3 Best-performing Canadian Pharma Stocks (Updated August 2024)

Year-on-year gain: 124.64 percent; market cap: C$310.38 million; share price: C$12.40

Cipher Pharmaceuticals is a specialty pharma company with a diverse portfolio of treatments, including a range of dermatology and acute hospital care products. The company has out-licensed some of its offerings as well. Cipher began trading on the OTCQX Best Market under the symbol CPHRF on January 29.

In addition to its current portfolio, Cipher has acquired Canadian rights to two new dermatology treatments currently undergoing Phase III clinical trials: MOB-015 for the treatment of nail fungus, and CF-101 for the management of moderate to severe plaque psoriasis.

MOB-015 trial results are expected in January 2025. A Phase III COMFORT study of CF-101 has been completed, with a pivotal Phase III study due to start in 2024; results are expected by 2026. The company is also conducting proof-of-concept studies on DTR-001, a topical treatment for removing tattoos.

Cipher’s Q1 2024 results, released in May, showed a 20 percent increase in total revenue. Sales of Epuris, Cipher’s bioequivalent to Accutane, were up by 7.2 percent, marking their third consecutive quarterly increase. The company’s Q2 results showed consistent revenue year-over-year.

Year-on-year gain: 103.99 percent; market cap: C$30.71 million; share price: C$0.60

NurExone Biologic is the biopharmaceutical company behind ExoTherapy, a drug delivery platform that uses exosomes, which are nano-sized extracellular vesicles, to create treatments for central nervous system disorders, spinal cord injuries and traumatic brain injuries. It is a less invasive alternative to cell transplantation, which requires surgery and carries the risk of rejection.

NurExone’s first nano-drug, ExoPTEN, uses a proprietary sIRNA sequence delivered with the ExoTherapy platform to treat spinal cord injuries. ExoPTEN received Orphan Drug Designation from the US Food and Drug Administration (FDA) in October 2023, meaning it has been recognized as a potential treatment for rare medical conditions. The designation makes it eligible for incentives such as market exclusivity and regulatory assistance aimed at accelerating its development and approval.

During the release of NurExone’s Q1 2024 results, the company announced they anticipate starting human trials of ExoTPEN in 2025. On July 17, NurExone announced that ExoPTEN showed promising preliminary results from a small-scale study that tested its efficacy for optic nerve recovery in rats.

Year-on-year gain: 93.75 percent; market cap: C$25.7 million; share price: C$0.47

Telescope Innovations is a chemical technology company that develops scalable manufacturing processes and tools that combine robotic automation, online analysis and machine learning for the pharmaceutical and chemical industries.

The company has commercialized its DirectInject-LC system. Short for Direct Inject Liquid Chromatography, the system combines hardware and software to analyze chemical reactions and can potentially reduce the time and cost of new drug development.

On July 31, the company entered into a collaborative research agreement with pharma giant Pfizer (NYSE:PFE) to accelerate pharmaceutical research and development using automation, robotics and artificial intelligence.

According to the press release, some efforts will focus on deploying Self-Driving Laboratories, a concept pioneered by Telescope Innovations in which robotic systems carry out experiments while AI algorithms analyze the data in real time to inform researchers about what the next steps should be. The release states that Self-Driving Laboratories are “capable of optimizing material properties and chemical synthesis methods up to 100x faster than traditional research methods.”