Daily Brief Australia: Redox, Vection Technologies Ltd, Actinogen Medical and more

• Redox (RDX AU), a chemical and ingredients distributor, is looking to raise around US$270m in its Australia IPO. 
• In 2022 it was ranked as the largest chemicals and ingredients distributor in Australia, as well as the 13th largest in the Asia Pacific region and the 35th largest worldwide.
• In this note, we undertake a quick peer comaprison and talk about valuations.

Vection Technologies (VR1) recently announced that its ChatGPT-powered mixed reality solution, 3D Frame, will now be available on Apple’s macOS. The release further highlights the interoperability of VR1’s technology with global powerhouses in the virtual (VR) and augmented (AR) reality space, positioning it well to capitalise on the latest breakthrough advancements, such as Apple’s Vision Pro AR headset. 3D Frame’s cross-platform compatibility with Windows and macOS should ensure wider availability across devices and reaffirms VR1’s position as a major player in the field. Management also announced the proposed acquisition of Invrsion, which it expects to be immediately earnings accretive and brings with it a portfolio of tier 1 customers, including Walgreens, Coca-Cola and Diageo.

Actinogen intends to start patient enrolment and dosing in H2 CY23 in the Phase IIb XanaMIA study portion assessing Xanamem in lead indication Alzheimer’s disease (AD). The company expects to receive FDA approval in the coming weeks on amendments to the study design protocol and the new Xanamem tablet formulation to be used (replacing the capsule used in prior Xanamem trials). It expects to report top-line efficacy data in H2 CY25, with interim readouts projected in or around late CY24 or early CY25. We believe market participants will be keen to observe whether this study, which prospectively enrols patients with elevated pTau, will confirm the positive findings shown in a subset biomarker analysis from the earlier XanADu study. Positive Phase IIb data could introduce the possibility of material out-licensing or value realisation opportunities, in our view.