ASX healthcare shares are in the red on Tuesday, with the S&P/ASX 200 Health Care Index (ASX: XHJ) down 0.46% and the S&P/ASX 200 Index (ASX: XJO) down 0.96% in early trading.
As always, there are outliers, and these two ASX healthcare shares are outperforming today.
Let's find out why.
Image source: Getty Images
Race Oncology Ltd (ASX: RAC)
Race Oncology shares are 2.18% higher at $1.64 apiece after the biotech reported positive progress in its Phase 2 trial of Bisantrene for the treatment of relapsed or refractory acute myeloid leukaemia (AML).
The clinical-stage biopharmaceutical company is investigating a small-molecule chemotherapeutic drug called bisantrene in the treatment of cancer.
The ASX healthcare share is in the green on news that investigators at the Sheba Medical Centre in Israel have successfully concluded the Phase 1b/2 trial of RC110 bisantrene, which met the predetermined efficacy criteria.
In a statement, Race Oncology said 40% of patients with highly advanced disease showed a response to the bisantrene combination treatment. Five patients had complete responses, and one had a partial response. This surpassed the trial's predefined efficacy goal of at least three complete responses.
Race said the trial results strongly supported the company's intention to initiate a new Phase 1/2 investigator-sponsored AML trial using the reformulated version of bisantrene, called RC220.
The ASX healthcare share is currently up 92.95% in the year to date and 34.43% over the past 12 months.
Alcidion Group Ltd (ASX: ALC)
Alcidion Group shares are up 2.56% to 8 cents per share on Tuesday. This follows the technology solutions developer releasing its quarterly activities report this morning.
Investors in this ASX healthcare share appear to be pleased with the numbers on Tuesday.
Alcidion reported record quarterly cash receipts of $18.6 million in 4Q FY24. That's up from $17.6M in the prior corresponding period (pcp).
The company said it was also seeing the impact of cost-saving initiatives. Staff costs in 4Q were $6.3 million, down significantly from $8.1 million pcp.
Alcidion said it expected unaudited FY24 revenue to be in the range of $37 million to $37.5 million. Approximately 74% of that is annual recurring revenue (ARR) and 26% is services revenue.
Alcidion Group Managing Director Kate Quirke said:
Q4 was a strong period for cash collections with record cash receipts of $18.6M resulting in a positive cashflow for the quarter and the second half of the year.
As indicated at the time of our half year results, we expected to deliver a strong second half cashflow result which now positions us well as we head into the new financial year.
The ASX healthcare share is down 1.25% in the year to date and down 39.23% over the past 12 months.
