Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on PROBIODRUG AG. We currently have 5 research reports from 1 professional analysts.
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Combo trial data may boost early R&D
13 Sep 16
Today Probiodrug announced the results from a combination study of its lead Phase IIa product, glutaminylcyclase-inhibitor PQ912, and its specific monoclonal antibody PBD-C06, the company’s second asset in preclinical stage. This is the first preclinical proof-of-concept data and showed an additive effect of this two-pronged approach of inhibiting the formation and increasing the clearance of pyro-glutamyl-Amyloid beta (pGlu-Abeta), the toxic version of amyloid beta, potentially a key pathophysiological component in Alzheimer’s disease (AD). While PQ612 remains Probiodrug’s key asset, the encouraging preclinical findings in the combo study may boost the company’s earlier-stage programme, especially in light of Eli Lilly’s recent data from a Phase I study with a peer compound to PBD-C06 (see our outlook report).
First-in-class AD asset to deliver Phase IIa data
07 Sep 16
Full results from Probiodrug’s lead Phase IIa SAPHIR trial are expected to be announced early in 2017, which will be a major milestone for the pure-play Alzheimer’s disease (AD) company. The trial investigates the effects of first-in-class PQ912, a small molecule glutaminyl cyclase (QC) inhibitor, on AD patients. The differentiated approach in the AD field and likely sufficient cash position of €14.2m until the readout should be supportive to the share price. We value Probiodrug at €309m or €41.5/share.
Tolerable SAPHIR delay, full data early 2017
31 Mar 16
With its FY15 results, Probiodrug provided an update on the lead Phase IIa SAPHIR trial, which is well underway. R&D expenses were up year-on-year reflecting increased activities related to the study. The six-month delay was mainly a result of enrolment difficulties, which is not uncommon in Alzheimer’s disease (AD) studies due to increasing competition for the same early patient population. Importantly, measures taken by the company addressed this issue well, in our view. The final results are likely in late Q117 or early Q217 which, if positive, should enable Probiodrug to seek a partnership deal.
Private placement to extend cash runway
10 Nov 15
Probiodrug has announced a capital raise of €13.5m from a private placement of 0.68m new shares; we estimate net proceeds of €12.9m. These funds should ensure Probiodrug can move swiftly ahead with future development plans for lead product PQ912 once data from the ongoing Phase IIa SAPHIR trial become available around mid-2016. Furthermore, the improved financial position should ensure Probiodrug can negotiate any deal terms, if a partner is sought, from a position of strength. Our rNPV is increased to €234m with inclusion of these new funds.
On track for PQ912 data mid-2016
23 Sep 15
Probiodrug continues to expect data from the Phase IIa study of lead product candidate PQ912 around mid-2016. In the meantime, Eli Lilly is expected to announce initial data from the Phase I trial of its antibody-targeting pGlu-Abeta in Q415. This will have read-across to PBD-C06, Probiodrug’s preclinical pGlu-Abeta antibody. Current cash should provide sufficient funding until the PQ912 data readout, when Probiodrug may seek to partner PQ912. We value Probiodrug at €217.5m or €32.1/share.
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
accesso Technology (ACSO LN) Full year results in line, but key trading months still ahead | Augean (AUG LN) Double digit growth in ’16, good start to ‘17 | Earthport (EPO LN) Interims show continued top line strength | Goals Soccer Centres (GOAL LN) Good momentum under new team. It’s now all about delivery | IQE (IQE LN) FY’16 results prompt further upgrades | Microsaic Systems (MSYS LN) Challenges in 2016, strategy remains in place | mporium Group (MPM LN) Funds raised to help execute strategy | RhythmOne (RTHM LN) Dawn of the independents | ScS Group (SCS LN) Strong progress on key growth initiatives albeit comps now toughen | Sinclair Pharma (SPH LN) FY results: EBITDA ahead, Instalift™ gaining pace | Vectura Group (VEC LN) FY (9-month) results
Interim results lead to upgrades
27 Mar 17
Bioventix reported a strong set of interim results with revenues increasing by 32% (c.12-17% at constant exchange rates (CER)), driven largely by the continued roll-out of its customers’ Vitamin D assay products. This, in turn, led to a 41% increase in pre-tax profits and a 40% increase in adjusted EPS; which is reflective of the operational gearing of the business. We are upgrading our adjusted EPS to 78.7p (+5%) and, consequently, are raising our target price to 1750p. At this price level, the shares would trade on a 22.4x FY 2018 P/E and an EV/EBITDA of 17x. We await confirmation of Siemen’s high sensitivity troponin assay launch, expected in FY 2018.
27 Mar 17
Elecosoft* (ELCO): Steadily building profits (CORP) | Bioventix* (BVXP): Interim results lead to upgrades (CORP) | Hurricane Energy (HUR): Halifax discovery (BUY) | KBT Business Technology* (KBT): interims and contract win (CORP) | Independent Oil & Gas* (IOG): Licence updates (CORP)
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
Sinclair Pharma - Aesthetically Positioned to Continue Double-Digit Growth
23 Mar 17
With an innovative and differentiated product portfolio of injectable devices addressing the fast-growing aesthetics market, Sinclair is best positioned to continue to achieve double-digit revenue growth in the medium term.
N+1 Singer - Futura Medical - Licensing deal for CSD500 in Portugal
22 Mar 17
The agreement with F Lima further extends the market reach of CSD500, Futura’s erectogenic condom, and brings the total number of distribution partners to eight. The deal is in line with the company’s stated strategy of partnering with leading regional players in the consumer products space. We expect the condom to be launched in Portugal later this year. We retain a positive stance.