4 Best-performing Canadian Pharma Stocks of 2024

Year-to-date gain: 187.86 percent
Market cap: C$462.9 million
Share price: C$15.89

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 multiple 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 Phase III trial results are expected in January 2025, and a pivotal Phase III study for CF-101 is expected to start in 2024. The company is also conducting proof-of-concept studies on DTR-001, a topical treatment for removing tattoos.

On July 29, Cipher signed a definitive asset purchase agreement with ParaPRO for its US-based Natroba operations and global product rights. Natroba is a topical treatment for scabies and head lice, and it has FDA exclusivity for the scabies indication through 2033.

Cipher’s share price climbed significantly over the following month, which included the release of its Q2 results. Sales of Epuris, Cipher’s bioequivalent to Accutane, were up by 13 percent compared to Q2 2023, marking their fourth consecutive quarterly increase. However, its price took a hit in September on early blind results from the MOB-015 trials.

Year-to-date gain: 123.73 percent
Market cap: C$35.85 million
Share price: C$0.66

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 an 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 results, the company shared it would be commencing human trials of ExoTPEN in 2025. On September 26, NurExone announced a non-brokered private placement of up to US$2 million, and reported it had closed the first tranche of US$1.61 million.

Year-to-date gain: 86.67 percent
Market cap: C$91.84 million
Share price: C$0.84

Satellos is a Canadian pharmaceutical company expanding treatment options for muscle disorders. The company has focused specifically on Duchenne muscular dystrophy, developing therapies to regenerate and repair muscle tissue by targeting the specific biological pathways involved. Its lead candidate SAT-3247, targets a protein called AAK1, which regulates the activity of stem cells that activate and differentiate new muscle fibers.

An acceptance to commence Phase 1 clinical trials of the drug was announced on August 19 and the first patient was dosed on September 18. Analysis of tests conducted on canines, shared on October 1, showed improved muscle morphology and increased muscle regeneration with no adverse side effects.

Year-to-date gain: 79.17 percent
Market cap: C$23.36 million
Share price: C$0.43

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 Direct Inject-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, Telescope Innovations 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 a 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.”