Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on NEOVACS. We currently have 5 research reports from 2 professional analysts.
Frequency of research reports
Research reports on
US trial generates strong interest
23 Nov 16
Neovacs is running a Phase IIb trial on its lead immunotherapy project, IFN-Kinoid (IFN-K) for lupus. The US arm is now recruiting and is expanding from five to 15 centres due to strong interest. We now expect results from end 2017, formerly mid-2017. In Korea, CKD may start sales in 2018, but the main impact is likely to be in 2019. Partnering for other territories is now expected from mid-2018. The important VEGF-Kinoid for cancer and AMD might start Phase I in H117. Cash at the end of June 2016 was €9.2m.
01 Aug 16
Neovacs’s lead project, IFN-Kinoid (IFN-K) for lupus, started a 178-patient EU, US and RoW Phase II in Q315. It expects data by mid-2017. This is based on clinical response and measurement of the interferon signature (IS), a diagnostic marker of lupus. CKD, a leading Korean pharmaceutical company, partnered the product for Korea in 2015; marketing may start in 2018. Neovacs plans to partner IFN-K, implying possible launches in 2021. VEGF-Kinoid for cancer and AMD could start Phase I in H117 and a type 1 diabetes kinoid is in preclinical testing. Cash in December 2015 was €6.1m; a French rights issue in June 2016 raised €8m gross at €0.85/share.
Opinion change, from Reduce to Buy (Neovacs)
06 Jan 16
OPINION CHANGE CHANGE IN OPINIONBuy vs Reduce CHANGE IN EPS2015 : € -0.13 vs -0.13 2016 : € -0.25 vs -0.27 ns Due to the new funding from Bpi France (€5m), we have decreased the financial expenses, leading to a slight increase in EPS 2016. CHANGE IN NAV€ 1.87 vs 1.34 +39.8% We have revised up the valuation for IFN Kinoide after the partnership signed in late 2015, with a positive impact from 2016. This partnership strengthens the likelihood of success in Lupus and dermatomyositis, even if the results of the phase IIb is expected in late H1 17.
€7.5m capital increase
01 Jul 15
Neovacs has announced a €7.5m capital increase with three US institutional investors specialised in biotech investments. This capital increase will be carried out without preferential subscription rights. Neovacs will issue a total of 7.5m securities (30.5% of the shares of the company to date) at a price of one euro. Each security is composed of one ordinary share and one warrant. The warrant will be immediately detached from the share and will give the right to subscribe to 0.37732 of an ordinary share (at €1.25 per share) within 5 years. This represents a potential dilution of 10.33% and a potential increase in capital of €3.5m. The settlement of the new shares should take place no later than 3 July 2015.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced
Panmure Morning Note 15-02-2017
15 Feb 17
With the early January trading update having prompted us to upgrade forecasts, today’s interim results show how the group’s focus on areas such as product development and international sales are translating through to growth in both the top and bottom-line. The consistency of delivery is what impresses us, reflecting the maturity of the management team and the clarity of the longterm vision. We repeat our Buy recommendation.
N+1 Singer - Morning Song 21-02-2017
21 Feb 17
Abzena (ABZA LN) Contract bookings strong; US costs higher than expected | City of London Investment Group (CLIG LN) Earnings and interim dividend in line, some modest growth in FuM | dotdigital Group (DOTD LN) Good H1; broadening avenues of growth | Grafenia (GRA LN) Weak print volumes | Vernalis (VER LN) Interims highlight increasing Tuzistra™ scrip volume
Panmure Morning Note 20-02-2017
20 Feb 17
Chi-Med has announced the initiation of a Phase II study of savolitinib in locally advanced or metastatic pulmonary sarcomatoid carcinoma (PSC) in China. This is a disease where patients are usually diagnosed by normal pathology (i.e. not via molecular diagnostics methods) but given that 20-30% of PSC patient show c-Met gene amplification this potentially represents a very rich patient pool for savolitinib as a highly selective and potent oral c-Met inhibitor. The continued strength of Chi-Med’s clinical momentum is further demonstrated by today’s news and we consider this represents further upside potential against our existing investment case. We repeat our Buy recommendation.
Discovering a sustainable model
21 Feb 17
We expect C4XD to begin to deliver commercially in 2017, following the shift in strategy away from fee for service in 2016. Over the next 12 months we expect C4XD to sign its first pre-clinical out-licensing deal, develop at least one more product line and sign at least one more strategic alliance. We believe this demonstration of the model will translate to a step up in value and we initiate coverage with a BUY recommendation and 129p price target.
AIPAC Phase IIb starts randomised component
15 Feb 17
Prima BioMed maintains its leadership in LAG-3 immunotherapies with the initiation of the randomised Phase IIb component of the AIPAC trial of IMP321 in breast cancer. In addition, the TACTI-Mel study of IMP321 combined with Keytruda in melanoma is expected to complete recruitment and report safety data in mid-2017, while the pipeline now includes a first-in-class Lag-3 agonist antibody. Initial efficacy data on the first 15 patients in AIPAC is also expected mid-year. We have revised development timelines for in-house and partnered LAG-3 programmes, which sees our valuation decrease to A$252m or A$0.12/share (vs A$282m or A$0.14/share).