The Rise of Alzheimer’s Disease Research
Alzheimer’s disease research is experiencing a significant surge, with several companies leading the charge. Among them, Actinogen Medical stands out as one of the most advanced players in the field. The number of clinical trials for Alzheimer’s has increased substantially, with 192 trials currently underway this year, according to an annual report from Dr. Jeffrey L Cummings of the Kirk Kerkorian School of Medicine.
Over the last decade, there has been a 35% increase in the number of clinical trials, and the number of therapies being tested has risen by 40%. This growth reflects a growing confidence in the ability to develop effective treatments for the disease. Dr. Cummings notes that Alzheimer’s is no longer considered an untreatable condition, as new therapies are now available that can interfere with the disease process.
The report highlights a shift in the types of drugs being studied. While amyloid-targeting drugs once dominated, they now account for only 20% of the total. Instead, therapies targeting inflammation or immune mechanisms have gained traction, rising from 6% to 18%.
Actinogen Medical’s Unique Approach
Actinogen Medical (ASX:ACW) is at the forefront of this research, with a dedicated program focused on Alzheimer’s disease. The company’s drug, Xanamem (emestedastat), targets the suspected role of excess brain cortisol levels in triggering the disease. After passing an interim futility test in January, Actinogen is set to announce the final results of its pivotal Alzheimer’s trial, Xanamia, by the end of 2026.
Xanamem targets 11beta-hsd1, a cortisol-producing enzyme found in parts of the brain responsible for memory and mood. According to Actinogen CEO Dr. Stephen Gourlay, the cortisol hypothesis has been around for decades, but no one has ever been able to test it effectively. The trial involves 247 patients across Australia and the US.
Dr. Cummings suggests that the most promising new Alzheimer’s drugs will likely be combination therapies, combining anti-amyloid approaches with other pathways. With around 7.4 million Americans aged 65 and older affected by Alzheimer’s, the need for effective treatments is urgent.
EBR Systems’ Heart Device Sales
EBR Systems (ASX:EBR) has seen continued commercial traction with the limited US market release of its Wise device. This leadless device, the size of a grain of rice, can pace the left ventricle for heart failure. After receiving FDA clearance in April 2025, EBR began selling the device in the December 2025 quarter.
At the recent AGM in Sydney, shareholders were informed that the rollout gained momentum in the March quarter, with 41 commercial patients implanted, bringing the total to 71. The company has signed 16 more purchase agreements, adding to the 21 already in place. Additionally, 22 more physicians have been trained, taking the total to 55.
EBR cites a total addressable US market of $5.8 billion but has taken a cautious approach to ensure any issues are resolved before scaling up. In the March quarter, the company anticipated revenue of $2.25-$2.36 million, with calendar 2025 receipts reaching $1.67 million.
Neuren Pharmaceuticals and Dividend Plans
Neuren Pharmaceuticals (ASX:NEU) is considering rewarding shareholders with a dividend, given its growing cash reserves and franking credits. The company earns royalty income from Acadia Pharmaceuticals on US sales of its Rett syndrome drug Daybue (trofinetide).
With a second share buyback underway, the board is actively discussing the possibility of a dividend. CEO Jon Pilcher mentioned that the company has a lot of franking credits, which are beneficial for Australian investors. As of December 2025, Neuren had $76 million in such credits, a 7.5% increase year-on-year.
Acadia reported March quarter Daybue sales of $101 million, leading to royalty income of $10.4 million for Neuren. The company also holds a cash balance of $296 million, which will help fund its secondary programs for other rare neurological disorders.
Polynovo’s Potential Growth
Broker Morgans expects Polynovo (ASX:PNV) to report stronger second-half results, potentially leaving short sellers scrambling. Polynovo is the third most shorted stock on the ASX, with 14.3% of the register betting on its shares plummeting. However, the firm believes that the company’s Novosorb synthetic products have gained rapid market traction in the US burns market.
Polynovo is seeking to expand its indications to trauma wounds, with surgeons indicating the product’s effectiveness. Morgans forecasts a 20% annual revenue growth over the next three years. The firm rates Polynovo as a buy, with a $1.56 per share valuation. The shares are currently trading at $1.04.
