Search Follow us


1 - 12 of 376
Sort by: popularity | newest
Page  2 3 4 5 6 7 8 9 10  11>>  of 32 | Next
Oryzon Genomics

Awaiting for eventful 2019

Outlook | Pharmaceutical & healthcare | 18 Jul 2018

The next year is shaping up to be transformative for Oryzon with two data readouts from Phase IIa trials with ORY-2001 in Alzheimer’s disease (AD) and multiple sclerosis (MS). In addition, an innovative design basket trial with ORY-2001 in several neuropsychiatric disorders may also deliver first results next year. Oryzon is resuming the development of ORY-1001 in acute myeloid leukaemia (AML) and small-cell lung cancer (SCLC). While Roche’s departure was a setback in 2017, the stars started to align again after the Biogen Abeta antibody data provided a much-needed boost for AD research industry and indirectly for Oryzon’s ORY-2001. Furthermore, a fundamental study published in Cell described the potential of LSD1 inhibition in immunooncology setting adding a new dimension to ORY-1001’s potential. We value Oryzon at EUR 328m or EUR 9.6/share (vs EUR 9.4/share).

Elbit Medical Technologies

Two promising private assets

Initiation | Pharmaceutical & healthcare | 28 Jun 2018

Elbit Medical Technologies is an Israel-based healthcare investment company traded on the TASE. It is invested in two private companies: InSightec is a commercial-stage medical device company marketing a non-invasive thermal tissue ablation therapy in three indications and Gamida Cell is a cell and immune therapy company developing a universal bone marrow transplant (BMT) product for haematological malignancies. Although their recent offerings of NIS182m of convertible notes lengthen the cash runway it raises the prospect of dilution in 2022. In addition, the parent company Elbit Imaging (~89% owned) has its own challenges. We value Elbit Medical at NIS407m or NIS1.76 per share.


Developing a sophisticated clinical strategy

Update | Pharmaceutical & healthcare | 21 Jun 2018

Celyad has reached the potentially crucial three billion natural killer receptor (NKR) CAR T-cell dose (CYAD-01) in acute myeloid leukaemia (AML) with the first patient showing no signs of toxicity. If responses are seen in several patients, an expansion phase could start; a strong response was seen in November at the 300 million cell dose. Interim data are promised by Celyad in late 2018, probably at ASH. There are now several studies running or starting including using two courses of CYAD-01 in AML (after an initial response), evaluation of conditioning therapy with AML and combinations of CYAD-01 with chemotherapy in colorectal cancer. The indicative value remains at EUR 1,040m, EUR 84 per share.


Lonza to make CAR Tregs

Update | Pharmaceutical & healthcare | 12 Jun 2018

TxCell has announced that Lonza, the biopharmaceutical and cell manufacturing global specialist, will produce its CAR Tregs. TxCell uses a robust manufacturing design to give low inter-patient variability with potentially consistent therapeutic results. The time needed to transfer and validate the process in Lonza will push the IND filing to H119, formerly by Q418 but with security of supply. TxCell has drawn EUR 5.4m of convertible loans ytd and is seeking longer-term funding or a partnering deal. The indicative valuation remains at EUR 87.9m.

Solid State

Battery packs to power warehouse robots

QuickView | General Industrials | 12 Jun 2018

Solid State has announced that it has received contracts with a major UK smart warehouse solutions provider and robotics manufacturer to supply ruggedised power units for autonomous robots operating in cold storage warehouses. The contracts have a combined value of £4.3m. Deliveries will commence in H219 and continue into FY20, with potential for additional recurring revenues from the supply of replacement cells, which are consumable items, in later years. The contracts are supportive of consensus estimates, which are unchanged.


Tackling tumour promoting inflammation

Initiation | Pharmaceutical & 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.


Kicking the hornet's nest of immunoncology

Initiation | Pharmaceutical & healthcare | 07 Jun 2018

Immunicum is a Sweden-listed, clinical-stage immunoncology (IO) company that develops allogeneic dendritic cell (DC) technologies. Its first clinical product, ilixadencel, is in Phase I and II combination studies in several solid tumour indications. Two studies are expected to report in 2019; the first is the Phase II MERECA data in renal cell carcinoma (in combination with sunitinib). Interim data from the Phase I/II multi-indication study where ilixadencel is being tested in combination with a checkpoint inhibitor are also expected in H219. We initiate coverage of Immunicum with an rNPV valuation of SEK1.13bn or SEK22.1 per share.

International Stem Cell

Third cohort ready to go

Update | Pharmaceutical & healthcare | 06 Jun 2018

International Stem Cell (ISCO) recently announced that the data safety monitoring board for its Phase I trial of ISC-hpNSC in Parkinson's disease (PD) has authorized the enrollment of the third cohort of four patients. The study has already enrolled eight patients at the 30m and 50m cell levels and will now enroll patients at the 70m cell level. Recruitment will begin immediately. The company announced interim six-month results from the first cohort of four patients in November and we expect additional data from this as well as the second cohort in the coming months.


Progressing a broad clinical strategy

Update | Pharmaceutical & healthcare | 30 May 2018

The placing has given Celyad a cash boost of EUR 46.1m gross adding to the EUR 34m on 31 December 2017. Celyad is designing a set of sophisticated clinical trials to expand understanding of its novel NKR CAR T-cell therapy. The THINK study, focused on AML and colorectal cancers, showed a near complete response (CR) in AML in Q417 plus two other AML responses and two colorectal stable disease cases. The highest THINK dose range should complete in H218. The SHRINK study, NKR CAR T-cells plus chemotherapy in metastatic colorectal cancer (mCRC), has dosed its first patient. The indicative value has been adjusted to EUR 1040m, EUR 85 per share.


IMPALA the focus as funding gap remains

Update | Pharmaceutical & healthcare | 29 May 2018

Mologen’s Phase III pivotal trial (IMPALA) in metastatic colorectal cancer (mCRC) is now the focus for investors as both the Phase II trial (IMPULSE) in small cell lung cancer (SCLC) and Phase I trial in HIV (TEACH) are now complete. The company recently announced the results of a statistical forecast that has predicted the primary analysis of the data will most likely occur in April 2020 (95% CI: +/- five months). Cash reach has been prolonged to the end of 2018 by recent financing arrangements, and the signing of a licence and co-development agreement with Oncologie, in addition to R&D cost reductions. A new study with lefitolimod in HIV (TITAN) is expected to be initiated by Aarhus University Hospital in 2018. We value Mologen at EUR 243m (EUR 6.5/share).

ReNeuron Group

The rise of the exosome

Update | Pharmaceutical & healthcare | 22 May 2018

ReNeuron introduced its exosome nanomedicine programme at its recent capital markets day. While being a preclinical programme, it has three significant advantages. First, it gives ReNeuron the potential to expand into new therapeutic indications. Second, it opens up the potential for collaborations in diagnostics and drug delivery. Third, it builds on its wealth of experience and IP and on its CTX cell line on which ReNeuron’s existing products and the exosome platform are built.


bluebird bio back for more

Update | Pharmaceutical & healthcare | 17 May 2018

Medigene has announced an expansion of its bluebird partnership, giving significant external validation of its T-cell receptor (TCR) technology platform. The full partnership now covers six targets and is worth potentially US$1.5bn in development and commercial milestones, in addition to royalties on any future sales. Medigene’s own internal pipeline continues to advance with its MDG1011 Phase I/II TCR clinical trial now enrolling patients. Additionally, we forecast that the Phase I part of the TCR trial and the now fully enrolled Phase I/II DC vaccine trial will read out in 2019. We have updated our forecasts and now value Medigene at EUR 416m (EUR 18.65/share) vs EUR 396m (EUR 17.8/share) previously.