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 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).