With reporting season underway, we update Westfield Holdings, Flight Centre, APN News & Media, Circadian and Biota.
Circadian Technologies' 34% stake in Metabolic Pharmaceuticals received a boost when Metabolic announced the results of a phase IIa trial of its snappily named obesity drug, AOD9604. The company reported that the drug did not cause any safety problems and is now looking towards a larger phase IIb trial.
Despite the positive result, Circadian shares have fallen 16% since issue 120/Feb 03 (Hold for the Upside - $1.52) and continue to trade at a discount to the value of the company's investments. HOLD FOR THE UPSIDE.