Healthcare Wrap Week 6: Rhythm rockets, Neuren slides, and capital raises reshape the field

Rhythm Biosciences (ASX:RHY) led the week with a 68.97% jump, while Osteopore (ASX:OSX) sank -40.00% and Neuren Pharmaceuticals (ASX:NEU) fell -24.99%. Those three moves set the tone: investors paid up for clear “ready to sell” progress, and sold down names where the next steps still look uncertain or complicated.

Diagnostics and medtech: investors chase ‘can it be made and shipped?’ proof

Rhythm Biosciences (ASX:RHY) rallied after locking in a multi-year manufacturing agreement with Quansys Biosciences to produce ColoSTAT® reagent kits. In plain terms, it’s a contract with a certified factory to make the test components. That matters because a diagnostic business can’t grow if it can’t reliably make enough product to supply clinics. BCAL Diagnostics (ASX:BDX) also pointed to early demand. It reported more than 1,000 enquiries and 20 tests completed in 11 days for its Avantect pancreatic and ovarian cancer blood tests, with rollout through Sonic Healthcare pathology sites. Investors cared because it’s an early sign that doctors and patients may actually order the test, not just read about it. Cyclopharm (ASX:CYC) had the opposite share-price reaction, down -15.81% even as it posted record FY2025 operating revenue of $32.3m and highlighted a 226% surge in US Technegas revenue after FDA approval. The company also raised A$16m to fund more US installations. Some holders appear to have focused on the capital raising itself (more shares on issue can reduce each share’s claim on future profits) and on how long it may take to reach the target of 250, 300 US installations by mid-2026.

Biotech: big raises and regulatory wins, but prices still swing

PYC Therapeutics (ASX:PYC) stayed in the spotlight after launching a very large A$653m raising designed to fund four RNA drug programs through to 2030. The stock finished the week down -6.25%. A raise of that size can spook investors who worry about dilution, even if it also reduces the risk of running out of cash. Island Pharmaceuticals (ASX:ILA) rose 7.69% after the FDA confirmed Galidesivir can be developed under the “Animal Rule”. That’s a US process that can allow approval using animal studies when human trials are not practical, such as for rare, high-risk viruses. The company also raised $9m to fund the work towards an FDA filing. Early buying cooled after the stock reopened, which suggests some traders took quick profits. Neuren Pharmaceuticals (ASX:NEU) dropped sharply as investors tried to price several moving parts at once. Neuren started a Phase 3 trial for NNZ-2591 in Phelan‑McDermid syndrome (first patient dosed), and the US Congress extended the Rare Pediatric Disease voucher program to 2029. Those vouchers can be sold and have recently been worth around US$200m. At the same time, Acadia reported a negative EMA committee vote on trofinetide for Rett syndrome in Europe, and Neuren also noted extra data is needed before starting one of its planned trials. For beginners: good news and bad news arrived together, so the market picked a cautious view.

Capital raises: cash in the bank helps, but shareholders watch the price paid

OncoSil Medical (ASX:OSL) fell -14.51% after launching an $8m equity raising to support European expansion and a German trial due to start in the first half of 2026. The company says it has a new Sydney manufacturing facility and targets high gross margins at scale. Still, investors often sell first when a company issues new shares at a discount. Actinogen Medical (ASX:ACW) slipped -4.44% after raising about $17m to complete its XanaMIA Alzheimer’s trial, with topline results expected in November 2026. Funding reduces the risk of the trial stopping due to lack of cash. It does not remove the biggest risk: the final results may still disappoint. Osteopore (ASX:OSX) dropped -40.00% even after confirming it drew down the full $5m Tranche 1 of a $20m convertible note facility. Convertible notes are a loan that can turn into shares later. Some investors dislike them because they can lead to more shares being issued at a low price.

Deals and dividends: takeovers progress, while cannabis scales up

Apiam Animal Health (ASX:AHX) inched higher 0.57% as the Adamantem Capital takeover moved through court approvals and the company set dates for a fully franked 10c special dividend (ex-date 12 February 2026, payment 16 February 2026). The shares were also suspended as the scheme steps progressed, which matters because suspended shares can’t be traded on market. Little Green Pharma (ASX:LGP) gained 2.08% on plans to acquire Cannatrek, a merger pitched as creating a larger, vertically integrated medicinal cannabis group with pro-forma FY25 revenue of about $112.3m and adjusted EBITDA of $13.0m. The long lead time matters: completion is targeted for May 2026 and still needs approvals.

Large caps: steady results, and aged care points to cash release

ResMed (ASX:RMD) edged up 1.01% after reporting 11% revenue growth and an improved gross margin of 61.8%. Investors also watched ongoing patent litigation, because adverse rulings can threaten future sales if products must change. Ryman Healthcare (ASX:RYM) fell -6.25% despite unveiling targets for a $150m sustainable cash flow improvement and $500m cash release by FY29, with dividends flagged to resume from FY28. In everyday terms, the plan relies on selling and reselling units and divesting land. The market may be waiting to see those cash outcomes appear in reported numbers.