Daily Brief Australia: Neuren Pharmaceuticals, Actinogen Medical and more

• In this insight, we take a look at the potential index changes for ASX 300, 200, 100, 50, and 20 in the September 2023 Rebalance.
• I expect one change for ASX 100 and 3 ADDs and 4 DELs for ASX 200. There could be 11 ADDs and 9 DELs for ASX 300.
• ASX 300 member Leo Lithium (LLL AU) is currently suspended from trading and that could have interesting implications for the stock’s ASX 300 membership.

Actinogen recently provided a Q423 quarterly update summarising that its two development programmes for lead candidate Xanamem remain on track, with the Phase IIb XanaMIA study portion assessing the drug in lead indication Alzheimer’s disease (AD) still scheduled to start in H2 CY23, with results still expected in H2 CY25. For the company’s XanaCIDD study in patients with cognitive impairment (CI) associated with major depressive disorder (MDD), enrolment is approaching 25% and the company continues to expect results in H1 CY24 as it is opening new US-based study sites to compensate for regulatory delays in the UK. The company reported a 30 June cash position A$8.46m and has announced a A$10m rights offering allowing existing shareholders to purchase up to 400m shares at A$0.025 per share. After rolling forward our estimates, our pre-financing valuation adjusts slightly to A$645m, or A$0.36/share, versus A$640m (A$0.35/share) previously. Overall, we view the financing as a positive and necessary step to continue Xanamem development.