Regulator zeros in on Bally's Star rescue deal
The American gaming giant will control Star, which operates casinos in Sydney, Brisbane and the Gold Coast, after providing a $300 million lifeline earlier this year. It has already flagged its intention of overhauling management as part of a turnaround plan and Bally's chairman Soo Kim is expected to join the board of the ASX-listed gaming group.
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News.com.au
31 minutes ago
- News.com.au
Health Check: Clarity shares surge after ‘fast and sizeable' $203m raise
• Clarity Pharmaceuticals rocket up to 12% after its blitzkrieg placement • Artrya, Botanix and Imricor are among today's quarterly updates • Lumos outlines US market potential Radiopharmaceutical group Clarity Pharmaceuticals (ASX:CU6) has surprised investors with a monstrous $203 million institutional placement, struck at a 15% premium to the company's 15-day average price. None will be more surprised than the short sellers, who account for close to 10% of the company's register. Executive chairman Dr Alan Taylor says the 'fast, well executed and sizeable' placement was to a small group of local instos 'close to the company'. Unusually, no-one blabbed and the shares did not enter trading halt. 'I have never done a deal that fast,' Taylor told Stockhead. 'A week ago, I would have said we were not doing a capital raising, but there was a lot of interest from a very concentrated group . "The raising was struck at $4.20 a share, a 2.2% premium to Friday's close and a hefty 18% more than the 15-day weighted average price. The raising comes amid what Taylor dubs 'an incredibly tumultuous' period driven by US politics, as well as some 'unfortunate news' from local biotechs (read: Opthea's (ASX:OPT) phase III trial failure). In December Clarity shares were promoted to the ASX200, which was good for enhancing Clarity's profile. But it also contributed to shorting activity. Given the share gains, these investors are likely to be buying up stock to cover their positions. Well funded for trials Clarity emerges from the raising with $288 million of cash, which will fund the company's packed slate of trials. These include two phase III prostate cancer imaging trial aimed at US Food & Drug Administration registration, dubbed Amplify and Clarify. Amplify is for patients with biochemical recurrence post treatment; Clarify is for those intended to undertake prostate removal. Both are open label and single-arm (with no placebo and comparison cohort). Another trial on the sidelines, Co-PSMA compares Clarity's tool with the standard-of-care diagnosis methods. The company expects an initial data readout on this one before the end of the year, with Amplify and Clarify readouts next year. Clarity listed in August 2021, raising a record $92 million at $1.40 apiece. The company then went one better in April last year, raising $121 million in a right issue and placement (at $2.55 a share). The raising is one of the biggest in biotech history and the chunkiest since Mesoblast gathered $260 million in a placement in January. Imricor confident of US approval Imricor Medical Systems (ASX:IMR) is confident of US approval of its world-first ablation catheter this year. We say 'world's first' because the device is the only one capable of being guided by magnetic resonance imaging (MRI), as opposed to x-ray fluoroscopy. Imricor's submission is by way of a staggered, modular process. The company reports the second module is under review and the company expects to submit the third module in the December quarter. 'We expect a steady string of 510(k) product submissions and approvals , which in turn helps accelerate the commercial launch across the US," the company says. In the March quarter European regulators approved Vision-MR, the company's updated catheter for type 1 atrial flutter, under the Continent's bolstered Medical Devices Regulation. In the June quarter they also gave the nod to Advantage-MR, which enables a physician to use a recording system and cardiac stimulator while ablating. The European gatekeepers also approved Northstar, 'the world's only MRI-native 3D mapping and guidance system.' With June quarter receipts of US$85,000, Imricor is yet to start European sales in earnest. The company posted June quarter outflows of US$4.43 million, taking cash on hand to a handy US$50.3 million. Sales will flow this quarter, says plaque-buster Artrya Still on matters of the heart, Artrya (ASX:AYA) expects first US subscription revenue from its AI-enabled Salix coronary plaque detection platform in the current quarter. An algorithm-based artificial intelligence tool, Salix detects the plaque deposits on x-ray coronary computed tomography angiograph (CCTA) images. Despite vulnerable plaque being the cause of most heart attacks, plaque currently is not routinely reported in cardiac imaging and diagnostics. It's difficult to detect with the naked eye in traditional images. In March the FDA approved Salix Coronary Anatomy (SCA) and Artrya is now seeking the agency's consent for Salix Coronary Plaque (SCP). SCP expands applicability to detecting and quantifying coronary arterial plaque for those patients who have undergone a coronary CT angiogram. The SCP module will integrate automatically with SCA. SCA already is being trialled and in clinical use, by Artrya's customers and partners, generating a symbolic $8000 in receipts of the quarter. Earlier this month Artrya inked its first commercial deal, a five-year minimum $600,000 contract with Tanner Health. Artrya expended $5.44 million for the quarter, taking cash to $11.3 million. The company expects a $4.5-5 million R&D tax refund by the end of the year. Botanix reports 600% revenue uptick Botanix Pharmaceuticals (ASX:BOT) reports net revenue of $4.3 million from US sales of Sofdra, compared with $700,000 in the March quarter. The company launched the drug – which treat an excessive sweating condition – in the US in March quarter. The 'net' descriptor is relevant, because some folks were taken aback after the company's July 8 update which showed the extent to which other parties clipped the revenue ticket, Doctors wrote 7053 prescriptions during the quarter, 324% higher than 2975 in the March stanza. The number of prescribers rose 11%, to 2316 from 1075 previously. Launching a drug is not cheap and the company burnt $28.4 million, leaving cash of $64.9 million. Let's be CLIA, it's a big market says Lumos Lumos Diagnostics (ASX:LDX) expects its Febridx virus-versus-bacterial diagnostic tool to capture eight million US patients within three years, via its company making distribution deal with Phase Scientific. Announcing the tie up on July 16, Lumos said the deal would deliver US$2 million immediately – cash the company has, indeed, banked – and a total of US$317 million ($487 million) over six years. Detailing the arrangement on Friday, CEO Doug Ward said the company expected a total addressable market of 80 million, assuming the FDA grants a so-called CLIA waiver. The number consists of patients present with acute respiratory infections. 'Our thinking is that in years two to three we will be 2% or 3% of that,' Ward said. 'In year six, that ramps up to 10%.' As in Clinical Laboratories Improvement Act, CLIA requires hospitals and labs to operate under government accreditation Exemption from CLIA enables parties such as GPs and medical assistants to carry out the low-complexity lateral-flow assays. In financial terms, the market increases tenfold, to US$1 billion a year. Lumos is carrying out a trial to support its FDA application and has recruited close to 120 of the bacterial-positive patients required. Coming back to the finances, Phase pays Lumos another US$1.5 million on its CLIA application, expected next month. On FDA approval, Phase pays another US$5 million. That leaves US$308 million over years three to six, which Ward says is based on minimum order volumes. Lumos shares rocketed 133% on the back of the Phase announcement and have held their gains.
Perth Now
an hour ago
- Perth Now
Australian shares gain as deal averts trade war fears
The local share market has moved higher after the US and the European Union agreed on a preliminary trade deal over the weekend, apparently avoiding the threat of a global trade war. At noon AEDT on Monday, the benchmark S&P/ASX200 index was up 26.8 points, or 0.31 per cent, to 8,693.7, while the broader All Ordinaries had gained 25.4 points, or 0.28 per cent, to 8,958.3. During a meeting at Donald Trump's Scottish golf course, the US president and his EU counterpart announced they had reached agreement on the framework for a trade deal, days before a US-imposed Friday deadline to strike a bargain. The details remained vague and nebulous, however. Traders were also watching for this week's Federal Reserve meeting. Despite Mr Trump's threats, a rate cut is seen as unlikely, with the futures market giving it just three per cent implied odds. ANZ's research team said it would be looking at any tweaks to the language of the rate-setting Federal Open Market Committee statement, as well as comments from Fed chair Jerome Powell that might signal the September meeting is "live" for a rate cut. Closer to home, the Australian Bureau of Statistics on Wednesday will release second-quarter inflation data that could determine whether the Reserve Bank cuts rates next month. Eight of the ASX's 11 sectors were higher at midday, with energy, materials and utilities lower. In the energy sector, Boss Energy had plunged 41.5 per cent to a more than three-year low of $1.99 after the uranium producer flagged higher costs and other challenges at its Honeywell uranium mine in South Australia, which resumed production last year. Other uranium companies were lower as well, with Deep Yellow dropping 7.1 per cent and Paladin retreating 3.9 per cent. In the materials sector, BHP was down 0.9 per cent, Rio Tinto had lost 1.1 per cent and Fortescue had retreated 0.5 per cent. All of the big four banks were higher, however, with CBA, ANZ and NAB all expanding 0.6 per cent and Westpac growing 0.3 per cent. WiseTech Global was down 0.2 per cent as the logistics platform named a new chief executive. The Australian dollar was buying 65.75 US cents, from 65.81 US cents at 5pm on Friday.
News.com.au
an hour ago
- News.com.au
Lunch Wrap: ASX jumps higher, but Boss Energy smoked and coal gets legal smack
Trump eases off trade war with EU WA flexes as national economic top dog again Coal cops a legal blow as ASX edges higher At Monday lunchtime in the east, the ASX was edging higher by 0.25%. And fair enough, because the spat that nearly boiled over between the US and Europe has been defused, at least for now. Donald Trump and EU boss Ursula von der Leyen have announced a fresh trade pact, but still slaps 15% tariffs on most European exports. But hey, at least it's not 50%, which is where Trump was originally pointing the bazooka. Markets loved the clarity, with Wall Street futures rising and the S&P 500 chalking up yet another record last Friday. Back to the ASX, and it was the steady-Eddie sectors doing the heavy lifting – telcos, healthcare, banks. Energy, meanwhile, was one of the market's laggards after a court overturned approval for a coal project in the Hunter Valley. MACH Energy's big coal expansion at Mount Pleasant has hit a wall after NSW's court of appeal overturned its approval. It's a major legal shift that could put the brakes on future coal and gas projects across the state. The ruling rattled coal stocks, with Whitehaven Coal (ASX:WHC) down 3.5% and Yancoal Australia (ASX:YAL) off 1.5%. In other large cap news, WiseTech Global (ASX:WTC) has officially named Zubin Appoo as permanent CEO. He's no stranger to the company, having worked alongside founder Richard White back in the early days and returning now after stints at InLoop, Flexischools and HICAPS. WTC's shares were down 0.4%. And, The Lottery Corporation (ASX:TLC) has named Wayne Pickup as its next CEO, taking over from Sue van der Merwe in November. Shares edged down 0.5%. ASX SMALL CAP WINNERS Here are the best performing ASX small cap stocks for July 28 : Security Description Last % Volume MktCap AUK Aumake Limited 0.004 100% 10,943,487 $6,046,718 EEL Enrg Elements Ltd 0.002 100% 2,000,000 $3,253,779 JCS Jcurve Solutions 0.046 53% 755,433 $9,910,303 CZN Corazon Ltd 0.003 50% 16,815 $2,369,145 ENT Enterprise Metals 0.004 33% 185,000 $4,113,952 DGR DGR Global Ltd 0.009 29% 1,491,125 $7,305,872 MIO Macarthur Minerals 0.019 27% 2,631 $2,994,983 WBE Whitebark Energy 0.005 25% 1,652,800 $2,802,231 TR2 Tali Resources Ltd 0.635 25% 485,994 $19,127,550 HTG Harvest Tech Grp Ltd 0.017 21% 838,520 $12,726,256 CMB Cambium Bio Limited 0.320 21% 47,773 $4,844,906 SIX Sprintex Ltd 0.054 20% 5,656,968 $28,289,066 ZNC Zenith Minerals Ltd 0.036 20% 364,165 $15,883,665 AAU Antilles Gold Ltd 0.006 20% 178,623 $11,895,340 ADG Adelong Gold Limited 0.006 20% 25,356,918 $11,243,383 ALY Alchemy Resource Ltd 0.006 20% 100,000 $5,890,381 TEM Tempest Minerals 0.006 20% 5,968,892 $5,508,975 BDG Black Dragon Gold 0.051 19% 808,996 $13,672,541 CLA Celsius Resource Ltd 0.007 17% 220,101 $18,812,931 FRX Flexiroam Limited 0.007 17% 238 $9,104,392 VKA Viking Mines Ltd 0.007 17% 50,000 $8,063,692 PL3 Patagonia Lithium 0.044 16% 131,441 $4,537,594 IFG Infocusgroup Hldltd 0.019 16% 1,351,167 $4,671,027 RR1 Reach Resources Ltd 0.012 15% 7,280,085 $8,744,313 Cloud ERP provider JCurve Solutions (ASX:JCS) has locked in a $1 million strategic placement, issuing 20 million shares at 5 cents each to US-based investor Adam Riches. Riches is the founder of Netgain Solutions and a known name in the Oracle NetSuite space. As part of the deal, Riches can nominate a director, expected to be Chris Miller, pending approvals. Tali Resources (ASX:TR2) is gearing up to kick off drilling in August across five key targets at its West Arunta Project. Fresh geophysical modelling has confirmed strong anomalies at each site, with heritage and drilling approvals already locked in. The prospects show signs of potential copper and IOCG-style systems, especially near the known Pokali copper zone. Meanwhile, Bubs Australia (ASX:BUB) has tapped Joe Coote, ex-Darigold and Fonterra heavyweight, as its new CEO. Coote has more than 20 years in the dairy and infant nutrition game, and over $2 billion in regional sales under his belt. He replaces Reg Weine, who exits stage left after two years. Bubs' shares rose 1%. ASX SMALL CAP LOSERS Here are the worst performing ASX small cap stocks for July 28 : Code Name Price % Change Volume Market Cap BOE Boss Energy Ltd 1.955 -43% 53,930,006 $1,410,733,137 MOM Moab Minerals Ltd 0.001 -33% 44,000 $2,811,999 TMX Terrain Minerals 0.002 -33% 352,454 $7,595,443 MTB Mount Burgess Mining 0.005 -29% 2,887,613 $2,979,468 AOA Ausmon Resorces 0.002 -25% 4,330,025 $2,622,427 EDE Eden Inv Ltd 0.002 -25% 2,625,071 $8,219,762 HLX Helix Resources 0.002 -25% 2,140,006 $6,728,387 NIM Nimyresourceslimited 0.070 -23% 3,341,865 $21,883,752 AZL Arizona Lithium Ltd 0.007 -22% 5,018,025 $48,422,830 REZ Resourc & En Grp Ltd 0.015 -21% 3,357,968 $14,201,979 ERA Energy Resources 0.002 -20% 128,350 $1,013,490,602 MRD Mount Ridley Mines 0.002 -20% 100,000 $1,946,223 TMK TMK Energy Limited 0.002 -20% 5,125,666 $25,555,958 DAF Discovery Alaska Ltd 0.013 -19% 20,001 $3,747,755 GTE Great Western Exp. 0.013 -19% 3,323,194 $9,084,127 IS3 I Synergy Group Ltd 0.009 -18% 1,768,680 $18,769,299 ASM Ausstratmaterials 0.593 -18% 2,489,026 $145,689,194 SMM Somerset Minerals 0.015 -17% 10,316,361 $11,611,449 UNT Unith Ltd 0.005 -17% 2,643,048 $8,872,713 VEN Vintage Energy 0.005 -17% 94,260 $12,521,482 ALB Albion Resources 0.096 -17% 4,075,427 $15,172,333 SUM Summitminerals 0.041 -16% 1,055,178 $4,340,228 FTI Fortifai Ltd 0.140 -15% 150,871 $24,203,497 Boss Energy (ASX:BOE) got absolutely smoked, down 42% after waving a red flag over its Honeymoon uranium project. Recent drilling revealed patchy mineralisation and leachability issues, which could throw a spanner in its production targets. That overshadowed what was otherwise a decent finish to the financial year: 349,000 pounds of U₃O₈ produced (above guidance), $224 million in cash and inventory, and steady costs of US$36/lb. IN CASE YOU MISSED IT Neurizon Therapeutics (ASX:NUZ) has submitted a formal response to the US FDA addressing a clinical hold on its investigational new drug application for lead drug NUZ-001. Octava Minerals (ASX:OCT) has an option to acquire the Federation copper-silver-zinc project in Tasmania where historical drilling returned significant intersections. Nova Minerals (ASX:NVA) Estelle gold and critical minerals project. LAST ORDERS QPM Energy (ASX:WPM) has applied for debt financing for the 112MW Isaac Power Station from the Australian government's Northern Australia Infrastructure Facility. The NAIF has completed the strategic assessment phase and has moved to the due diligence stage of the process. Magnetic Resources (ASX:MAU) has secured a new mining lease covering the entire area of the Lady Julie North 4 Deposit, the main 1.94Moz resource at the Lady Julie North gold project. Titanium Sands (ASX:TSL) is advancing environmental studies at the Mannar heavy mineral project in Sri Lanka, with the company's environmental consultants moving to complete field investigations, technical assessments and data collection on site. ClearVue Technologies (ASX:CPV) has promoted interim CEO Douglas Hunt to official global CEO, positioning him to lead the company's global commercialisation strategy. CPV also promoted Tao Zhang to chief operating officer, welcomed Lisa Dreher as global marketing director and tapped Christopher Cole as head of research and development. At Stockhead, we tell it like it is. While QPM Energy, Magnetic Resources, Titanium Sands and ClearVue Technologies are Stockhead advertisers, they did not sponsor this article.
