.
Second-ranked Cryosite (ASX:CTE) delivered a return of 147%, for a closing price of $0.02 and a market cap of $9.79 million. The company expects a net profit of $950,000 to $1.05 million, up from around $330,000 in FY11.
Antisense Therapeutics (ASX:ANP) gained 125% to $0.02. At the tail-end of the financial year, the company revealed it had entered negotiations with an international pharmaceutical company interested in licensing growth hormone receptor targeting drug ATL1103.
Share dilution may be to blame for the 90% and higher negative returns of the three worst performers on PwC's list.
Healthlinx (ASX:HTX) and Medivac (ASX:MDV) both issued multiple packets of shares as part of their respective funding agreements with La Jolla Cove Investors, while CathRX (ASX:CXD) conducted a $2 million underwritten entitlement offer.
CathRx also reported a loss of $8.9 million – its fifth consecutive yearly loss. Healthlinx meanwhile posted a $2.3 million loss.
Top 10 performers over the past four quarters
| Name | Return | Closing Price |
|---|---|---|
| ITL Limited | 179% | $0.20 |
| Cryosite | 147% | $0.02 |
| Antisense Therapeutics | 125% | $0.02 |
| Medical Developments International |
95% |
$0.79 |
| Cogstate | 76% | $0.30 |
| Avita Medical | 68% | $0.38 |
| Neuren Pharmaceuticals | 57% | $0.02 |
| Optiscan Imaging | 43% | $0.09 |
| Clover Corporation | 33% | $0.38 |
| Sirtex Medical | 26% | $6.09 |
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