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Clal Biotechnology Industries

Israeli science, worldwide presence

Initiation | Pharmaceutical & healthcare | 15 Jan 2018

We are initiating coverage on Clal Biotechnology Industries (CBI), an Israel/Boston-based healthcare investment company with an extensive portfolio incorporating a diverse range of technologies, indications and stages of development. CBI holds direct investments in 10 companies (nine biotech and one medical device company), most importantly MediWound, a NASDAQ-listed wound care company, and Gamida Cell, which is developing a universal bone marrow transplant (BMT) product. Also, BioCanCell and Biokine have programmes in Phase III or Phase III ready. We value the company at NIS918m or NIS5.87 per share.

Factor Therapeutics

Recruitment in VLU Phase IIb expected to build

Update | Pharmaceutical & healthcare | 17 May 2017

Factor Therapeutics updated the market that at the end of Q117, 12 venous leg ulcer (VLU) patients had been randomised to VF-001 or placebo in its Phase IIb trial, with a further 11 patients undergoing the two-week screening period prior to randomisation. We model the recruitment rate steadily increasing to 50 subjects entering screening per month (33 randomised), with the 168-patient trial being fully recruited by September. This would allow the last patient to complete their 12-week follow-up visit in December, with top-line data for the per cent wound closure primary end point reported in Q118. This timing would represent slight slippage on the company's target of top-line data read-out in Q417, but would leave our key valuation assumptions intact. Our valuation is unchanged at A$108m or A$0.15 per share.

CollPlant Holdings

Solid foundations with potential for growth

Initiation | Pharmaceutical & healthcare | 09 Mar 2017

CollPlant's investment story is built on the versatility of its plant-based technology, rhCollagen, and its application in regenerative medicine. It has strong potential across various subsectors, initially focusing on orthobiologics and advanced wound care. Two products have recently been launched: VergenixFG, targeting chronic and acute wounds, and VergenixSTR, targeting tendinopathy. CollPlant has recently postponed its NASDAQ offering and raised c $2m on TASE. Our rNPV prior the funding requirement is $61m (NIS225m), or 48c (NIS1.77) per share.

Smith & Nephew

In position to deliver FY16 targets

QuickView | Pharmaceutical & healthcare | 04 Nov 2016

Smith & Nephew (S&N) reported Q3 results in line with consensus. Following slower revenue growth than expected by management in H1, Q3 results indicate an improvement, particularly in emerging markets, which reported 6% revenue growth as the outlook in China improves. Significant revenue contributions continue to come from Sports Medicine Joint Repair and Knee Implants, although Wound Care remains weak. S&N's 3% premium rating on 2016e P/E to the average of its global orthopaedic peers is underpinned by evidence of improving growth prospects.

Factor Therapeutics

Healing chronic wounds

Initiation | Pharmaceutical & healthcare | 28 Oct 2016

Factor Therapeutics is developing VF-001, an advanced wound care product that promotes healing in chronic wounds. It is about to commence a randomised Phase IIb trial targeting venous leg ulcers, with top-line results anticipated in Q417. There is an urgent need for better therapies for this condition, with 40-70% of ulcers remaining unhealed after six months of the best current treatments. We value Factor at A$102m or A$0.14/share.

Tissue Regenix

Interim results underpin expectations

Update | Pharmaceutical & healthcare | 19 Oct 2016

Tissue Regenix's interim results are in line with our expectations and demonstrate the progress the company is making to achieve various milestones in each of its divisions. In particular, its Wound Care division made important progress in its commercialisation and achieved 510k market clearance for its SurgiPure XD product and increased its Medicare coverage for DermaPure (to 93%). We have increased our valuation to £364m (previously £338m) due to an updated exchange rate (£/$1.22), rebasing the model and using an updated H116 cash position of £13.5m.


Focused on value creation

Update | Pharmaceutical & healthcare | 20 Sep 2016

e-Therapeutics (ETX) is focused on driving value in its discovery platform. Costs will be reduced as the 17 product candidates in discovery as of July 2016 have been cut to a core five. Cash of £19.9m and future tax credits of c £6m, along with a reduction in cash burn, should fund ETX through to 2019. Legacy assets ETS6103 and ETS2101 will continue to be wound down with reduced costs; the company will look to out-license both. Validation of the platform is key to driving value and wider recognition; future deals, potentially in 2017, would enable this.

Tissue Regenix

Keeping the beat - next-generation heart valves

Update | Pharmaceutical & healthcare | 15 Sep 2016

Tissue Regenix's (TRX) investment story is built on dCELL, a versatile regenerative medical technology and its potential applications across the subsectors: cardiac, wound care and orthopaedics. The cardiac division has a proven technology with the broadest clinical experience, with 10 years of clinical follow-up data recently presented. We maintain our sum-of-the-parts valuation at £338m.

Tissue Regenix

Strong outlook in orthopaedics

Outlook | Pharmaceutical & healthcare | 28 Jul 2016

Tissue Regenix's (TRX) investment story is built on dCELL, a versatile regenerative medical technology, and its potential across the subsectors: wound care, orthopaedics and cardiac implants. Orthopaedics holds significant promise as the family of dCELL OrthoPure grafts is targeted at high-growth global markets where there are few effective alternatives. We have updated our sum-of-the-parts valuation model to £338m, a slight reduction due to revised product timeline launches, costs and revenue forecasts.

Tissue Regenix

Progressing on multiple fronts

Update | Pharmaceutical & healthcare | 22 Mar 2016

Tissue Regenix's (TRX's) investment case is built on dCELL, a patented decellularised tissue scaffold. Wound care is a main driver for TRX's growth and recent announcements demonstrate progress on many fronts. Most notably, the FDA has approved the first dCELL product as a medical device: SurgiPure XD for use in hernia repair. We have increased our sum-of-the-parts valuation to £380m (vs £346m previously).

Tissue Regenix

Strong prospects in wound care

Outlook | Pharmaceutical & healthcare | 22 Jan 2016

Tissue Regenix's (TRX) investment case is built on dCELL, a patented decellularised tissue scaffold, whose regenerative properties are applied in wound care, orthopaedics and cardiac implants. We see wound care as the main driver for TRX's growth and our sum-of-the-parts valuation of £346m. Our forecasts and valuation are unchanged, but updated for a stronger US dollar.

Tissue Regenix

Ready to blossom

Initiation | Pharmaceutical & healthcare | 14 Oct 2015

Tissue Regenix's (TRX) investment story is built on dCELL, a versatile regenerative medical technology, and its potential across the subsectors: wound care, orthopaedics and cardiac implants. We forecast that the US Wound Care subsidiary will be a driver of rapid group sales growth from the FY15 starting point of £0.1m, rising to £74m in FY21 boosted by product launches from all three divisions. Our sum-of-the-parts valuation is £325m.