Patrys' (PAB: $0.024) lead drug antibody drug candidate, PAT-DX1, has passed the final manufacturing assessment meeting all of the specification requirements. This allows Patrys to move into final preclinical toxicology testing ahead of the first clinical study planned for the second half of 2023.

Opthea (OPT: $1.25) has gained access of up to US$260 million ($371 million) to reach top-line results of two Phase III trials with its drug candidate OPT-302. The top-line results are now due in mid 2024. The funds will also be used for pre-commercialisation activities.

It's the largest capital raise for the sector (excluding raises conducted by CSL, Cochlear and ResMed), for non-asset purchases.

For the six and 12 months to 30 June this year, medical device company Anteris Technologies (AVR: $24.60) has been the best performing stock, with a share price gain of 122% over the last six months and 310% over the financial year.

Pharmaxis (PXS: $0.077) has executed a deal for the license and sale of its Orbital drug inhalation device with Aptar Pharma for US$5 million.

Neuren Pharmaceuticals (NEU: $5.45) has some very clear objectives set for the next 17 months. The most significant of these is gaining US approval of its lead drug candidate, trofinetide, which is being commercialised in North America under license from Neuren by Acadia Pharmaceuticals for the treatment of Rett syndrome in children and adults.

Acadia filed trofinetide for approval last month. The next stage is notice from the FDA that the application is in order and has been accepted (in September), which will trigger a US$10 million payment to Neuren from Acadia.

Imricor Medical Systems (IMR: $0.29) is pioneering MRI-guided cardiac ablation, rather than ablation procedures conducted using x-ray fluoroscopy imaging. It is the only company in the world that sells MRI-compatible consumable devices used for cardiac ablation.

Cardiac ablation is a minimally invasive procedure whereby electrical abnormalities in the heart, which cause abnormal heart rhythms, are corrected by heating or freezing cardiac tissue inside the heart via a catheter. The issue with using x-ray to help guide the procedures is that the heart is almost invisible to x-rays.

Wound healing products company Aroa Biosurgery (ARX: $0.86) continues to deliver consistent and strong top-line growth. Cash receipts in the June quarter were NZ$13.9 million (up 162% over the PCP). Net cash outflow was NZ$1.3 million from operations and investment in equipment, down from NZ$3.7 million in the PCP and down from NZ$6.5 million in the previous quarter.

Wound healing products company Aroa Biosurgery (ARX: $0.86) continues to deliver consistent and strong top-line growth. Cash receipts in the June quarter were NZ$13.9 million (up 162% over the PCP). Net cash outflow was NZ$1.3 million from operations and investment in equipment, down from NZ$3.7 million in the PCP and down from NZ$6.5 million in the previous quarter.

The strong performance in the June quarter included a large shipment of product to the company's distributor, TelaBio, in the March quarter. The company is maintaining its revenue guidance of NZ$51 - NZ$55 million for this financial year (which ends 31 March 2023).

Cogstate (CGS: $1.83) has delivered a stunning year result for FY2022 with sales (contracts signed) of US$82.5 million. Revenue (unaudited), which trails the signing of contracts in a growth phase, was US$45 million, up 38% to the previous corresponding period (PCP).

Patrys (PAB: $0.023) has received some delays over the last two years to making its novel antibody drug candidate, PAT-DX1. However the path to clinical studies now appears in sight with a successful manufacturing run exceeding previous product yield expectations.