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.

The post 2 ASX biotech shares rocketing more than 40% on big news appeared first on The Motley Fool Australia.

As such, a new ASX IPO is often an exciting time for investors, even the ones who aren't trying to make a quick buck on a potential 'pop'.

But then again, some ASX IPOs don't go well. And that's unfortunately what we're discussing today.

Tissue Repair share price flops after ASX IPO

Yesterday, we saw the ASX debut of Tissue Repair Ltd (ASX: TRP). And it sadly falls into this second camp, at least as of its second day of life on the ASX.

So Tissue Repair is a biotech company. It specialises in wound healing and drug development technology. It currently has its Glucoprime active ingredient under clinical Phase III trials over in the United States. According to Tissue Repair, this active ingredient "behaves like a decoy cell and simulates a yeast infection, resulting in the stimulation of the body's own wound repair pathways".

So Tissue Repair had raised $22 million for its IPO yesterday at a share price of $1.15, with 19.1 million shares on issue. Well, the market evidently had other ideas on what those shares should be valued at.

Tissue Repair shares were trading at just 75 cents each after their first few minutes of trading yesterday and ended up closing at 69 cents. That's a good 40% from where the shares were initially priced at for IPO. As it stands today, the company has finished up trading at 64.5 cents a share, down another 7.19% today.

That gives Tissue Repair a market capitalisation of $42.02 million, a long way from the $69.5 million "indicative market capitalisation" that the company outlined in its pre-IPO filing with the ASX yesterday.

When it comes to IPOs, investors seem to win some and lose some. The Tissue Repair IPO has not, at least up to this point, given investors a winning bet.

The post IPO flop: Tissue Repair (ASX:TRP) share price plunges 40% since listing appeared first on The Motley Fool Australia.