Daily Brief Health Care: Cosmecca Korea, Boston Scientific, Immix Biopharma Inc, Pixium Vision Sa and more

• Cosmecca Korea (241710 KS) clocked revenue of KRW115.7B (up 15% YoY) and operating profit of KRW11.2B (up 265% YoY) in Q223. Operating profit margin expanded 670bps YoY to 9.7%.
• Cosmecca is a key beneficiary of the increasing global demand for the affordable indie cosmetics brands. These brands are now outpacing the overall beauty and personal care industry.
• Since reporting strong Q1 result in May, Cosmecca Korea shares are on fire. Cosmecca is expected to continue its growth momentum due to strong global demand for affordable cosmetics.

• Boston Scientific Corporation delivered a solid result and managed an all-around beat last quarter.
• In the second quarter, Boston Scientific witnessed a 12% growth in total company sales.
• In the peripheral intervention segment, sales surged by 13% organically, while cardiology delivered impressive organic sales growth of 13%.

Immix has announced encouraging updated clinical data for NXC-201, a B cell maturation antigen (BCMA) targeting CAR-T therapy, which is being developed by majority-owned subsidiary Nexcella, in both multiple myeloma (MM) and amyloid light chain amyloidosis (ALA). The updated data for MM patients indicate an overall response rate (ORR) of 95%, notably higher than comparable CAR-T trials for MM, and for ALA show a 100% ORR in heavily pre-treated patients. The therapy has the potential to be the first outpatient CAR-T therapy, which would address many of the current CAR-T challenges with cost and access. With its recent $9.6m raise, we estimate Immix has an operating cash runway into Q424, from Q224 previously. Adjusting for the pro-forma cash of $22.2m, our valuation for Immix increases to $90.7m or $4.2/share (from $81.1m or $5.0/share).

Pixium Vision announced that safeguard proceedings have been opened by the Commercial Court of Paris. Despite the company’s best efforts in seeking financing options to extend its funding runway, it has determined that it may not be able to satisfy its financial obligations after the end of November 2023 without the protection of such proceedings. Given its liquidity risk and the absence of new financing to date, Pixium requested that the Commercial Court of Paris open safeguard proceedings. As the Court has now appointed other parties (SCP Abitbol & Rousselet and Selarl FHB) as co-administrators with supervisory responsibility for Pixium, we estimate the likelihood of any material residual value remaining attributable to the common equity holders of Pixium Vision following the court proceedings as highly speculative. As such, we are withdrawing our estimates and forecasts.