Australian biotech stocks were only down slightly in 2022 compared to 2021 and remain higher than pre-Covid levels, despite the first half of the year being the worst biotech half-year on record, according to Bioshares’ latest report.
Over $1.45 billion in total capital was raised by Australian biotech across the year, boosted by a $371 million raise by Opthea. This is down from the 2021 record figure of $8 billion (that includes a $6.3bn raise by CSL) but remains significantly higher than the $1.08bn raised in 2019.
Following a 41 per cent drop in the first half, the capital raised showed an upturn of 8.1 per cent in the second half of the year, despite no new biotech listings in 2022. It is in line with the US market which declined 20.7 per cent in the first half and rose 12.4 per cent in the second.
Bioshares expects that Australian stocks will “continue their recovery into 2023”.
The report also identified three other significant capital raises during the period, namely by AusBiotech members Paradigm Biopharmaceuticals ($66 million), Mesoblast ($65 million) and Polynovo ($53 million).
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It has developed a range of resources for investors and companies that is specific to the life sciences sector, including the Guide to Life Science Investing – which aims to build an improved understanding of the unique life sciences sector to increase the quantity and quality of investment in life sciences companies. See AusBiotech’s investment resources here.
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