The ASX is home to a small but vibrant and growing biotechnology sector. There are a number of providers that are making significant inroads on a global scale.
Here we examine 3 ASX biotech shares that have all seen strong share price rises today.
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Zoono Group Ltd (ASX: ZNO)
The Zoono share price is up by a whopping 17% so far today. This strong rise is on the back of a solid rally in its share price last week.
From the beginning of last week, it has risen from $1.875 to its current price of $2.39. That's an impressive gain of 27%.
Zoono produces antibacterial skin and surface sanitisers. It has seen strong demand for its products since January. Its sanitisers haven been tested on the coronavirus and have achieved a 99.9% efficacy.
In a recent update, Zoono revealed invoiced sales of over NZ$11.0 million (unaudited) for the month of April.
The company has recently signed new distribution agreements in the UK and Europe. Zoono also reported strong sales in India and China, and has a new distributer in Hong Kong.
Paradigm Biopharmaceuticals Limited (ASX: PAR)
Paradigm focuses on the treatment of osteoarthritis. This is the most common joint disorder in the United States (US).
The ASX biotech share has risen by a significant 7% today (at the time of writing). This is on the back of strong share price rally since late April.
Paradigm's primary activity involves repurposing the drug pentosan polysylphate sodium (PPS) in injectable form through a drug called Zilosul. Zilosul has been registered in 4 of the 7 global pharmaceutical markets.
Paradigm has been conducting a trial into the use of Zilosul through the FDA's expanded access program. Trials so far have reduced chronic pain by around 45%, which is very promising.
In early April, Paradigm conducted a $35 million institutional placement. It has reported it is in a strong cash position following this capital raise. The biotech company believes that this will fully fund its current work until the completion of its trials.
Opthea Ltd (ASX: OPT)
Opthea is a biotechnology company that develops new drugs for the treatment of eye diseases. Its share price is up by 11% today, which follows a strong rally in its share price since mid-March.
Opthea conducted a trial of its core drug OPT-302 last year. These trials indicated that it was capable of delivering significant vision improvement to patients. The company reported that the trials indicated the successful halting of the progression of the disease.
Opthea currently has a very strong balance sheet and it looks to be well-funded to carry it through its trials.
