target healthcare

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Target Healthcare REIT

Funded for growth opportunities

Update | Property | 16 Mar 2018

Target has recently raised an additional GBP 94m in new equity and has extended its debt facilities by GBP 40m, providing the capital resources to pursue an immediate investment pipeline of more than GBP 100m. The strength of the pipeline and flexible debt facilities limit the drag from cash, while the expanded portfolio offers further diversification and scale economies to counter increasing asset prices. The shares have slightly de-rated during the process and offer an attractive 5.8% yield and growing dividend, which we expect to be fully covered on a fully invested basis.

Pixium Vision

Focus shifts to Prima as human trials proceed

Outlook | Pharmaceutical & healthcare | 08 Mar 2018

Pixium Vision is developing Prima, a potentially breakthrough wireless sub-retinal implant that generates electrical impulses at the retinal bipolar cell level to restore a form of central visual perception in patients with advanced retinal disease. While competing retinal implants generally target rare conditions involving near-total blindness, Prima seeks to address initially a larger unmet market indication, dry age-related macular degeneration (Dry-ARMD). Prima started human feasibility studies in late 2017 and could start EU pivotal trials in H119. Using a risk-adjusted NPV model, we obtain a pipeline rNPV of EUR 77.4m, down from EUR 82.6m previously.


Nearing prime time validation

Update | Pharmaceutical & healthcare | 05 Jan 2018

e-Therapeutics’ (ETX) Network-Driven Drug Discovery (NDD) platform has begun to deliver encouraging data that should support out-licensing of its immuno-oncology and hedgehog (Hh) projects with potential partners. Securing deals on the pipeline and the NDD platform are clear priorities for the company and having strong data in important new therapeutic areas will raise its profile. Although these are early-stage data, the company is moving in the right direction and meeting its targets. Our comparative venture capital (VC) methodology suggests an indicative value of GBP 41.9m.


A novel method of treating anxiety disorders

QuickView | Pharmaceutical & healthcare | 18 Dec 2017

Bionomics’ lead programme is BNC210 for the treatment of anxiety-related disorders. The drug is an orally bioavailable small molecule targeting the α7 nicotinic acetylcholine receptor, which has been implicated in the brain’s response to anxiety. It is currently being tested in a randomized, double-blind Phase IIb clinical study of 192 post-traumatic stress disorder (PTSD) patients, with top-line results expected in H218.

NeuroVive Pharmaceutical

Two new trials and likely out-licensing in 2018

Update | Pharmaceutical & healthcare | 14 Dec 2017

NeuroVive has made progress on multiple fronts over the past few months with both its core asset portfolio and non-core projects for out-licensing. Notable developments in the core portfolio include positive feedback from the EMA on the next Phase IIb trial with NeuroSTAT (traumatic brain injury, TBI) and orphan drug designation for KL1333 (genetic mitochondrial diseases) in Europe. Also, the lead compound has been selected in the NVP015 programme for genetic mitochondrial diseases with complex I dysfunction. In addition, investors had a first glimpse of the preclinical data on NVP022, which, together with NV556, targets NASH and both are in portfolio for out-licensing. Our valuation is SEK1.38bn or SEK26.3/share (vs SEK27.0/share previously).

Prescient Therapeutics

PTX-100 to target RhoA-mutant lymphomas

Update | Pharmaceutical & healthcare | 20 Nov 2017

Prescient Therapeutics is planning a clinical trial of PTX-100 in RhoA-mutant lymphomas, a niche indication where the company could potentially conduct a pivotal study before out-licensing. It has resumed recruitment in the Phase Ib component of trials of lead anti-cancer compound PTX-200 in acute myeloid leukaemia (AML) and ovarian cancer, and is working with the FDA to recommence its Phase II breast cancer study. The company had A$6.9m cash on 30 September, sufficient to fund operations into FY19. We value Prescient at A$62m or A$0.29 per share.

Heidelberg Pharma

ATACking cancer cells with novel technology

QuickView | Pharmaceutical & healthcare | 16 Nov 2017

Heidelberg Pharma is building a proprietary pipeline of Antibody Targeted Amanitin Conjugates (ATACs). Lead product, HDP-101, is in preparation to start clinical development at the end of 2018. The company has a back-loaded research and option deal with Takeda that could be worth up to $113m per product. The investment case rests on its current and new partnerships and on the clinical progress of its proprietary ATAC pipeline. Cash at end-9M17 was €4.5m; the company has an additional funding commitment of €5.6m, sufficient into Q218.

Target Healthcare REIT

Income growth and growing NAV

Update | Property | 09 Nov 2017

Target has published its quarterly NAV and dividend update. NAV total return was 3.0% in the quarter including dividends paid of 1.570p. With investor interest in modern, purpose-built care homes remaining strong the portfolio valuation increased further. While this is positive for NAV, it also highlights the strong competition for quality assets in the market. Despite the competitive market conditions, as previously indicated the managers have identified a number of acquisition opportunities that meet its qualitative and financial hurdles on which due diligence is progressing.

ASLAN Pharmaceuticals

Novel treatments for worldwide unmet needs

Initiation | Pharmaceutical & healthcare | 07 Nov 2017

We are initiating coverage on ASLAN Pharmaceuticals, a clinical-stage drug developer focusing on in-licensing drugs with a high prevalence in Asia that are orphan indications in the West. The company's lead asset is the pan-HER inhibitor varlitinib, which is in clinical trials for biliary tract cancer (BTC, pivotal) and gastric cancer (GC, Phase II/III), both of which are widely prevalent in Asia. The company has also planned a Phase II trial of ASLAN003 targeting AML via the novel mechanism of inducing blast differentiation. We initiate at NT$9.5bn or NT$72.87 per share.

Target Healthcare REIT

Careful investment paying dividends

Update | Property | 30 Oct 2017

Target recently released full year results for the year to 30 June 2017 and has published its annual report. The key figures showing strong growth in assets and rental income and increasing dividend cover had already been released. In this report we focus on the strategic progress made through the year and the medium-term outlook. Reflecting the manager’s identification of a number of acquisition opportunities, we have revised our estimates upwards for portfolio growth and assume that current debt facilities will be fully utilised by end-FY19, with net LTV increasing above the self-imposed 20% long-term target (to c 24%).


Progress continues

Outlook | Pharmaceutical & healthcare | 11 Oct 2017

NetScientific's healthcare portfolio progressed towards revenue generation during H117 with the soft launch of both Vortex and ProAxsis products into the research market. A series of value inflection points are expected in H217 and FY18 including Series A financings for all five holdings, the commercial ramp of ProAxsis's NEATstik following the recent CE mark approval, and targeting home health providers, payers, hospitals, and accountable care organisations to increase commercialisation of the Wanda platform. We value NetScientific at £57.3m or 83p per share.


Humanised CAR Tregs are a key step forward

Update | Pharmaceutical & healthcare | 09 Oct 2017

TxCell has announced it has a promising humanised CAR-Treg product that can be developed to control graft rejection in solid organ transplant. A trial is planned to start in late 2018. CAR Tregs offer a powerful and versatile new approach to immune system disorders; multiple sclerosis, lupus nephritis and the skin disorder bullous pemphigoid are also targets. TxCell had cash of EUR 8.68m on 30 June. The indicative market cap has been rebased onto CAR Treg indications and is now EUR 84.4m, formerly EUR 74m.