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BDI-40 Beats ASX200 Over 12 Months, 4 Years to June 30, 2010
Cathrx Up 111%; Novogen Down 57.5%  

July 1, 2010

 

The Biotech Daily Top 40 Index (BDI-40) continues to remain a safer bet than Australia’s largest 200 companies, not just in the past month or year but for the four years from June 30, 2006 (see charts below).

 

While the S&P ASX200 has fallen 15.2 percent over the four year period, the Biotech Daily Top 40 Index has climbed 29.0 percent.

 

The three Big Caps of Cochlear, CSL and Resmed (which are not included in the BDI-40) climbed 61.4 percent, primarily with CSL doubling its market capitalization in 2007 from $10 billion to $20 billion.

 

In the 12 months to June 30, 2010, the BDI-40 was up 40.3 percent, with the BDI-20 up 39.2 percent and the Second 20 up 48.5 percent, compared to the ASX200 managing an 8.8 percent increase and the Big Caps up 4.7 percent.

 

For the month of June, the BDI-20 fell 1.1 percent compared to the ASX200 retreating 2.9 percent. The smaller and more volatile Second 20 fell 14.1 percent dragging the BDI-40 down 3.0 percent, in line with the ASX200.

 

Deep falls by Novogen, Pharmaxis and Phosphagenics were offset by the continuing rise of Heartware and a strong recovery by Cathrx on the back of a capital raising.

 

The Big Caps collectively fell 1.4 percent for the month, with Cochlear up 2.1 percent to $4,202, while CSL slipped 1.5 percent and Resmed lost 3.6 percent. For the year, Cochlear climbed 29.9 percent, Resmed rose 46.7 percent and CSL lost 7.7 percent.

 

The Third 20 which includes Advanced Surgical, Anteo, Cogstate, Biodiem, Halcygen, Healthlinx and Immuron held steady with a collective market capitalization of $330 million.

 

Just seven BDI-40 companies were up in June, 27 fell and six were unchanged.

 

Cathrx was the month’s best, up 111.1 percent to $38 million, followed by Heartware up a further 29.7 percent, crossing the $1 billion barrier to $1,191 million, Universal Biosensors (12.4%), QRX (5.2%), Tissue Therapies (4.2%), Sirtex (2.2%)and Cellestis (0.7%).

 

A failed phase III trial had Novogen lead the falls, losing 57.5 percent to $17 million, followed by Phosphagenics down 35.65 percent to $74 million, but the most significant loss was Pharmaxis down 33.1 percent to $464 million on its mixed phase III trial result. From low bases, Bone and LBT shed 25 percent, followed by Prima (24.7%), Circadian (23.3%), Psivida (20.7%), Patrys (17.4), Living Cell (16.9%) and Bionomics (16.5%).

 

Biotechs raised $17.1 million in June.

 

Biotech Daily Top 40 ($Am) v S&P ASX200 2009-'10

 

 

BDI-40 v S&P ASX200 June 30 2006 - June 30 2010