Daily Brief Health Care: Opthea Ltd, Biomarin Pharmaceutical, Immix Biopharma Inc, Thorne HealthTech Inc and more

• Opthea Ltd (OPT AU) is seeking to raise A$80M ($51M) through a combination of private placement and accelerated non-renounceable entitlement offer. The proceeds will fund the clinical development of OPT-302.
• The proceeds of the offer, pending funds from the earlier agreements, along with existing cash balance, are expected to fund the company’s operation through Q3 2024.
• OPT-302 is in two phase 3 trials, which are expected to be fully enrolled by 1H24. In phase 2 trial, OPT-302 has demonstrated superior visual acuity over standard of care.

• BioMarin Pharmaceutical delivered an all-around beat in the most recent quarterly result.
• In the quarter, revenues showed 13% year-over-year growth and 16% growth, excluding KUVAN.
• BioMarin is on track to meet its 2023 goals of double-digit revenue growth and considerable operating leverage with Q2 total revenues of $595 million, including $113 million in Voxzogo revenues.

Immix has announced that the FDA has granted orphan drug designation (ODD) to CAR-T asset NXC-201 for multiple myeloma (MM). The benefits of ODD include seven years of US market exclusivity post approval, tax credits for qualified clinical trials and exemption from the Prescription Drug User Fee. ODD is issued to drugs/biologics intended for the safe and effective treatment, diagnosis or prevention of rare diseases/conditions that affect fewer than 200k people in the US. With NXC-201, Immix aims to differentiate against currently approved CAR-T therapies that are often associated with neurotoxicity and high-grade cytokine release syndrome (CRS). NXC-201 data appears to provide a competitive safety profile with no serious adverse events reported to date, positioning it as potentially the first outpatient CAR-T therapy. We believe the ODD marks a key milestone and believe that the next readout (expected in September 2023) from the ongoing NEXICART-1 trial could be an important catalyst for the company.

• This is a special, one-time report on Thorne HealthTech which presents itself as a captivating short-term investment prospect, particularly in light of the recent reports of its speculated sale.
• Despite Thorne’s stock price exhibiting volatility and relatively stagnant appreciation over the past year, its potential sale could act as a catalyst for change.
• In this report, we have carried out a fundamental analysis of the historical financial statements of the company.