The S&P/ASX All Ordinaries Index (ASX: XAO) is down 1.25% on Thursday to 8,102.6 points following a Wall Street dive overnight.
The S&P 500 Index (SP: .INX) fell 2.31%, and the Nasdaq Composite Index (NASDAQ: .IXIC) lost 3.64% after two of the world's biggest tech companies revealed their earnings results.
Despite the sea of red today, two ASX biotech shares are shooting the lights out after releasing positive news announcements.
Let's take a look at these two companies and what they've revealed to the market today.
These 2 ASX biotech shares are star performers on Thursday
Amplia Therapeutics Ltd (ASX: ATX)
This ASX biotech share was up 41.94% to 8.8 cents this afternoon and up 12.5% over the past 12 months.
Amplia is an Australian clinical-stage biotech focused on developing two oral drugs that inhibit Focal Adhesion Kinase (FAK) for the treatment of cancer and fibrotic diseases.
Today, the company reported some positive results from its Phase 2a clinical trial.
The trial is investigating a drug called narmafotinib in the treatment of advanced pancreatic cancer.
Amplia said three patients enrolled in the trial had recorded at least a 30% decrease in the overall size of their tumours, as well as no new ones, over a two-month period.
Two other patients have recorded sustained stable disease for a four-month period.
Amplia CEO and managing director Dr Chris Burns said the results were "extremely encouraging".
Dr Burns commented:
We are well on track to reach the efficacy threshold of six confirmed partial or complete responses by the end of this quarter, which will then allow us to restart the trial to recruit the full cohort of fifty patients.
Tissue Repair Ltd (ASX: TRP)
This ASX biotech share is up 59% to 35 cents and trading 12.9% higher over the past 12 months.
Tissue Repair is a clinical-stage biopharmaceutical company developing advanced wound-healing products for chronic wounds and aftercare.
Today, the company revealed it has received approval from the Therapeutic Goods Administration (TGA) for its first advanced wound healing gel product, TR Pro+.
The gel contains Tissue Repair's proprietary active ingredient, Glucoprime (0.1%), which is derived from yeast. The product has been approved in 10g and 50g tubes and 3g sachets.
Tissue Repair says TR Pro+ "represents a new standard in the aftercare of medical and aesthetic procedures".
It said the TGA listing would enable it to promote its scientific and clinical data more broadly.
In a statement, the ASX 200 biotech company said:
Importantly securing general claims around skin healing, repair and regeneration will allow the
Company to significantly expand the indications that it can market the product for including acute
wounds, and a broad range of derm conditions.
Investors in this ASX biotech share are clearly delighted with the news, judging by the skyrocketing share price today.
Tissue Repair launched TR Pro+ a year ago when it had regulatory status as a cosmetic product.
The company reported record sales of TR Pro+ in the third quarter, with 130% quarter-over-quarter growth and distribution expanding to more than 160 clinics.
