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Australian biotech sector tipped for strong growth

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By Colin Hay - 
Australian biotech sector growth 2024 ASX

Recent studies have highlighted the significant potential the Australian biotech industry has ahead of it.

International research firm KPMG recently forecast Australia could generate over $15 billion in exports to the United States and create 34,000 high-skilled jobs by accelerating US-Australia biotechnology collaboration.

Australia’s $1.2b biotech industry currently ranks fifth in the world in terms of research and innovation.

Meanwhile, IBIS World says the biotechnology market size in Australia has grown at a compound annual growth rate of 2.4% over the past five years.

ASX biotech stocks making news

A number of Australian biotech companies are attracting interest with major technology and disease treatment breakthroughs.

These include:

Algorae Pharmaceuticals

Melbourne-based Algorae Pharmaceuticals (ASX: 1AI) recently reported strong progress with its data acquisition and customisation for artificial intelligence (AI) biopharmaceutical prediction platform advances.

The company said the first version of its AlgoraeOS AI platform is on schedule and anticipated by Q3 of 2024, with subsequent versions being progressively upgraded over a period of at least three years.


Clinical-stage biotechnology company PharmAust (ASX: PAA) filed supplementary clinical data from its recently completed Phase 1 MEND study in support of its recent request for orphan drug designation (ODD) from the US Food and Drug Administration for its monepantel (MPL) treatment of motor neurone disease (MND) / amyotrophic lateral sclerosis (ALS).

The company also recently announced positive top-line data from its Phase 1 MEND study involving 12 patients with MND/ALS.

Chimeric Therapeutics

Clinical-stage cell therapy company Chimeric Therapeutics (ASX: CHM) has achieved a number of recent successes in developing key clinical catalysts for 2024.

This has included receiving positive preliminary data for its CHM 1101 treatment for heavily pretreated glioblastoma patients, confirming advancement to next phase of CHM 1101 development.

Radiopharm Theranostics

Sydney-headquartered Radiopharm Theranostics (ASX: RAD) has obtained new data which identifying a potential pathway for its innovative RAD 301 and 302 oncology developments.

The company is gaining in confidence that the RAD 301 / RAD 302 theranostic pair may eventually prove to be a promising approach to addressing the unmet medical needs of the world’s female population with tailored radiopharmaceuticals.

Neurotech International

Neurotech International (ASX: NTI) recently extended its Phase I/II clinical trial investigating the use of NTI164 in female Rett Syndrome patients.

Neurotech has secured Human Research Ethics Committee (HREC) clearance for the extension to 52 weeks of daily oral treatment with its NTI164 development.

NTI164 is a proprietary drug formulation derived from a unique cannabis strain with low tetrahydrocannabinol (THC) and a novel combination of cannabinoids including CBDA, CBC, CBDP, CBDB and CBN.


Imugene’s (ASX: IMU) Phase 1 clinical trial of CD19 oncolytic virotherapy drug candidate onCARlytics has cleared its first cohort within the intratumoural monotherapy arm of the study.

Imugene is now ready to commence combination dosing solid tumour patients with CD19-targeting drug blinatumomab.

Known as OASIS, the first-in-class clinical trial is targeting adult patients with advanced or metastatic solid tumours and aims to evaluate the safety and efficacy of two routes of administration, intratumoural injection and intravenous infusion, either alone or in combination with blinatumomab.