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Signs of growing interest in IL-1 pathway targets

Update | Pharmaceuticals & healthcare | 08 Mar 2019

In January 2019, the first patient was treated in the Phase IIa part of the Phase I/IIa CANFOUR study. Patient screening is ongoing in five out of 20 clinical centres and the trial is on track to read out in early 2020. Recent industry newsflow suggests growing interest in IL-1 for cancer treatment, which adds credibility to Cantargia's approach: Novartis's second IL-1β antibody, gevokizumab (in-licensed in 2017), entered Phase I for cancer indications, while canakinumab is now in seven cancer trials. In addition, a French group is studying a CAR-T therapy targeting IL1RAP in a Phase I trial. Our valuation is slightly higher at SEK2.47bn or SEK37.3/share.


Executive interview – Cantargia

Edison TV: | Pharmaceuticals & healthcare | 28 Feb 2019

Cantargia is a clinical-stage biotechnology company based in Sweden, established in 2009 and listed on the Nasdaq Stockholm main market. It is developing antibodies against target IL1RAP to treat cancer and autoimmune diseases. Lead antibody CAN04 is currently being studied in a Phase I/II study in solid tumours focusing on NSCLC and pancreatic cancer. In this video, the company’s chief executive officer Göran Forsberg introduces the company and its lead asset, and provides an overview of R&D progress and expected newsflow.


Nidanilimab transitioning to Phase IIa

Update | Pharmaceuticals & healthcare | 03 Jan 2019

On 7 December 2018 Cantargia reached an important milestone – the completion of the Phase I part of its Phase I/IIa CANFOUR study with nidanilimab in solid tumours. Patients are now being screened for the Phase IIa part of the study and we expect the first patient to be recruited in the coming weeks, with top-line data expected in early 2020. Cantargia also recently presented fresh pre-clinical data at an antibody conference that support the rationale for developing nidanilimab in combination with chemotherapy. Our valuation has increased to SEK2.28bn or SEK34.5/share reflecting the increased probability of success for nidanilimab.


CANFOUR interim Phase I presented at ESMO

Update | Pharmaceuticals & healthcare | 30 Oct 2018

On 20 October 2018, Cantargia presented interim data from part I of its Phase I/IIa CANFOUR trial with nidanilimab (IL1RAP antibody) at the ESMO congress in Munich, Germany, demonstrating a good safety/tolerability profile so far. The maximum tolerated dose has not been reached and so a final dose (10mg/kg) cohort is being recruited. The Phase IIa part of the study is expected to start in Q418 as planned. Meanwhile, on 25 September Cantargia’s shares were up-listed to the Nasdaq Stockholm main market, which will expose the company to a wider investment community. Our valuation is virtually unchanged at SEK1.80bn or SEK27.2/share with the success probability rate subject to revision once the final Phase I data are published in Q418.


Phase IIa set to start in Q418

Update | Pharmaceuticals & healthcare | 13 Sep 2018

Cantargia continues to progress its main R&D programme, a Phase I/IIa CANFOUR trial with its lead drug candidate, which was given its official generic name nidanilimab (CAN04 previously) in June. Cantargia reported no concerning side effects from the first 15 patients in the Phase I part of the CANFOUR trial. As the maximum tolerated dose has not been reached, this part will enrol several more patients, although Phase IIa should still start in Q418, as planned. Our valuation is slightly higher at SEK1.79bn or SEK27.1/share.


Tackling tumour promoting inflammation

Initiation | Pharmaceuticals & healthcare | 07 Jun 2018

With its IL1-RAP inhibitor technology, Cantargia tackles tumour-promoting inflammation by targeting IL-1 signalling pathway. Moreover, lead asset CAN04, a fully humanized antibody, causes cancer cell death by an established mechanism ADCC. This dual mechanism action and the potential ability to harness the immunes system to fight cancer makes Cantargia an interesting immunoncology play, in our view. Recent Novartis data publication from its six-year Phase III cardiovascular outcomes study in heart attack patients with canakinumab (direct IL-1 β inhibitor) provides some validation to Cantargia’s plans, as it unexpectedly showed that the drug reduced lung cancer incidence and mortality. Our valuation of Cantargia is SEK1.64bn or SEK24.8/share.