Event in Progress:
Discover the latest content that has just been published on Research Tree
Nicox’s Q222 update confirms its overall business plan and its expectation that primary efficacy data for the Mont Blanc Phase III study of lead candidate NCX-470 for the treatment of open-angle glaucoma and ocular hypertension will be released in November 2022. The Mont Blanc data release is potentially a key catalyst for the company, given NCX-470’s opportunity as a best-in-class single-agent glaucoma therapy. The company reported gross cash of €31.6m at 30 June 2022 (vs €35.1m at end-March),
Companies: NicOx (COX:EPA)Nicox SA (COX:PAR)
Nicox has completed screening for additional patients for its Mont Blanc Phase III study of lead candidate NCX-470 for the treatment of open-angle glaucoma and ocular hypertension. Given that the primary efficacy endpoint measurements conclude at three months following a patient’s first NCX-470 dosing, the company now expects to report top line efficacy data in November 2022, earlier than its previous guidance of Q123. The Mont Blanc data release is potentially a key catalyst for the company, gi
Nicox’s lead candidate NCX-470 continues to advance in the Mont Blanc Phase III trial targeting the topical treatment of glaucoma, having recently reached 98% enrolment. While Mont Blanc data are still expected in Q123, the company has recently pushed back the forecast completion timeline for Denali, the second Phase III trial, and we have thus postponed our NCX-470 launch expectation into H226 (from H225). Nicox’s decision to advance NCX-4251 into dry eye disease (DED) significantly boosts the
Nicox has announced a new governance structure that will separate the functions of CEO and chairman. Andreas Segerros, an experienced global pharma executive, will become the company’s CEO effective 1 June 2022. Mr Segerros has relevant industry experience in glaucoma, given that while he was the global head of ophthalmology at Pharmacia, he helped launch Xalatan (latanoprost), the first approved prostaglandin F2α drug in the indication and the first to reach over a billion dollars in sales. Mr
Nicox announced on 9 December that it has raised €15m in gross proceeds (€13.7m net) through a private placement and restructured its bond financing agreement with Kreos Capital. Management expects these initiatives to extend Nicox’s cash runway to Q423, and thus comfortably past the top-line Mont Blanc Phase III study data readout for NCX-470 in glaucoma, expected in Q123. We expect the Mont Blanc data release to be a potential key catalyst for the company. The improved funding visibility throu
While the Phase IIb Mississippi study in patients with acute exacerbations of blepharitis did not meet the primary endpoints in that indication, a post-hoc analysis showed potentially promising data that NCX-4251 could provide clinical benefit in patients with dry eye disease (DED), a c $5bn market. Given that blepharitis is commonly associated with DED, of the 224 enrolled patients, 123 were found to have inferior corneal staining (by a score of at least two on a five-point scale), a key sign o
Nicox published a third quarter operational update on 19 October and provided new prescriptions uptake data for its two commercial-stage out-licensed products, Vyzulta and Zerviate. Nicox reported that the number of US prescriptions for Vyzulta rose by 35% y-o-y in Q321 and for Zerviate the increase was 213% y-o-y. Net royalties increased by c €0.1m q-o-q to €0.7m. The company also reiterated recent guidance on the progress of its key internal programmes, including the reporting of primary effic
Nicox reported H121 results that were largely in line with our expectations on a cash flow basis and provided an update on its ongoing Phase III programme for NCX-470 for the treatment of elevated intraocular pressure (IOP) in patients with glaucoma or ocular hypertension. The company now expects to report top-line data for the Mont Blanc trial in Q123, versus Q222 previously, primarily due to continuing recruitment impacts caused by the COVID-19 pandemic. To account for this guidance and allow
Nicox reported that the Mississippi Phase IIb study assessing NCX-4251 against placebo in patients with acute exacerbations of blepharitis did not meet its primary or secondary efficacy endpoints. Although we reduce our NCX-4251 probability of success and push out its potential launch timelines, this does not substantially affect our valuation of the company, as we continue to view the primary driver (c 80% of our rNPV valuation) as the NCX-470 programme in glaucoma. Top-line data from Mont Blan
Nicox provided a mid-year business update on 16 July and reported details on the progress of its key programmes. The company’s lead internal programmes, NCX-470 and NCX-4251, continue to advance in their respective clinical trials. Top-line data from Mont Blanc, the first of two Phase III NCX-470 studies in glaucoma and ocular hypertension, is expected in Q222. Data from the second Phase III trial, Denali, are now expected in 2023 (versus Q422 previously), and we have revised our potential US la
Nicox’s Q1 results, reported on 19 April, were largely in line with our expectations. The company continues to make progress with its leading clinical programmes, with lead candidate NCX-470 having reached 50% of its enrolment target in the Phase III Mont Blanc trial assessing the drug candidate’s ability to reduce intraocular pressure (IOP). As NCX-470 expands on an already-established dual IOP-lowering mechanistic approach, we believe, if approved, it could become the most potent single-agent
Nicox’s lead candidate NCX-470 targets the topical treatment of glaucoma by utilising and expanding on an already-established dual intraocular pressure (IOP)-lowering mechanistic approach. Top-line data from Mont Blanc, the first of two Phase III studies, is expected in H122. The second Phase III trial, Denali, already ongoing in the US, recently received approval to begin enrolling patients in China. Denali study data is expected in Q422, which we believe should support a potential US launch in
Nicox develops drugs for eye diseases, with lead candidate NCX-470 in Phase III trials targeting the topical treatment of glaucoma by utilising and expanding on an already-established dual IOP-lowering mechanistic approach. Top-line data from Mont Blanc, the first of two Phase III studies, are expected in H122, and we expect a 2024 launch and sales of over €450m in 2030 in the US and major markets. Nicox is well funded through the Mont Blanc inflection point and we derive an rNPV valuation of €3
Companies: Nicox SA
Research Tree provides access to ongoing research coverage, media content and regulatory news on Nicox SA.
We currently have 0 research reports from 2
EKF has reported a strong H1, with revenues of £37.5m and double-digit growth in underlying non-Covid related business. Management reports it is trading in line with expectations for the full year and we make no change to our profit forecasts at this stage. New growth initiatives are proceeding to plan and should lead to accelerated core growth from FY23 onwards. We continue to see substantial upside on successful execution with the shares trading on an FY23 P/E of 13.1x and an EV/EBITDA of just
Companies: EKF Diagnostics Holdings plc
Singer Capital Markets
Kromek reported full-year results to 30 April that were in line with the trading update of 16 May. Record visibility over our FY 2023 revenue forecast of £18m (c.53% of which is already contracted and 37% “Awarded not Contracted”, with the balance from its normal monthly run rate) is a great start for FY 2023 on which the company can build further. We are leaving forecasts unchanged for the moment, despite additional contract wins, and expect to introduce FY 2024 forecasts at the time of its int
Companies: Kromek Group Plc
Kromek announced a £1.7m fundraise by way of the issue of convertible loan notes (8% coupon, 18-month conversion period at 15p per share), which will allow the company to minimise any potential supply-chain disruption to the delivery of contracts during the year. We make only minor changes to forecasts to reflect the additional interest (c.£0.1m) accrued, with adjusted pre-tax loss increasing to £5.0m. We leave our target valuation of £118m (27p) unchanged, with near-term catalysts (e.g. a secon
Companies: Omega Diagnostics Group PLC
Dish of the day
No joiners today.
No leavers today.
What’s cooking in the IPO kitchen?
Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group export
Companies: SDI FUL PURP OSI IXI BSE BRSD ATM
Companies: TIDE EXR FTC KMK PEB RBG ETP
Smith & Nephew reported mostly in-line Q2 22 numbers, missing the top-line estimates (-0.6%) but beating on the trading profit (+0.5%), albeit marginally.
The Q2 performance was overshadowed by a 100bp margin downgrade for FY22 (-50bps Y-o-Y vs +50bps previously), which sent the stock ~9% lower in the session following the update. The reiteration of the top-line growth outlook of 4-5% was no help either.
We will cut our estimates, largely to reflect the soft margin guidance.
Companies: Smith & Nephew PLC
In Q2, Astra sustained its solid top-line momentum. Like in the past few quarters, this outperformance was again driven by higher COVID-19 business sales and solid growth in Diabetes drug Farxiga. Moreover, the recovering Oncology and much-needed green shoots in Rare Diseases were the icing on the cake. Although, profitability again came under the scanner but should improve in the coming quarters/years as the company completes its ‘growth phase’. Overall, a decent set of results and our positive
Companies: AstraZeneca PLC
Companies: SourceBio International Plc
Dish of the day
No joiners today.
Leavers: No leavers today.
What’s cooking in the IPO kitchen?**
Inteliqo Limited, intends to join the Aquis Growth Market. Inteliqo Limited provides sales, marketing and distribution services to technology product owners under long-term distribution agreements. The Company has agreed its first such agreement in respect of the Ipedia iQ product range. The iQ product is a smart translation earphone (earbuds) system which offers integrated real time speech
Companies: ARBB ARO ETX NAH RENE SYM THR
Belluscura has announced that it has entered into a Group Purchasing Organisation Product Supply Agreement with VGM Group which further expands its distribution network across the US.
Companies: Belluscura PLC
Companies: Argo Blockchain Plc (ARB:LON)Kromek Group Plc (KMK:LON)
For the year to 30 April 2022 Kromek reported results in line with the Trading Update of 16 May: revenue of £12.1m, +16.5%YoY, and an EBITDA (adj.) loss of £1.2m. We estimate revenue in the Advanced Imaging division grew 28% YoY to £4.6m, whilst the CBRN segment grew 1.5x to £5.4m.
Kromek reports that it expects growth to accelerate in both its core segments – security-related CBRN and advanced imaging – with the prospect of “a substantial year-on-year increase in revenue”. The CBRN segment in
Smith & Nephew’s growth acceleration and margin expansion in Q2 should continue in H215, more reflecting internal changes than improvements in market fundamentals. Its c 13% premium on 2015 P/E to its global ortho peers is supported by its brisker growth and strategic value.
Feature article: Utility regulation – Changes afoot - Patching up a tainted model
While the gas supply crisis – and its price implications – have dominated the UK price regulated sectors in recent months, other issues have arisen that have seriously tainted the price regulation system itself. Indeed, it is fair to ask whether it is ‘’fit for purpose’’.
Back in 1984, price regulation, via an unsophisticated RPI-x formula, was introduced to prevent the privatised British Telecom (BT) from abusin
Companies: VTA TRX FCSS IBT STX RECI PANR PCA OCI APP ARBB BBGI CLIG E7F0 FEV ICGT DNL FAS FJV CSN
Hardman & Co