Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on PAION AG. We currently have 7 research reports from 1 professional analysts.
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One hand on the prize
21 Nov 16
Paion has reported positive data from the first pivotal US study of its ultra-short-acting sedative remimazolam in procedural sedation. Induction and recovery from sedation was faster for remimazolam than the widely used drug midazolam, showing remimazolam could speed patient throughput in colonoscopy screening. Paion out-licensed US rights to Cosmo Pharmaceuticals for c €20m cash, €42.5m milestones and a 20-25% royalty. A second pivotal study is expected to complete recruitment in Q217. Our valuation moves to €208m (€3.74/share) vs €203m (€3.65/share) as higher US/Canada uptake is partially offset by uncertainty about EU development.
Colonoscopy Phase III success prompts US deal
05 Jul 16
Paion reported positive top-line results from its Phase III colonoscopy trial and promptly out-licensed US rights to Cosmo Pharmaceuticals. The deal brings c €20m of cash (including a €9.6m share purchase), €42.5m potential milestones and a 20-25% royalty. The next goal is end of recruitment in the bronchoscopy Phase III expected in late 2016/early 2017, with results two to three months later. We lift our valuation to €203m (vs €193m); the share issue sees our per-share valuation fall to €3.65/share (vs €3.81/share).
Pivotal colonoscopy results mid-year
17 May 16
Paion is approaching an important catalyst, with results from the US colonoscopy Phase III trial of remimazolam due to report mid-year. Filing for US approval is expected to be end 2017 at the earliest, as recruitment in the confirmatory bronchoscopy trial continues to be moderate. Partnering discussions for Japan are not expected to conclude until H216 at the earliest; we assume Japan filing in H217. We trim our valuation to €193m or €3.81/share (vs €203m or €4.01/share), with a launch date 12 months later in the US and Japan partly offset by lower forecast expenditure.
Extra four years US patent life a welcome boost
17 Feb 16
The patent term of Paion’s new US patent covering the crystalline form of remimazolam besylate has been extended by 4.3 years due to delays in the US patent office. This will extend US market exclusivity for the ultra shortacting anaesthetic to late 2031 vs our previous expectation of 2027, which leads us to increase our valuation to €203m from €182m. We look toward to the outcome of the pre-NDA meeting in Japan (Q116) and results from the US colonoscopy Phase III as potential near-term catalysts.
A setback in Europe, but US on track
10 Feb 16
Paion has discontinued its European Phase III trial of remimazolam for general anaesthesia in patients undergoing cardiac surgery due to slow recruitment. The US Phase III in colonoscopy is still on track to complete recruitment in the current quarter, but completion of the bronchoscopy Phase III may be pushed into 2017. Paion remains on track for a potential US filing in 2017, while a pre-NDA meeting with Japanese regulators in Q116 could clear the way for a filing in Japan, ideally with a partner. We delay our forecast launch date for general anaesthesia in Europe by two years to 2020 and lower our valuation to €182m from €230m.
Looking ahead to a pivotal year
18 Nov 15
Paion is at an advanced stage of developing its ultrashort-acting sedative remimazolam for use in procedural sedation and general anaesthesia. Three Phase III studies are due to report results in 2016, ahead of potential filings in the US and Europe in 2017. A positive outcome from a pre-NDA meeting with Japanese regulators in Q116 could lead to a filing in Japan in H216. We raise our valuation modestly to €230m from €224m as these milestones approach.
30 Nov 16
Abzena (ABZA): Interim results indicate happy customers (BUY) | Horizonte Minerals* (HZM): Fund raise completed (CORP) | SacOil* (SAC): Half-year trading statement (CORP) | Revolution Bars (RBG): New openings (BUY) | Amino Technologies* (AMO): Multi operator FUSION roll out (CORP)
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
N+1 Singer - Morning Song 29-11-2016
29 Nov 16
Vp has reported another impressive set of interims, confirming strong growth in most markets and a positive outlook. Recent acquisitions are bedding in well and the full year outturn is set to exceed previous expectations (5%/6% EPS upgrades in FY17/FY18). The recent Capital Markets Day provided a reminder of Vp’s qualities (specialist focus, high returns, strong cash generation) and its growth potential, which in our view are not reflected in a modest <11x P/E rating. We firmly believe the shares are due a re-rating and see intrinsic value in excess of 800p.
Food intolerance driving growth
29 Nov 16
Omega Diagnostics Group has an established core business providing high quality in vitro diagnostic tests within three core areas of competence – Food Intolerance, Allergy & Autoimmune, Infectious Disease – that are sold in over 100 countries. The group offers steady low single-digit growth which is profitable and cash generative. Investment in new products has seen the launch of a new panel of automated allergy tests and progress on Visitect CD4 for monitoring of HIV positive patients. Interim results highlighted the opportunities to accelerate growth of the business, particularly Allersys, which has drawn attention from its partner.
Small Cap Breakfast
29 Nov 16
Asia Pacific Investment Partner - the research-driven emerging and frontier markets real estate development business intends to float on AIM and conduct a placing in December RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.