Health Check: It’s farewell, adieu as Imugene’s long-serving CEO calls it a day | Stockhead
Imugene CEO Leslie Chong's departure is the latest in a growing list of biotech CEO exits - for varying reasons. Pic: Getty Images. Imugene CEO Leslie Chong clocks off for personal reasons, effective. . .
Imugene CEO Leslie Chong's departure is the latest in a growing list of biotech CEO exits - for varying reasons. Pic: Getty Images. Imugene CEO Leslie Chong clocks off for personal reasons, effective immediatelyAll the latest gloss and glamour from the quarterly reporting seasonThe Calmer Co goes to the well for $3. 5 millionOne of the sector’s longest-serving CEOs will clock off, citing personal reasons. Cancer drug developerImugene’s (ASX:IMU)Leslie Chong has helmed the company for almost eleven years. During that time Imugene’s market cap hit an eye-watering $2. 3 billion. But such is the fickle nature of drug development – and markets – the company is now worth a mere $45 million. Chong says she retains faith in the company’s key immuno-oncology programs. On cue, Imugene also today reported a third partial patient response in its phase Ib study of its flagship candidate, Azer-cel. Azer-cel is an off-the-shelf, allogeneic Car-T cell therapy, targeting the CD-19 biomarker to treat blood cancers. The partial response related to the company’s follicular lymphoma trial, which is recruiting across ten US sites and five local ones. While her resignation is effective immediately, Chong has agreed to “support the company on matters that may benefit from her long CEO tenure”. Don’t forget to writeChong’s exit reflects a stiffening rate of departures within the sector – for varying reasons. At the top end,CSL (ASX:CSL)told Paul McKenzie his services were no longer required. Former Roche exec Allison Rossiter leftGenetic Signatures (ASX:GSS)in March, after a short 19-month stint. According toBiotech Daily’sarchives, other departures include drug developerNoxopharm’s (ASX:NOX)Dr Gisela Mautner andNeurizon Therapeutics’ (ASX:NUZ)Dr Michael Thurn. In cannabis corner, Jenni Pilcher departedCann Group (ASX:CAN), whileVitura’s Health (ASX:VIT)Geoff Cockerill headed to greener fields. PainChek (ASX:PCK)CEO Phil Daffas clocked off this month, whileCynata Therapeutics’ (ASX:CYP)Dr Kilian Kelly was made redundant after the company’s unsuccessful stem cell trials. (The company retrenched all its employees, but Kelly stays on as an unpaid director). The founder and CEO of diagnostics houseProteomics International Laboratories (ASX:PIQ),Richard Lipscombe retired in February after a 25-year stint. Kwarterly kornerEmerging drug, device and diagnostics developers are reaping the fruits of their early commercialisation efforts – but nobody said it was easy for the scientists. Let’s go back to the start of today’s crop of June quarter reports. Botanix Pharmaceuticals (ASX:BOT)revealed improved US sales of its excessive sweating medication, Sofdra. The company shipped 33,358 units in the stanza, 25% better than the March quarter and 63% higher year-on-year. Net sales revenue improved 42% year on year, to $10. 1 million. Botanix has suffered from not enough of its gross revenue making its way to the company’s coffers. Given that, the improved ‘gross to net’ (GTN) ratio should provide some succour. The GTN came in at 22%, compared with 18% in the March quarter and 23% a year ago. Botanix recorded cash outflows of $10. 6 million. Management expects profitability to improve after “sales force sizing and alignment initiatives”: a. k. a. staff cuts. Firebrick Pharma (ASX:FRE)has benefited from first US sales of its Nasodine nasal spray in the US. Nasodine reformulates the common topical disinfectant Betadine. If used up the nose quickly enough, Nasodine should kill all viruses (and bacteria), including the common cold. Nasodine is also sold in Singapore and Fiji and the company is pursuing approval in the Philippines. Nasodine is not approved here. Or not yet – It’s a long story. Firebrick posted June quarter sales of $66,000, taking the full-year tally to $227,000. Excluding a $146,000 one-off ‘pipeline’ payment, annual revenue rose 43% to $159,000. After net cash burn of $768,000 for the quarter, Firebrick’s cash stood at $1. 32 million. The ‘green whistle’ eases financial painOn Friday,Medical Developments International (ASX:MVP)reported positive free cash flow for the quarter of $2. 99 million. Receipts climbed 22%, to $10. 4 million. The company makes the Penthrox (methoxyflurane) ‘green whistle’ devices, for temporary pain relief after accidents. The company is pursuing authorisation for paediatric use, starting in the European Union and the UK. Receipts for the year came in at $42. 8 million, 12% higher, with free cash flow of $5. 75m. As of the end of June the company had cash of $21. 3 million. Medical Developments shares surged eleven cents, or 28% on Friday and today edged up a further cent or so. The developer of algo-based autism detection tools,Blinklab (ASX:BB1)today recorded cash outflows of $2. 6 million. The company is in the midst of a pivotal trial aimed at US Food and Drug Administration (FDA) clearance under the 510(k) predicate device route. Blinklab had June-end cash of $17. 9 million, courtesy of a $17. 5m placement. Imricor kick-starts US rolloutFollowing key FDA clearances,Imricor Medical Systems (ASX:IMR)has launched its catheter and guidance tool in the US. The FDA green-lighted Imricor’s Vision-MR catheter, which is designed for use with magnetic resonance imaging. The company can also sell its Northstar mapping and guidance system. Following a paediatric label expansion, Imricor can use its tool on patients of all ages. San Diego’s Rady Children’s Hospital becomes the first customer. Children born with congenital heart disease often require repeated cardiac catheterisations. These procedures historically have been guided by X-ray fluoroscopy, which exposes children to radiation. “Several additional US hospitals are in the final stages of the purchasing process, and sales at these sites are expected over the coming weeks,” Imricor says. Bula! Here’s to another $3. 5 milKava purveyorThe Calmer Co International (ASX:CCO)has launched a rights offer to raise up to $3. 5 million. Subscribers get one right for every share held at one-tenth of a cent – a steep 50% discount. They also pocket one option for every two shares held, exercisable at two-tenths of a cent. Investors can trade the rights on the ASX. The raising includes a top-up offer, which means eligible shareholders who have taken up their full entitlement can apply for extra stock. Calmer will use the funds to repay the secured convertible notes, expand inventory in line with growing sales and support the company’s entry into new markets. At Stockhead, we tell it as it is. While Calmer Co is a Stockhead advertiser, the company did not sponsor this article.