Investing

Top 3 Canadian Biotech Stocks of 2024

Biotech is a dynamic industry that is driving scientific advancements and innovation in healthcare.

According to Grandview Research, the global biotech market was worth US$1.55 trillion in 2023, and the firm expects it to grow at a CAGR of 13.96 percent between 2024 and 2030 to reach a value of US$3.08 trillion.

Data was collected on April 16, 2024, using TradingView’s stock screener and companies listed had market capitalizations of over C$50 million at that time. Companies on the TSX, TSXV and CSE were considered, but no TSXV-listed stocks made the list this time. Read on to learn what’s been driving these biotech firms.

1. ME Therapeutics Holdings (CSE:METX)

Company Profile

Year-on-year gain: 7,240 percent; market cap: C$86.23 million; current share price:C$3.67

ME Therapeutics Holdings is a biotechnology company developing cancer-fighting drug candidates that can increase the efficacy of current immuno-oncology drugs by targeting suppressive myeloid cells, which have been found to hinder the effectiveness of existing immuno-oncology treatments. Immuno-oncology is a relatively new area of cancer drug research, and has shown promising results when used to treat cancer with low survival rates.

In December 2023, ME Therapeutics announced that its most advanced preclinical asset, h1B11-12, an antibody targeting G-CSF, had been found to bind to and neutralize G-CSF in lab tests and animal studies. Subsequent studies conducted with Dr. Kenneth Harder’s laboratory at the University of British Columbia revealed that G-CSF is involved in many different processes influencing how breast and colon cancers grow and spread.

In a January update, ME Therapeutics shared that preliminary results for trials of h1B11-12 on non-human primates were tolerated well up to a dose of 10 milligrams per kilogram. The next step is to study how the drug behaves inside the body, which will help the company plan future research and decide how to continue developing h1B11-12.

ME Therapeutics saw a major share price boost on February 27, when it announced a non-brokered private placement to raise gross proceeds of up to C$1.55 million. It said it was unaware of any other change that would account for the rise.

2. Cardiol Therapeutics (TSX:CRDL)

Press ReleasesCompany Profile

Year-on-year gain: 230.14 percent; market cap: C$160.18 million; current share price: C$2.41

Cardiol Therapeutics is a biopharma company developing innovative treatments for inflammation and fibrosis in cardiovascular conditions. Its research is concentrated on pericarditis, which is inflammation of the membrane surrounding the heart; myocarditis, or inflammation of the heart muscle; and heart failure.

Cardiol currently has two drug candidates in its pipeline. CardiolRX, the company’s lead candidate, is in a Phase II open-label pilot study to test its efficacy in treating recurrent pericarditis. Its use alongside myocardial recovery is also being evaluated in Phase II trials. Cardiol is also developing a drug formulation of cannabidiol, CRD-38, for its efficacy in treating heart conditions subcutaneously.

3. Medicenna (TSX:MDNA)

Year-on-year gain: 130 percent; market cap: C$131.61 million; current share price: C$1.84

Medicenna is a clinical-stage immuno-oncology company specializing in the development of innovative therapies for patients with challenging unmet needs. Its focus is on creating novel, highly selective versions of cytokines, such as IL-2, IL-4, and IL-13, which they refer to as ‘Superkines’ and ’empowered superkines.’

Cytokines are small proteins that play a crucial role in regulating the immune response and communication between cells. Interleukins are a group of cytokines; Medicenna’s interleukins are engineered to fuse with specific molecules to optimize their function.

Medicenna’s mission is to leverage its expertise in cytokine biology to design life-changing therapies that can potentially transform people’s lives. Its therapies treat solid tumors, which have a low response rate to conventional cancer treatments; and autoimmune and neuroinflammatory diseases.

In February, the company shared the news that its lead candidate, MDNA11, had been used in combination with Keytruda in a study testing the effectiveness of the two drugs in treating patients with advanced solid tumors.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

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