Lion Global Investors accumulates shares in Valuetronics and iX Biopharma
Lion Global Investors’ iX Biopharma purchase
On Jul 22, Lion Global Investors acquired 3.71 million iX Biopharma : 42C 0% shares. The purchase increased the asset manager’s deemed interest from 49.54 million shares (4.54 per cent) to 53.25 million shares (4.87 per cent).
The transaction also lifted OCBC’s deemed interest from 4.71 per cent to 5.04 per cent, or 55.15 million shares, resulting in the bank emerging as a substantial shareholder.
The stake increase follows a series of strategic developments for iX Biopharma. In February, the speciality pharmaceutical company completed a placement of 75.8 million new shares, raising gross proceeds of at least S$6 million.
Cash and cash equivalents increased to S$15.9 million as at Mar 31, 2026, while net assets improved to S$17 million from S$400,000 at the end of FY2025. Working capital also improved to a surplus of S$11.3 million from a deficit of S$4.8 million.
At its July corporate briefing, management highlighted continued progress for Wafermine, its proprietary sublingual ketamine wafer being developed for acute moderate-to-severe pain.
The programme has completed its end-of-Phase II meeting with the US Food and Drugs Administration and is progressing towards Phase III development.
Management disclosed that operational medical systems is expected to provide about US$34.3 million of funding for Phase III studies, while iX Biopharma retains product rights and sponsorship.
In February, the company also announced a US$41 million US Department of Defense contract to further develop Wafermine for potential battlefield deployment under an emergency use authorisation pathway.
The company has approved the relocation of key manufacturing equipment from Australia to a US facility in Nevada.
Management noted that the move supports Buy American Act requirements, accelerates manufacturing readiness for Wafermine, and provides access to additional pharmaceutical manufacturing opportunities in the US market.
iX Biopharma will retain ownership of the equipment and underlying intellectual property.
For the nine months ended Mar 31, 2026, revenue declined 14 per cent year on year to S$4.8 million. However, gross profit increased 7 per cent to S$1.4 million and gross margin expanded to 30 per cent from 24 per cent, reflecting an improved product mix.
Net loss narrowed to S$3 million from S$8.4 million a year earlier, while adjusted Ebitda loss improved to S$1.7 million from S$1.9 million.
Management continues to position iX Biopharma around its WaferiX drug-delivery platform, which supports more than 40 pharmaceutical development programmes spanning pain management, peptides, hormones and metabolic health.
Recent developments include a strengthened balance sheet, Phase III funding support for Wafermine, progress towards US manufacturing capability and a Department of Defense-backed development programme.