Telix (ASX:TLX) share price slips despite priority review status

After rocketing 121% higher in November, the Telix Pharmaceuticals share price is down 2% today despite the company receiving priority review status.
The post Telix (ASX:TLX) share price slips despite priority review status appeared first on The Motley Fool Australia. –

medical research

The Telix Pharmaceuticals Ltd (ASX: TLX) share price is slipping today, down 2.5% in afternoon trading.

This comes despite the company reporting it had received priority review status from Australia’s Therapeutic Goods Administration (TGA) for its prostate cancer imaging product, TLX591-CDx.

The priority review provides Telix with a fast-tracked timeframe of 150 working days for its product dossier review and approval.

It’s possible this news was already factored into the share price. Telix shares soared 121% higher in the month of November, and the share price is up 152% year-to-date. By comparison, the S&P/ASX 200 Index (ASX: XJO) is flat since 2 January.

What does Telix Pharmaceuticals do?

Telix Pharmaceuticals is a biopharmaceutical company focused on developing diagnostic and therapeutic products via molecularly targeted radiation (MTR). Based in Melbourne, Telix has international operations in Belgium, Japan and the United States.

The company is currently developing a range of clinical-stage oncology products to address unmet medical needs involving prostate, kidney and brain cancers.

What does the priority review status mean for Telix shares?

Addressing the priority review status, Telix CEO Chris Behrenbruch said:

As an Australian headquartered company, we are especially delighted that the TGA has granted Priority Review for TLX591-CDx, bringing us one step closer to providing a commercially available prostate imaging agent to patients in our own backyard.

This is an important development for urologic oncology in Australia as a properly validated and commercially available product will ensure far greater patient access and confidence in the technology, currently only available on a limited basis under “special access” use from a relatively small number of academic nuclear medicine departments around the country.

The company reported that its Medical Services Advisory Committee (MSAC) application is already in progress. In a forward-looking statement, it revealed that it expects that MSAC approval and commercial availability of TLX591-CDx around May or June of 2021, provided it receives the TGA approval.

With prostate cancer killing 3,000 Aussie men each year (the second most common cause of cancer death), there are good reasons to hope Telix’s imaging product is successful beyond any share price gains.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of June 30th

More reading

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Telix (ASX:TLX) share price slips despite priority review status appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!