There have been some big movers in the healthcare sector on Wednesday.
Here's why these ASX healthcare shares are up over 10% today:
Mayne Pharma Group Ltd (ASX: MYX)
The Mayne Pharma share price is up over 13% to $3.12. Investors have been buying this ASX healthcare share today after it released a quarterly update. Mayne Pharma reported an improved performance during the quarter, with all segments delivering a positive contribution margin. This led to quarterly sales of $92.3 million, a gross margin of 58%, and a cash EBITDA loss of $1.7 million. As a comparison, in the fourth quarter, Mayne Pharma reported sales of $68.2 million, a gross margin of 43%, and a cash EBITDA loss of $19.5 million.
Paradigm Biopharmaceuticals Ltd (ASX: PAR)
The Paradigm share price is up 22% to 77 cents. This follows the release of an update on the biopharmaceutical company's injectable pentosan polysulfate sodium (iPPS) treatment. The release notes that iPPS increases cartilage thickness at six months in participants with knee osteoarthritis compared to cartilage loss in placebo group. Management believes the results indicate a treatment effect on osteoarthritis beyond the relief of symptoms and "supports iPPS as a blockbuster opportunity."
Starpharma Holdings Ltd (ASX: SPL)
The Starpharma share price is up 11% to 5 cents. This morning, this ASX healthcare share reported that its DEP cabazitaxel phase two clinical trial met its objectives. Endpoints demonstrated positive antitumour efficacy in multiple cancers and confirmed the product's favourable safety and tolerability profile. Management believes the promising efficacy results in advanced prostate, ovarian, and gastro-oesophageal cancers create a significant market opportunity for DEP cabazitaxel.
