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In a significant milestone for homegrown biotech Radiopharm Theranostics (ASX:RAD), the company has officially kicked off human dosing in its first-in-human Phase 1 trial of 177Lu-RAD202, a radiotherapeutic aimed squarely at HER2-positive advanced cancers. Dubbed the ‘HEAT’ trial – an acronym more evocative of a Top Gun sequel than a clinical study – the program signals Radiopharm’s full evolution from R&D hopeful to clinical-stage contender.

The trial marks the first time patients have been dosed with RAD202, a radiolabelled nanobody targeting HER2, a well-established oncological villain expressed in breast, gastric, ovarian, pancreatic and bladder cancers, among others. The ‘open-label’ dose-escalation study will assess safety, tolerability, and initial signs of efficacy, while also hunting down the optimal dose to take into Phase 2.

"This milestone marks our transition to a clinical-stage company," said CEO and Managing Director Riccardo Canevari. “Despite progress in HER2-positive therapies, many patients still face progression or intolerable side effects. RAD202 could offer a more effective and tolerable alternative.”

The science behind the promise is no shot in the dark. A previous diagnostic trial using the same HER2-targeting nanobody – labelled with 99mTc instead of lutetium-177 – demonstrated both safety and tumour-specific uptake in ten HER2-positive breast cancer patients. This early proof-of-concept, combined with preclinical data showing therapeutic impact in HER2-positive xenograft models, laid the groundwork for the current HEAT study.

“We’re privileged to be the first site to administer 177Lu-RAD202,” said Dr Aviral Singh, Clinical Head of Theranostics and Nuclear Medicine at Perth’s St John of God Murdoch Hospital. “It opens up a novel therapeutic avenue for patients with aggressive tumours, many of whom are running out of options.”

The dosing event follows years of strategic development and underscores Radiopharm’s ambition to stake its claim in the burgeoning radiopharmaceuticals space – a field that’s rapidly heating up as oncologists seek out precision tools to target tumours without lighting up healthy tissues.

Radiopharm’s broader clinical program includes three other Phase 1 trials and one Phase 2, spanning an arsenal of radiopharmaceuticals based on peptides, small molecules, and monoclonal antibodies. The goal? Precision oncology with fewer trade-offs – and ideally, more durable responses.

Listed on both the ASX (RAD) and NASDAQ (RADX), Radiopharm remains one of the few Aussie biotech plays with a foot in the high-potential, high-complexity world of radiotheranostics – a field once considered niche but now squarely in the sights of big pharma.

For investors keen on oncology moonshots, Radiopharm’s HEAT trial could prove a thermometer worth watching. The company will need to demonstrate not only safety but also a compelling signal of efficacy to stand out in the increasingly competitive HER2 arena. Yet if the preclinical and diagnostic clues bear out, RAD202 might just turn up the temperature on standard care.

In a coup for clean-tech metallurgy and geopolitical strategy alike, MTM Critical Metals (ASX: MTM) has unveiled a headline-grabbing achievement: a 98% recovery rate of antimony (Sb) from U.S. electronic waste using its proprietary Flash Joule Heating (FJH) technology. Even more tantalising is the grade of the recovered material—3.13% Sb—eclipsing global primary mine averages and putting some of the world’s largest deposits to shame.

Antimony may not grace many investor pitch decks, but it’s a strategic metal with critical uses in munitions, semiconductors, and flame retardants. More pertinently, the United States produces little to none of it domestically, relying heavily on China, which controls roughly 70% of global refining capacity. MTM’s breakthrough, then, doesn’t just offer commercial upside—it reads like a strategic manifesto for U.S. supply chain resilience.

The tested feedstock—legacy printed circuit boards from telecom equipment and servers—had undergone upstream thermal processing to remove plastics, leaving behind a metal-rich char. When subjected to FJH processing, this “urban ore” revealed antimony content of 31,340 g/t, more than triple the grade found at China’s Xikuangshan mine, the world’s largest Sb producer.

CEO Michael Walshe sees this as a validation of MTM’s tech and timing. “Achieving 98% recovery of antimony at over 3% grade, from domestic urban feedstock, is particularly significant given the U.S. currently has no meaningful domestic Sb production,” he said. “With antimony designated as a critical metal by both the DoD and DoE, these outcomes reinforce MTM’s ability to contribute to onshore supply solutions.”

The announcement rides on the back of two recent strategic wins. First, MTM has secured a pre-permitted five-hectare site in Chambers County, Texas, to host its 1 tonne-per-day FJH demonstration plant, targeting a commissioning date by the end of 2025. Secondly, the company has successfully validated its commercial-scale FJH crucible, de-risking its scale-up path and suggesting throughput could exceed initial projections.

This trinity of breakthroughs—tech validation, site readiness, and a critical metal recovery result—amounts to a triple threat for competitors and a potential boon for MTM’s valuation. The site, with existing infrastructure and permits, not only slashes CAPEX but also puts MTM on the fast track to production, and critically, positions it as a linchpin in America's reshoring agenda for critical metals.

The timing couldn't be more fortuitous. Benchmark antimony prices have surged—now north of US$60,000/t for metal and US$38,000/t for trioxide—as China tightens its grip on exports amid rising geopolitical friction. With the U.S. generating around seven million tonnes of e-waste annually and recycling rates languishing below 25%, MTM’s FJH process offers a ready-made solution to convert urban detritus into strategic resources.

Beyond the lab, MTM has already inked long-term agreements for 1,100 tonnes per annum of e-waste feedstock from U.S. recyclers, ensuring supply continuity as it scales. The company is also engaging with the Department of Defense and Department of Energy for potential funding support, reflecting growing official interest in domestic critical metal processing.

As Walshe succinctly put it, “We are well positioned to scale operations and advance commercial deployment.” Given the strategic context, technical results, and infrastructure readiness, MTM might just be sitting on the right pile of junk—if such a term can still apply to circuit boards that rival Chinese mines in metal content.

With the reactor ready, the site locked, and a metal that ticks every geopolitical and economic box, MTM is not just mining the future—it’s recycling it.

Cash Converters International (ASX: CCV) has given the market a taste of its UK ambitions, locking in a £12 million (AU$25 million) growth facility from Lloyds Bank and immediately putting that firepower to work with the acquisition of 10 UK franchise stores.

The move marks a significant step in CCV’s strategic aim of expanding its corporate store network, particularly in the British Isles where it’s been quietly beefing up its presence. The newly acquired stores, situated across the North West and Central England, are part of a 19-store network operated by a long-time franchise partner. The deal, sealed for around £7.5 million (AU$15.7 million), will be fully funded by the Lloyds facility and is expected to be earnings accretive from the get-go.

CEO and Managing Director Sam Budiselik was buoyant about the move, calling it a “next phase” in the company’s growth strategy. “This new facility enables us to accelerate our stated ambition of acquiring franchise stores and to continue growing the contribution the UK business makes to our Company’s earnings,” he said, also tipping his hat to Lloyds Bank for recognising the strength of the business.

Post-acquisition, Cash Converters will boast 58 corporate-owned stores in the UK alongside 134 franchise outlets, underscoring its two-pronged approach: consolidating brand control while maintaining a sizeable franchise footprint. The move isn’t just about scale—it’s also about margin. By absorbing franchise operations into its corporate fold, CCV captures more of the underlying store economics, particularly attractive when underpinned by steady consumer demand and improved lending models.

While the Australian operations still serve as the company’s backbone, this British push is shaping up as a meaningful contributor. Cash Converters’ UK division already plays a pivotal role in its loan book transformation, which is migrating toward longer-term, lower-cost credit products. This reflects broader ambitions to reposition as a responsible, sustainable non-bank lender, marrying its traditional pawn and retail business with a modernised credit offering.

The use of external funding to bankroll acquisitions also signals a new chapter. For years, CCV funded growth out of operating cash flows and internal reserves, but the Lloyds facility hints at a more ambitious, capital-efficient approach to scaling. It’s not without risk, of course—UK retail is hardly immune to the macro jitters—but it speaks volumes that a blue-chip institution like Lloyds is willing to back a company still perceived by some as a fringe player in financial services.

The market reaction will be worth watching. Investors tend to reward companies that demonstrate disciplined growth funded on favourable terms, especially when that growth slots neatly into an existing strategic puzzle. This transaction does just that: the funding is in place, the stores are known entities within the network, and the earnings accretion is baked in.

All eyes will now turn to how these stores are integrated and what it means for CCV’s top and bottom lines in the next few reporting periods. For a company once pigeonholed as a pawnbroker, Cash Converters is proving it can still surprise the market—this time with a bank-backed cheque and a roadmap that’s looking increasingly international.

In a market already teeming with fitness gadgets promising everything short of immortality, WHOOP has launched its boldest salvo yet with the arrival of WHOOP 5.0 and WHOOP MG in Australia. Promising to take wearables from glorified pedometers to pocket-sized longevity labs, this latest release could reset expectations around personal health tech.

Boston-based WHOOP—still private, cashed-up, and with Cristiano Ronaldo in their corner—has launched not one, but two devices tailored for the biohacking brigade and health-conscious everyperson alike. The WHOOP 5.0, alongside the new flagship WHOOP MG, is designed not just to measure performance but to help extend healthspan, that elusive grail of living well for longer.

“We’ve taken everything we’ve learned over the past decade and built a platform to help our members perform and live at their peak for longer,” said Will Ahmed, WHOOP founder and CEO. “We’ve held nothing back.” It’s a characteristically ambitious pitch from a company that has never shied away from high-performance rhetoric.

So what’s new? For starters, both devices boast a sleeker form factor—seven percent smaller—and a 14-day battery life, extendable to a month with the new Wireless PowerPack (included with Peak and Life memberships). Under the hood, enhanced sensors now capture biometric data 26 times per second, feeding WHOOP’s overhauled app experience.

But it’s the health features that steal the show. WHOOP MG comes with a medical-grade ECG sensor—think at-home heart checkups without the GP visit. Then there’s the new “Heart Screener”, which enables on-demand ECG readings and can detect signs of atrial fibrillation (AFib), a leading cause of stroke. Add to that Blood Pressure Insights (patent pending), giving daily systolic and diastolic estimates from your wrist.

The “Healthspan” feature, developed with the Buck Institute for Research on Aging, offers a twist on age: your WHOOP Age and Pace of Aging, based on nine health metrics. If your real age is 42 but your WHOOP Age says 35, congratulations—your lifestyle might just be adding years to your life, not subtracting them.

WHOOP has also stepped up for women’s health with hormone-linked insights across menstruation, pregnancy and perimenopause—something few wearables tackle comprehensively. And a revamped Sleep Score aims to nudge the sleep-deprived toward better nights.

On the fitness front, it’s no slouch either. With support for over 145 activities, from VO₂ Max tracking to strength-based muscular strain, WHOOP wants to be your performance coach and health adviser rolled into one snug wristband.

The pricing model is also noteworthy. WHOOP now offers three membership tiers for Australian users:

• WHOOP One: Fitness insights at $299 per year.

• WHOOP Peak: Deeper health and longevity features at $419 per year.

• WHOOP Life: The full suite, including medical-grade features, at $629 annually.

This tiered approach may appeal to both cost-conscious athletes and those chasing granular data and peace of mind.

Ronaldo—an investor and now official WHOOP evangelist—says the device helps him monitor and refine his habits. “It’s like a doctor on my wrist,” he said, adding a bit of star power to a launch clearly aimed at the global stage.

With mounting pressure on healthcare systems and consumers increasingly turning to proactive health tools, WHOOP's entry into the local market is timely. Whether Aussie consumers will buy into its data-heavy pitch en masse remains to be seen, but WHOOP 5.0 and MG mark a definitive step forward in the wearable tech arms race—not just tracking steps, but perhaps, rewriting the rules of ageing.

WHOOP 5.0 and WHOOP MG are available in Australia from May 9th via WHOOP.com.

By all accounts, Amplia Therapeutics (ASX: ATX) has reason to be chipper this week, as its flagship ACCENT trial in advanced pancreatic cancer has delivered a clinically significant result—fifteen confirmed partial responses (PRs), enough to claim superiority over chemotherapy alone.

In the biotech game, particularly in a field as daunting as pancreatic cancer, that’s no small beer.

Amplia’s ACCENT trial is assessing the company’s focal adhesion kinase (FAK) inhibitor narmafotinib (AMP945) in combination with the well-known chemotherapy duo gemcitabine and Abraxane. The trial, which commenced in January 2024, is now fully enrolled with 55 patients, 21 of whom remain on treatment. It is modelled after the MPACT study that originally validated the gemcitabine-Abraxane pairing.

According to the company, the fifteen confirmed partial responses—defined as tumour shrinkage exceeding 30% sustained over at least two months without new metastases—were enough to pass the pre-set efficacy threshold. That statistical line in the sand had been drawn at 15 PRs or complete responses (CRs) in the 50-patient cohort.

Notably, pancreatic cancer is infamous for its dismal prognosis and resistance to treatment, so even a partial response holds considerable weight. A complete response remains vanishingly rare.

CEO and MD Dr Chris Burns put it plainly: “We are extremely excited to have now recorded 15 confirmed partial responses in the ACCENT trial, demonstrating the benefit of adding narmafotinib to standard-of-care chemotherapy. With over 20 patients still on study we are hopeful that further PRs will be observed.”

That optimism may not be misplaced. If additional responses are clocked among the remaining patients, it would strengthen the already encouraging signal and bolster the drug’s case as a potential frontline enhancer.

The current ACCENT trial is open-label and single-arm, meaning there’s no randomised control group receiving chemotherapy alone. Instead, the company is benchmarking results against historical data, particularly from the MPACT trial published in the New England Journal of Medicine in 2013. While purists may grumble about the lack of a placebo arm, this approach is not uncommon in oncology—especially in indications where ethics would frown upon withholding treatment.

So far, the safety profile remains favourable. As noted in a prior April update, narmafotinib continues to be well tolerated, with adverse events in line with those expected from chemo alone. For a drug targeting a new biological pathway—FAK, which is overexpressed in pancreatic and other fibrotic cancers—that’s an encouraging sign.

For investors, the timing is propitious. Top-line data from the fully enrolled Phase 2a portion of the ACCENT trial is expected by mid-Q3 2025, making Amplia a stock to watch as the biotech reporting season heats up. It’s worth noting that the FAK space is garnering increasing attention globally, particularly in relation to solid tumours and fibrotic diseases.

Amplia’s approach targets the tumour microenvironment—essentially making the cancer’s ‘home turf’ less hospitable for growth and metastasis. It’s a promising frontier, and narmafotinib’s specificity and potency may give it a leg-up over first-generation FAK inhibitors.

That said, Amplia remains a development-stage biotech. Revenue is nil, and commercial success will hinge on successfully navigating further clinical trials, securing partnerships or licensing deals, and eventually wading through the regulatory minefield. The company will need to keep its powder dry—or top up the coffers—between now and a potential Phase 3.

Still, for a company that listed back in 2019 and has largely flown under the radar, Amplia is starting to make some serious clinical noise. If the forthcoming Q3 data echoes the current results, Amplia could soon find itself with more than just an encouraging acronym on its hands—it may have a pipeline-driving asset worth betting the house on. Or at least, worth watching closely.

No investment advice here—but keep your eyes on the ACCENT.