Top 4 Canadian Biotech Stocks of 2024

Year-to-date gain: 4,377.33 percent
Market cap: C$301.31 million
Share price: C$47.64

Bright Minds Biosciences is focused on developing novel treatments for neuropsychiatric disorders and pain. Its portfolio consists of serotonin agonists designed to target neurocircuit abnormalities that make disorders like epilepsy, post-traumatic stress disorder and depression difficult to treat.

The company's drugs have been designed to potentially retain the powerful therapeutic aspects of psychedelic and other serotonergic compounds, while minimizing the side effects, thereby creating superior drugs to first-generation compounds, such as psilocybin.

On October 15, the company's stock price closed at an astounding 2,590 percent over its previous close, jumping from C$1.64 to C$44.11 in one day. Bright Minds issued a press release the next day, saying it was "unaware of any material changes" that would account for such a rapid and significant surge.

On October 18, the company announced a non-brokered private placement worth US$35 million at a price of US$21.70 per share, and the news rocketed its share price to a closing price of C$102.72.

Year-to-date gain: 457.14 percent
Market cap: C$180.47 million
Share price: C$2.34

Medicenna is a clinical-stage immuno-oncology company specializing in the development of innovative therapies for patients with challenging unmet needs. Its focus is on creating novel, highly selective versions of cytokines, such as IL-2, IL-4, and IL-13, which it refers to as "Superkines" and "empowered superkines."

Cytokines are small proteins that play a crucial role in regulating immune responses and helping cells communicate. Interleukins, which Medicenna says are at the core of its therapies, are groups of cytokines. The company's interleukins are engineered to fuse with specific molecules to optimize their function.

Medicenna's mission is to leverage its expertise in cytokine biology to design life-changing therapies that can potentially transform people's lives. Its therapies treat solid tumors, which have a low response rate to conventional cancer treatments, and autoimmune and neuroinflammatory diseases. Medicenna's lead candidate, MDNA11 has demonstrated therapeutic activity and an acceptable safety profile during clinical trials of monotherapy dose escalation in treating patients with advanced solid tumors.

On June 26, Medicenna received regulatory approval from the European Medicines Agency to expand its phase 1/2 clinical trial of MDNA11 as a monotherapy and in combination with Keytruda to Europe. On August 1, the company announced the first complete response in a melanoma patient following a 52-week treatment with MDNA11.

MDNA11 is currently undergoing a Phase 1/2 ABILITY-1 study for treating advanced or metastatic solid tumors. Clinical and preclinical data will be presented at the 39th Annual Meeting of the Society for Immunotherapy of Cancer from November 6 to 10.

Year-to-date gain: 356.67 percent
Market cap: C$104.54 million
Share price: C$5.48

ME Therapeutics Holdings is a biotechnology company focused on developing cancer-fighting drug candidates that can increase the efficacy of current immuno-oncology drugs by targeting suppressive myeloid cells, which have been found to hinder the effectiveness of existing immuno-oncology treatments. Immuno-oncology is a relatively new area of cancer drug research and has shown promising results when used to treat cancer with low survival rates.

In December 2023, ME Therapeutics announced that its antibody h1B11-12 effectively binds to and neutralizes G-CSF in lab and animal studies. Research by Dr. Kenneth Harder at the University of British Columbia showed G-CSF significantly affects breast and colon cancer growth and spread. Trials for the candidate are advancing.

On July 8, the company entered into a collaborative agreement with NanoVation Therapeutics, a biotech company that develops customized nucleic acid and lipid nanoparticle technologies to empower genetic medicine. The collaboration has already resulted in two new MRNA formulations, for which testing began on October 4.

Year-to-date gain: 127.43 percent
Market cap: C$187.98 million
Share price: C$2.57

Cardiol Therapeutics is a biopharma company developing innovative treatments for inflammation and fibrosis in cardiovascular conditions. Its research is concentrated on pericarditis, which is inflammation of the membrane surrounding the heart; myocarditis, or inflammation of the heart muscle; and heart failure.

Cardiol currently has two drug candidates in its pipeline. CardiolRx, the company's lead candidate, received an orphan drug destination in February 2024. The biotech company is also developing CRD-38, a drug formulation of cannabidiol that is administered subcutaneously for treating heart failure.

The company released positive top-line results from its Phase 2 open-label pilot study of CardiolRx in patients with recurrent pericarditis in June, and plans to release full clinical data at the American Heart Association Scientific Sessions on November 18.

On October 22, Cardiol announced it would be expanding the clinical program with a concurrent late stage trial of CardiolRx in patients with recurrent pericarditis who had ceased interleukin-1 blocker therapy. The trial is expected to begin in Q4.