Samso ASX Biotech Radar: Weekly Review
- Noel Ong
- Jun 11
- 9 min read
As part of the Samso evolution, welcome to our weekly review of the different sectors on the ASX. Samso will give a short highlight of what has come across our radar each week and share our thoughts so that investors can start some DYOR.
The ASX Biotech Review is all about performance and innovation, with a clear demonstration of commercialisation in the biotech sector on the ASX.
What's on offer in this ASX Biotech Review?
When it comes to spotting undervalued potential in ASX stories, I often look for companies that are not only developing novel technologies but also demonstrating clear paths to commercialisation. The other category is what the opportunities are.
This month, three small-cap names on the ASX have really caught my attention: Memphasys Limited (ASX: MEM), Control Bionics (ASX: CBL), and dorsaVi Ltd (ASX: DVL). Each is on a very different mission, but all three are making measurable progress, and their recent share price performance looks like investors are starting to notice.
Memphasys Limited (ASX: MEM): Transforming Fertility and Animal Health
So why did I choose Memphasys Limited (ASX: MEM) for this review? It's an interesting business, a biotechnology company specialising in fertility solutions for both human and animal applications. It has a market capitalisation of AUD9.91M (7th June 2025)and a fairly stable share price range for the last 2 years, with a high of just over AUD $0.02 and a low of AUD $0.005. The biotech sector is like the mineral exploration business: High Risk-High Reward.
At the centre of it all is the Felix™ System, a sperm separation device designed to improve outcomes in human assisted reproductive technology (ART). The company hit a major milestone in March 2025 with the successful completion of its pivotal Phase III clinical trial.
The data showed Felix achieved embryo utilisation rates statistically superior to Density Gradient Centrifugation (DGC), and non-inferior to the Swim-Up method — the gold standard in ART. This is a game-changer for IVF clinics globally.
Why do I find this interesting? According to MEM, the global fertility market is substantial and growing. For instance, the equine artificial insemination market alone was valued at USD 681.1 million in 2023 and is projected to grow at a CAGR of 5.7% from 2024 to 2032.
Memphasys's technologies, like the Felix™ System, have the potential to capture a share of this expanding market, especially as they continue to gain clinical validation and regulatory approvals. Let's face it, it's still touch and go, but let's say if this is successful, then an MC of under AUD $10M is going to be re-rated.
Just as compelling is a growing network of partnerships: distribution agreements with Vitrolife (Japan, Canada, NZ), and ongoing discussions with Heranova in China and labs in Brazil. All of this feeds into their commercialisation pathway and regulatory submissions for CE Mark (Europe), TGA (Australia), and CDSCO (India).
Strategic Partnerships and Collaborations
(source: Memphasys Limited)
Vitrolife Group: Memphasys has secured a five-year exclusive distribution agreement with Vitrolife Japan KK, a subsidiary of the global leader in IVF technologies. This partnership has successfully integrated the Felix™ system into several high-volume clinics in Japan's private health sector. Additionally, the agreement has been extended to include distribution rights in Canada and New Zealand, facilitating Memphasys's entry into these early access markets.
Heranova Lifesciences: In December 2024, Memphasys signed a Letter of Intent with Heranova, a Hong Kong-based biotech company specializing in women's health. This collaboration aims to launch and distribute the Felix™ system in the Greater China region, leveraging Heranova's extensive experience in medical device distribution.
Monash IVF Group: Memphasys has conducted pivotal clinical trials for the Felix™ system in collaboration with Monash IVF Group across nine active sites in Australia. The trials have confirmed the system's best-in-class performance in sperm selection for assisted reproductive technology (ART), paving the way for global commercial expansion.
Then there’s RoXsta™
A complementary platform measuring oxidative stress. While initially tested in livestock fertility, it’s gaining serious traction for broader diagnostics. Their RoXsta Mega Cell High-Throughput Assay processes 96 samples in under an hour, which is a leap ahead of legacy systems that take up to 16 hours. This opens doors in both human and veterinary diagnostics.
Dr David Ali - CEO & Managing Director:
“We are thrilled that RoXsta™ can be so readily scaled, with the Mega Cell High-Throughput Assay device representing a further commercial opportunity for the Company. To date, much of the focus has been on smaller-scale assessments of RoXsta™, ensuring the results are accurate and the device is capable of being deployed in a commercial setting.”
“The success of these pilot studies suggest Memphasys can move into the next development phase, identifying significant opportunities and optimising antioxidant testing for both commercial and research-led laboratories.”
With a recent $1.275 million raise and an R&D rebate loan facility in hand, Memphasys is well-capitalised to keep the momentum going.
Highlights in 2025
Clinically validated success of Felix™ as a best-in-class ART solution.
Accelerated global commercial rollout in China, Brazil, and the UAE.
RoXsta™ expansion into high-throughput diagnostics with veterinary and human applications.
Strengthened funding base via $1.275M placement and R&D-backed loan.
Growing strategic partnerships with Vitrolife and Heranova.
Control Bionics (ASX: CBL): Assistive Tech Meets Global Expansion
What makes Control Bionics stand out to me is their blend of real-world impact and commercial smarts. Their core IP is the NeuroNode® — a wearable EMG device that allows people with conditions like ALS or cerebral palsy to communicate and control devices using muscle signals. Already approved across the US, Australia, and Japan, NeuroNode is now entering a new growth phase.
Recently, the company moved to a wholesale distribution model. In October 2024, a new US insurance code enabled standalone NeuroNode sales, opening up a whole new market of channel partners. They’ve already secured distribution agreements with SmartBox in the UK and are piloting new partnerships in the US and Europe.
Even more interesting is how they are extending their tech into new verticals. Their DROVE module, for example, retrofits power wheelchairs for autonomous navigation. TGA approved and now heading for FDA submission, it adds a mobility dimension to their assistive communication dominance.
And the NeuroStrip™? It’s their latest offering — a paper-thin, miniaturised EMG device already being trialled in sports science, rehabilitation, and health diagnostics. First revenue from NeuroStrip is expected in Q4 FY25, and their partner in Japan, StrokeLab, is leading a 100-patient study on Parkinson’s. CBL’s ability to translate IP into commercial applications is exactly what I like to see.
Jeremy Steele – CEO:
“We are delivering strong sales, cash collection and meaningful progress on our growth initiatives.”
“We’ve found strong commercial appetite for our core IP, the NeuroNode, through our NeuroNode Only strategy. We’ve rolled out this technology now to multiple distributors (both in pilot and contract phases) in multiple geographies.”
Highlights in 2025
US reimbursement code enabled NeuroNode standalone sales.
Strategic distribution wins in UK (SmartBox) and Japan.
New revenue potential through NeuroStrip™ and autonomous wheelchair tech (DROVE).
Highest US and Australian revenue in years alongside leaner operations.
SaaS revenue emerging from NeuroStrip cloud software.
dorsaVi Ltd (ASX: DVL): AI-Driven Injury Prevention in the Real World
dorsaVi, for me, is the pick of the three companies. I like small-cap companies applying deep tech to real-life problems. dorsaVi is one of those. Their core tech — FDA-cleared wearable sensors and now an AI-powered video movement analysis platform — is finding strong uptake in elite sports, clinical rehab, and high-risk workplaces.
Their latest product release, a first-in-class 3D motion analysis test, identifies ACL injury risk by capturing rotational torque forces that 1D force plates miss. For a physiotherapist or a sports team, that’s a leap forward in injury prevention. Over 80 clinics adopted their AI video platform within four months of launch. That’s impressive scalability.
Dr Andrew Ronchi – CEO:
“This technology represents a paradigm shift in sports injury prevention. Our AI-driven 3D motion analysis offers unprecedented accuracy in assessing knee mechanics in the clinic—something the industry has never had access to outside of biomechanics labs. We believe this innovation will become the new standard in ACL injury prevention and rehabilitation, delivering tangible benefits for athletes, teams, and clinicians worldwide.”
And they’re making waves in the US: collaborating with top sports physician Dr. Chirag Patel (ESPN Resident Expert), working on injury mitigation with elite athletes across the NFL, NBA, and MLB. Plus, they’re securing security and tech clearances with a major US clinical franchise network — a move that could expand them across thousands of clinics.
Most recently, they signed a three-year deal with SANO Health to deploy ViSafe+ Premium across remote mining sites. It’s a reminder that workplace safety remains a huge, and often overlooked, commercial opportunity.
Highlights in 2025
Launched 3D ACL injury test with AI-powered knee analysis.
Rapid uptake of AI-powered video platform across >80 clinics.
Strategic deal with ESPN’s injury expert, Dr. Chirag Patel.
Expanded use of ViSafe+ through mining deal with SANO Health.
Cleared path toward large-scale clinical rollout in the US.
Samso Concluding Comments
Each of these companies brings a different approach to biotech, but they all aim to deliver validated technology, targeting large addressable markets, and converting innovation into actionable business outcomes. Their progress across clinical, regulatory, and commercial fronts is why I am making the time to check them out.
Do not forget that the biotech sector is a very volatile sector of the ASX, and it is as unforgiving as the mineral exploration stories. What appears to be a cat may not eventually turn out to be a cat. My point is as much as the facts tell the story, be aware that market sentiments are definitely in play, and the cash burn rate of these companies is just as bad as those in the mineral exploration game.
Final Analysis
Memphasys has bridged clinical validation with global partnerships. Control Bionics has transformed a life-changing assistive technology into a commercially viable growth engine. dorsaVi, meanwhile, is evolving from a niche wearable tech firm into a scalable AI-driven diagnostics and safety platform. That is what it boils down to, and I think each business has exponential growth; we just need to find the details and follow the ins and outs of the business they are promoting.
Don't get me wrong, this is a sector I am now interested to learn and these three companies have their own unique value to me. dorsaVi is my pick of the 3 compnaies, especially with recent market excitement, and the business is in high-value markets that are always needing to fine-tune their products, and that is the athletes that make their business. Anything that is in the sports business is worth noting.
At Samso, we focus on unearthing stories that matter — companies that are building quietly, solving real problems, and forging global pathways from local innovation. These three biotech stories are not about hype; they’re about traction. If you value diligence over noise and fundamentals over flash, these are the names to watch.
Stay curious. Stay sharp. And remember — the smartest investments are often made before the headlines hit. Join us at www.samso.com.au to explore more ideas like these and be part of a community that believes in thinking deeper, investing better, and staying ahead of the curve.
References
Memphasys Limited. (2025). ASX Announcement – 14 April 2025 and 8 May 2025. Retrieved from https://www.memphasys.com
Control Bionics Limited. (2025). Quarterly Activities and Cash Flow Report – 31 March 2025; Investor Presentation – May 2025. Retrieved from https://www.controlbionics.com
dorsaVi Ltd. (2025). ASX Announcements – 3 Feb, 18 Mar, 30 Apr, 30 May 2025. Retrieved from https://www.dorsavi.com
ASX. (2025). Share Price Charts for MEM, CBL, DVL. Retrieved from https://www2.asx.com.au
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