To The Moon

• A number of ASX-listed healthcare companies, many with relatively low market caps, are making strides in tackling cancer
• Imagion is  aiming to revolutionise cancer diagnosis by introducing molecular imaging to magnetic resonance imaging (MRI)
• Headed by drug discovery leader Dr Chris Burns, Amplia is advancing a pipeline of Focal Adhesion Kinase (FAK) inhibitors for cancer and fibrosis

Cancer remains a leading cause of death globally but according to the World Health Organisation many cancers can be beaten if detected early and treated effectively, driving a need for better diagnostics, treatments and monitoring of the disease.

While large pharmaceutical companies continue to dominate the oncology sector, a number of ASX-listed healthcare firms  – many with relatively low market caps – are making strides in tackling cancer.

From early detection tools to next-generation therapeutics here are four ASX healthcare companies with market caps under $35m looking to improve outcomes for cancer sufferers and tap into a multi-billion-dollar cancer fighting market.

1. Noxopharm (ASX:NOX)

Market Cap: $23.04 million

Noxopharm is focused on discovering and developing novel treatments for cancer and inflammation.

The company uses specialist in-house capabilities and strategic partnerships with leading researchers to build a growing pipeline of new proprietary drugs based on two technology platforms – Chroma for oncology and Sofra for inflammation, autoimmunity, and mRNA vaccine enhancement.

As part of its Chroma platform Noxopharm and the University of South Australia have been working on discovering new drugs for a certain type of brain cancer known as glioblastoma, using tumour explants derived from actual cancer patients.

The company said glioblastoma was the most frequent and lethal type of brain cancer, accounting for two-thirds of all Australian brain cancers.

It remains an incurable disease with a median survival time of just 15 months after diagnosis. There are only a few treatment options available, and after initial treatment recurrence of the disease is almost inevitable.

2. Imagion Biosystems (ASX:IBX)

Market Cap: $3.62 million

Through its MagSense platform Imagion is  aiming to revolutionise cancer diagnosis by introducing molecular imaging to the widely available magnetic resonance imaging (MRI).

Chief business officer Ward Detwiler said MagSense improved on current techniques for cancer diagnosis such as X-rays, MRI, computed tomography (CT), ultrasounds and positron emission tomography (PET) by providing a more specific and personalised approach.

The MagSense imaging platform involves the use of iron oxide nanoparticles labelled with cancer-specific targeting antibodies, which can then be imaged with MRI.

The company is pursuing initial indication in HER2+ breast cancer staging – a form of cancer known to be highly aggressive – with pipeline candidates for prostate and ovarian cancers.

Imagion recently announced manufacturing had started on new batch of  its MagSense HER2 breast-cancer imaging agent, intended for use in a phase II study to be proposed to the US Food and Drug Administration (FDA) in an Investigational New Drug application.

In October the company announced it had received firm commitments for $3 million (before costs) in a capital raising to advance clinical development of its MagSense platform technology.

3. Amplia (ASX:ATX)

Market cap: $32.59 million

Headed by experienced drug discovery leader Dr Chris Burns, Amplia is advancing a pipeline of Focal Adhesion Kinase (FAK) inhibitors for cancer and fibrosis.

The company said FAK was an increasingly important target in the field of cancer. Amplia has a particular development focus in fibrotic cancers such as pancreatic and ovarian cancer and recently announced that its ACCENT phase 2a trial in advanced pancreatic cancer was now fully enrolled.

The two-stage ACCENT trial explores use of  Amplia’s best-in-class FAK inhibitor narmafotinib in combination with standard-of-care chemotherapy in first-line patients with advanced pancreatic cancer.

Stage one of ACCENT – the phase 1b stage – was completed in November 2023 and identified a safe and well tolerated daily oral dose of narmafotinib.

The second stage of the trial – the phase 2a study – will explore the efficacy of this dose of drug in 50 advanced pancreatic cancer patients.

Amplia said full recruitment has been achieved two months ahead of schedule with top-line data now planned for release mid-Q3 2025.

CEO Burns and his long-time scientific collaborator Professor Andrew Wilks were named co-recipients of the 2024 Prime Minister’s Prize for Innovation.

The duo received the award for their outstanding contribution to drug discovery and development in Australia through their co-invention of momelotinib, a drug to help treat a rare form of bone marrow cancer called myelofibrosis.

4. Invion (ASX:IVX)

Market Cap: $8.09 million

Invion is focused on developing its Photosoft technology as a novel next-generation Photodynamic Therapy (PDT) to treat cancer and other serious diseases. 

The company said PDT uses non-toxic photosensitisers and light to selectively kill cancer cells and promote an anti-cancer immune response.

Less invasive than surgery and with minimal side effects, Invion said PDT offered an alternative treatment option aimed at achieving complete tumour regression and long-lasting remission.

In December Invion announced globally recognised expert in cancer biology and translational medicine Professor Robert Ramsay had been appointed as its scientific advisor to provide critical strategic guidance on the company’s upcoming clinical trials and research programs.

Invion said Ramsay was an honorary professor at the Peter MacCallum Cancer Centre in Melbourne and had spearheaded the preclinical studies at the cancer centre on Invion’s lead drug candidate INV043.

The studies showed combination therapy with INV043 and immune checkpoint inhibitors (ICIs) in vivo led to ~80% control of anal squamous cell carcinomas (ASCC), versus 12.5% when using ICIs alone.

Ramsay is currently working with Peter MacCallum on bringing the results of the studies into an anogenital cancer clinical trial.

“I am thrilled to be Scientific Advisor to Invion and help navigate its scientific and clinical trial programs to realise Photosoft’s potential in treating multiple cancers,” Ramsay said in ASX announcement on his appointment.

“From the studies we have undertaken at Peter Mac, Photosoft holds the promise to become an alternative treatment for cancers, and it is exciting to see where this technology can take us.”

Invion has also released positive results into a phase II prostrate cancer trial and is currently undertaking a phase I/II skin cancer trial with INV043.

At Stockhead, we tell it like it is. While Imagion Biosystems is a Stockhead advertiser, the company did not sponsor this article.