ResApp Health Ltd (ASX:RAP)
On Wednesday, ResApp’s (ASX:RAP) shares have plunged more than 75% to approximately $0.07 following an announcement of preliminary top-line results from the SMARTCOUGH-C Study, which focuses on the diagnosis of childhood respiratory disease using cough sound recordings. Data revealed significant issues in the quality of recordings due to clinical staff failing to record coughing sounds before patient treatment. Additionally, background noise has potentially interfered with the recordings, which lowers the accuracy of diagnosis. The study has deteriorated investor sentiment and has portrayed an example of monumental losses caused by unsuccessful biotech stocks.
Glennon Capital does not own RAP in the portfolio.
ZipTel Ltd (ASX:ZIP)
The telecommunications business ZipTel (ASX:ZIP) has signed a revenue share agreement with the UK company, Space Digital Media (SDM), which will provide ZipTel with royalty payments for the integration of its ZipT core technology into the SDM-owned Convo App. This Convo App is a content driven social communication platform, which utilises low bandwidth technology, consuming less data than other social platforms, even in areas with slow Internet speeds. In the first 5 years, SDM is forecasting the app to generate revenues of approximately A$1.8m in 2018. Following the positive announcement, ZipTel’s shares have soared over 90% on Wednesday.
Glennon Capital does not own ZIP in the portfolio.
AusCann Group Holdings Ltd (ASX:AC8)
The medicinal cannabis product company AusCann (ASX:AC8), has released a positive announcement of being granted a licence that allows them to manufacture medicinal cannabis in Australia. It will allow them to manufacture and supply cannabinoid medicines and completes the supply chain for the company. The licence will provide AusCann with a competition position moving forward as they are one of a few Australian based medicinal cannabis production companies. Following this announcement, AusCann shares have risen over 15% in the past week.
Glennon Capital does not own AC8 in the portfolio.