On a day that's seen another sea of red across the S&P/ASX 200 Index (INDEXASX: XJO), here are 3 ASX shares that are shining lights today.
Advance Nanotek Ltd (ASX: ANO)
The Advance Nanotek share price is trading 4.2% higher at the time of writing following an ASX announcement containing several updates yesterday afternoon.
Yesterday, the company reported it has started investigations into a possible capital reduction which may go ahead before the end of FY20. Additionally, in a profitability update, the company noted it recorded just over $1 million profit before tax for the month of February 2020. Along with this, the company added that its operations remain debt-free, and it has in excess of $1.9 million in the bank.
On top of these updates, the company also announced the signing of a new distribution agreement. Deveraux Specialties is to be Advance NanoTek's non-exclusive distributor for Canada. Advance Nanotek is aiming to grow its Canadian operations over the next year, as it has recently done in the US.
In addition, the company provided an update with regards to the potential impact of the coronavirus. Despite receiving 'concerning' feedback from its US distributor, Advance NanoTek believes its product will continue to experience demand.
Clinuvel Pharmaceuticals Limited (ASX: CUV)
The Clinuvel share price has surged higher today by 5.1% at the time of writing. Today's increase appears to be linked to an ASX release earlier in the week.
On Tuesday, Clinuvel announced it had secured a meeting with the US Food and Drug Administration (FDA) to progress the use of its drug, SCENESSE, for the treatment of vitiligo. The disease is a skin disorder characterised by the appearance of white to off-white skin patches in different parts of the body due to the loss of melanin production.
Pending ongoing safety and efficacy of its vitiligo program, Clinuvel will seek to file a supplemental New Drug Application for SCENESSE. The Clinuvel share price rocketed as much as 25% on the day of the announcement. After slightly dipping yesterday, this momentum appears to be pushing shares higher today.
De Grey Mining Limited (ASX: DEG)
The De Grey Mining share price is up by 3.04% today at the time of writing. Today's rise comes on the back of a massive 24.3% gain yesterday after the company announced results from drilling programs at the newly discovered Hemi Prospect. In early trade yesterday, De Grey Mining shares climbed as much as 44.44% higher.
According to yesterday's release, the company's recent drilling has revealed wide, continuous, and high-quality grade gold mineralisation. De Grey Mining believes this confirms a large-scale gold system at Hemi.
Additionally, the company believes that the significant sulphide zones beneath the high-grade gold zones are very encouraging, and the large sulphide zones have the potential to significantly increase Hemi's scale.
