ASX Top Gainers: Mejority Capital Limited (ASX:MJC), OncoSil Medical Ltd (ASX:OSL) and CCP Technologies Ltd (ASX:CT1)

Sector Reports > Latest News > ASX > ASX Top Gainers: Mejority Capital Limited (ASX:MJC), OncoSil Medical Ltd (ASX:OSL) and CCP Technologies Ltd (ASX:CT1)

Mejority Capital Rallies on Quarterly Report

Mejority Capital Limited (ASX:MJC) was up by more than 20% after posting a quarterly report for entities subject to Listing Rule 4.7B. The rally also comes hot on the heels of the company reporting full financial report for the year ended June 30, 2019.

The company experienced significant challenges during the transformational period as profit margins came under pressure from the negative performance of the company’s Asian focused investments. Asia portfolio was down by about A$540,000, leading to a fair value loss of A$299,000.

The company also incurred an A$140,000 loss attributed to rental bond from divested Hong Kong Operations. Mejority cash position has also taken a significant hit with the purchase of the Strata office that will act as the new headquarters.

Concerned by a spike in loses, the company has embarked on a restructuring drive expected to result in one-off costs due to redundancy payments. The restructuring drive should result in significant staff costs reduction.

OncoSil Medical Device Review

OncoSil Medical Ltd (ASX:OSL) was up by more than 30% after receiving a positive CE Mark status from the British Standards Institute for its OncoSil device. The review process now proceeds to the next and final stage. The next stage will outline how the device will be rolled out into the European market upon approval.

Even as the company awaits the review of the OncoSil device, it continues to explore various U.S regulatory pathways for the device. For instance, the medical device company is exploring whether the device can be used in the treatment of cholangiocarcinoma.

The company has already secured Humanitarian Use Designation from the U.S Food and Drug Association. The HUD program creates alternative pathways that should allow OncoSil to achieve regulatory approval for its medical device.

Separately, OncoSil completed the quarter ending September 30, with cash outflows from operations amounting to $2.2 million. Consequently, the company had a cash balance totaling $5.4 million as of September 30, 2019.

CCP Technologies Limited Quarterly Update

CCP Technologies Ltd (ASX: CT1) rallied 20% after providing a positive update for its recent quarter. During the quarter, the company focused on a number of projects key among them being the pursuit of acquisition opportunities as well as the placement completed in July. The company also executed existing contracts and built up a pipeline of development services projects.

Total net cash used during the quarter amounted to $417,000, with $200,000 going to the settlement of payable accrued in previous quarters. Cash received since October has exceeded $70,000, setting the stage for the company to break even.

While management has stabilized the business, additional expenditure for geographic expansion, as well as marketing and technical development, will have to come into play to accelerate the growth phase. While the investments are expected to result in revenue growth in the medium term, they will impact net cash in the near term.

The company has already launched a rights issue from which it expects to raise close to $3.4 million to support vertical and horizontal growth.