Herantis Pharma - Termination of coverage

Edison Investment Research is terminating coverage on Avacta Group (AVCT), BCI Minerals (BCI), Destiny Pharma (DEST), Globalworth Real Estate Investments (GWI), Henderson Alternative Strategies Trust (HAST), Herantis Pharma (HRTIS), Jupiter Green Investment Trust (JGC) and Rockhopper Exploration (RKH). Please note you should no longer rely on any previous research or estimates for these companies. All forecasts should now be considered redundant. Previously published reports can still be access

Herantis Pharma - Directed share offering

Herantis Pharma announced that it has raised c €6.8m in gross proceeds through the issuance of new shares in a directed share offering. This further strengthens its balance sheet, extending the current cash runway into 2022 and beyond key inflection points for priority assets CDNF in Parkinson’s disease (Phase I/II extension study data expected in Q320) and Lymfactin in breast cancer-associated lymphedema (Phase II top-line data expected in Q121). We increase our valuation of Herantis to €93.6m

Herantis Pharma - Funded to key data inflection points

Herantis Pharma is focused on the development of innovative regenerative medicines targeting unmet needs. The recent virtual capital markets day highlighted the progress of its two innovative assets: cerebral dopamine neurotrophic factor (CDNF), a potential disease-modifying treatment for Parkinson’s disease (PD); and Lymfactin, the only gene therapy in development for breast cancer-associated lymphedema (BCAL). Top-line data from the first part of the Phase I/II CDNF trial confirmed its safety

Herantis Pharma - CDNF early data show biological promise

Herantis has announced top-line data from the first part of the Phase I/II clinical trial on novel asset CDNF in Parkinson’s disease (PD). Data reported for the first six months are preliminary in this first-in-human clinical study for this novel MOA drug class. Safety and tolerability have been confirmed but, interestingly, the early biological efficacy signals (seen on PET imaging) serve as validation of the scientific hypothesis for CDNF’s potential neuroprotective and neurorestorative effect

Herantis Pharma - 2019 progress made; next up, CDNF data

Herantis Pharma progressed on multiple levels in 2019. With the main study of the Phase I/II cerebral dopamine neurotrophic factor (CDNF) study now complete in Parkinson’s disease (PD) (top-line safety and efficacy data are expected in Q120), positive trial data could validate the research efforts and enable future partnering opportunities. Advances have been made on the development of a non-invasive next-generation CDNF (xCDNF); three lead candidates have progressed into lead optimisation stage

Herantis Pharma - Trials on track as CDNF readout nears

Patient recruitment in the Phase II Lymfactin trial (AdeLE) continues to progress well, aided by the addition (in March) of new treatment centres in Sweden. Initial efficacy and safety data are on track for the end of 2020. Near term, top-line data from Phase I/II asset CDNF in Parkinson’s disease (PD) are expected by the year end; positive data from this trial could serve as validation of the research efforts and could also enable future partnering opportunities. H119 net loss was slightly abov

Herantis Pharma - Progressing towards proof-of-concept data

Top-line data from Phase I/II asset CDNF in Parkinson’s disease (PD) is expected in H219; positive efficacy/safety data from this ongoing proof-of-concept clinical trial would serve as validation of the research efforts and additionally could crystallise value through partnering opportunities. Recently reported Phase II data from the MedGenesis-sponsored GDNF PD trial has read-across to Herantis’s CDNF trial. The company is planning a directed share issue to a limited number of investors in addi

Herantis Pharma - Innovation at its core

Herantis Pharma is focused on the development of innovative regenerative medicines targeting unmet needs. Its two lead assets are cerebral dopamine neurotrophic factor (CDNF), a potential disease-modifying treatment for Parkinson’s disease (PD), and Lymfactin, the only gene therapy in development for breast cancer-related associated (BCAL) secondary lymphedema. The underlying science for both is novel and positive efficacy/safety data from ongoing proof-of-concept clinical trials expected in 201

Hardman & Co Research: Shield Therapeutics (STX): Cash management is key

Shield is a commercial-stage pharma company delivering specialty products that address patients’ unmet medical needs, with an initial focus on iron deficiency (ID). Since its US launch in July 2021, Shield and its partner, Viatris, have increased physician awareness of the differentiating characteristics of Accrufer® as an oral ID drug, in order to ramp up prescriptions (Rxs) and generate sales traction. Positive Rx momentum in 2022 and 2023, is expected to accelerate in 2024 and 2025 with the r

Morning Note – 8 April 2024

Avon Protection (AVON LN) - Good momentum but valuation full

New management has revitalised Avon. First half earnings were positive across-the-board and slightly ahead of our expectations.

Cenkos: RUA Life Sciences Plc -- Targeting cardiovascular disease

RUA Life Sciences, through its operating companies, is the rights holder to the novel bio-compatible polymer, Elast-Eon, provides third-party medical device development and manufacturing services and is internally developing Elast-Eon based medical devices to treat cardiovascular conditions. Financially, the company combines established recurring revenue streams with significant upside potential from its pipeline products. We believe the structure and financial opportunities RUA is targeting mak

Diaceutics | FY23 results - executing on strategy

As previously disclosed, Diaceutics delivered revenue of £23.7m for FY23, up 22% YoY (+19% in constant currency) and ended the year with £16.7m in cash and net cash. The reported net loss of £1.7m was in line with our forecast. This was the first year of executing the accelerated growth strategy which was reflected in the growth in revenue, the transition to a higher proportion of recurring revenue driven by adoption of the enhanced DXRX platform while an expanded and reorganised marketing struc

ANGLE: Gathering momentum in Pharma Services

Three new Pharma Services agreements with large cap pharma in 2024 demonstrate that ANGLE’s business development activities are successfully translating into customer income. These deals will make a valuable contribution to near-term revenues and also have the potential for more sizeable future revenues. Successful development of the underlying Parsortix-based assays could mean a transition into longer-term contracts for larger later-stage clinical studies, perhaps ultimately becoming companion

Morning Note – 18 December 2023

Evgen Pharma - Acquisition and £0.85m equity raise

Evgen Pharma has acquired Chronos Therapeutics Ltd for a total upfront consideration of c£0.9m, payable in Evgen shares. Accompanying this, Evgen has conditionally raised gross proceeds of £0.85m through an equity placing with the potential to raise a further £1.0m through a retail open offer and additionally up to £2.0m. The proceeds will fund several initiatives including maintenance of the acquired Chronos Therapeutics patent portfolio and to continue support manufacturing for lead clinical a

A year of progress, and addressing the future

Destiny’s full-year results for the year ending December 31 2023 included news of a strategic review of the options for its lead program XF-73 nasal. Cost-controls and reduced clinical trial spend at this point in the development of Destiny’s assets reduced the loss for the year. With the increased focus on the partnering of XF-73 nasal, we were left in no doubt after the analysts’ meeting that XF-73 nasal is both a valuable asset and that it will be partnered at some point in time. While an e

Oxford BioDynamics+ (OBD, House Stock at 8p) - Momentum building

RUA Life Sciences - Billion-dollar markets

RUA Life Sciences is developing products targeting billion-dollar global healthcare markets, which, if successfully commercialised it will generate significant value for the company. The current raise will support the business as it seeks to deliver the growth opportunities within its Contract Manufacturing business unit and commercialise and partner its lead vascular graft products and its heart valve leaflet composite material. We believe the company offers an attractive combination of establi

Morning Note – 1 December 2023

In-line Q3; strong operational performance prompts outlook upgrade

The Q3 results were in line with the consensus and AV’s estimates and, given the strong momentum across the key focus areas, the management upgraded its 2023 guidance. Moreover, the licensing by Astra of an early-stage obesity drug candidate should be a good addition to the firm’s pipeline, given the huge expansion potential for weight-loss drugs. Overall, a healthily-growing young oncology portfolio, promising prospects in other key areas, a strong pipeline and an improving balance sheet all su

Positioned for growth and innovation

FAB is a specialised Contract Research Organisation operating in monoclonal antibody engineering and production and supply. The company generated a 79% increase in FY20 revenues driven by its core expertise in antibody humanisation services, successful business development initiatives, with the newly launched RAMPTM technology attracting industry attention and initial revenues. Trading remains resilient to pandemic uncertainty in the year to-date and we leave forecasts unchanged. Development of

Rude Health

In light of the Brexit vote, we reflect upon the implications for the NHS and the wider healthcare industry. We take a pragmatic approach to how the referendum result will affect staffing, recruitment, clinical trials, drug pricing and small company grant funding in the coming months and years.