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Cantargia has presented new data from the Phase I/IIa CANFOUR trial at the American Association for Cancer Research (AACR) 2023 meeting. This included an interim analysis of patients (n=73) with pancreatic cancer (PDAC) receiving nadunolimab (an IL1RAP-targeting antibody) in combination with chemotherapy. Superior efficacy was observed in nadunolimab-treated patients relative to historical data of chemotherapy alone (median overall survival (mOS) of 12.9 months versus 8.5 months). Deeper and mor
Companies: CANTARGIA (CANTA:STO)Cantargia AB (CANTA:OME)
Edison
Cantargia is a clinical-stage biotechnology company with lead asset nadunolimab (CAN04) under assessment for several oncology indications. The company has announced that the first triple-negative breast cancer patient has been treated in the Phase II part of the TRIFOUR trial. The Phase Ib portion showed a favourable safety profile of the drug with early signs of efficacy. The Phase II portion is an open-label, randomised trial to compare nadunolimab in combination with chemotherapy agents gemci
Following a period of increased clinical activity, Q422, as we noted previously, saw Cantargia narrow its development focus to its three most promising/advanced programmes. In our opinion, this was driven by a combination of financing considerations (given the bearish biotech sentiment) and early efficacy signals. The clinical focus in FY23 will be on progressing it lead asset, nadunolimab (CAN04), in controlled, randomised trials in pancreatic cancer (PDAC), non-small cell lung cancer (NSCLC) a
Cantargia’s development programme for its lead asset, nadunolimab (CAN04), continued to build momentum in Q322. The company’s results for the period report an operating loss of SEK74.2m, which was largely driven by R&D expenses of SEK69.7m. Cash outflow from operations for Q322 was SEK81.4m, bringing the total cash used in operations for 9M22 to SEK297.3m, up from SEK256.6m in 9M21, due to expanded clinical activities. Cantargia received net proceeds from the rights issue completed in August 202
Cantargia has presented new data concerning its IL1RAP-targeting antibody, nadunolimab (CAN04), which demonstrates the drug’s ability to reduce levels of tumour-promoting molecules in a pancreatic cancer (PDAC) microenvironment model. Similar reductions have been observed in PDAC and non-small cell lung cancer (NSCLC) patients treated with nadunolimab. Importantly, an IL-1β targeting antibody showed no such effect (nadunolimab blocks both IL-1α and IL-1β activation). Investors will recall the fa
Cantargia has announced it has recruited enough patients into both of its Phase I CAPAFOUR and Phase I/II CESTAFOUR trials to end enrolment. Both studies are investigating the company’s lead asset nadunolimab (CAN04) in combination with chemotherapy for the treatment of pancreatic cancer (PDAC) in CAPAFOUR and in advanced solid tumours in CESTAFOUR. With recruitment complete, management will progress the clinical development of CAN04 through the planning of a randomised trial in non-small cell l
Cantargia announced the first patient treatment under the extension arm of its Phase Ib clinical trial CIRIFOUR, evaluating lead asset CAN04 (IL1RAP-binding antibody, nadunolimab) as first-line treatment for non-squamous non-small cell lung cancer (NSCLC) in combination with checkpoint inhibitor Keytruda (pembrolizumab) and platinum-based chemotherapy. The study will recruit up to 24 patients and is designed to incorporate a dose escalation phase and an optional evaluation phase using the optima
The interim clinical data in non-small cell lung cancer (NSCLC) and pancreatic duct adenocarcinoma cancer (PDAC) (presented at ASCO 2022) is encouraging, in our view, and Cantargia’s nadunolimab (CAN04) development programme appears to be on track. In H122, the company increased R&D spend to SEK207.1m, from SEK150.1m in H121, as patient enrolment continued in five separate clinical trials. An estimated cash and short-term investments position of SEK575.2m (including the recent rights issue) is a
Companies: Cantargia AB
Premium
Cantargia has announced that it has resolved to carry out a rights issue of approximately SEK250m. The proceeds of the raise will be used to fund the clinical development of Cantargia’s lead asset, the IL1RAP-targeting antibody, nadunolimab (CAN04), as well as progress its second antibody programme, CAN10. Encouraging clinical data was presented at ASCO and also at the company’s recent R&D day, which highlighted positive results from the CANFOUR programme in non-small cell lung cancer (NSCLC, Ph
Cantargia has announced a package of positive data to be presented at the American Society of Clinical Oncology (ASCO) 2022 annual meeting on 3–7 June. The company reported encouraging results for its lead IL1RAP antibody, nadunolimab (CAN04), in a Phase IIa trial in non-small cell lung cancer (NSCLC, CANFOUR), a Phase I/IIa trial in first-line pancreatic cancer (PDAC, CANFOUR) and a Phase Ib trial in combination with pembrolizumab (CIRIFOUR). While all new data are interim, and therefore maturi
Cantargia’s Q122 results were in line with our expectations. Management highlighted progress in the development of its lead IL1RAP-targeting antibody, CAN04 (nadunolimab) in two of the prioritised indications, pancreatic cancer (PDAC) and non-small cell lung cancer (NSCLC). In PDAC, CAN04 has been included, pending remaining regulatory approvals, in the Pancreatic Cancer Action Network’s pivotal, Phase II/III Precision Promise clinical trial. This is a potentially registrational study that the c
Novartis presented full results from its CANOPY-1 trial with canakinumab (anti-IL1beta; Cantargia’s CAN04 is an anti-IL1RAP with complete inhibition of IL-1) at the American Association for Cancer Research (AACR) Annual Meeting in April 2022. In our view one of the key findings was that patients with non-squamous non-small cell lung cancer (NSCLC) did better than those with squamous cancer types. This is beneficial for Cantargia, which already has a trial in non-squamous NSCLC underway. With reg
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Companies: BILN IGP RBN SBTX
Cavendish
Verici’s $8.2m gross raise means the company can now focus on scaling Tutivia and invest further into the development of existing and new products. With a uniquely well balanced Tutivia test, a growing sales team and LCD coverage expected later this year, we forecast Tutivia revenues of $2.6m/$4.5m in FY24E/FY25E. The Thermo Fisher deal was a huge validation of Clarava and Verici’s technology and in addition to licensing/milestone payments, we forecast double digit royalties on net Clarava sales
Companies: Verici Dx Plc
Singer Capital Markets
26th March 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object
Companies: BIRD MBH CHRT INSE KMK FNTL HDD JNEO CCS
Hybridan
Companies: Aptamer Group Plc
Turner Pope Investments
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (
Companies: TXG NDVA TSVT BCOW Z29 TXG NCYT GNS SUN AMS OMG APH EKF EAH IMM AGL DEMG AGY TSTL IPO GDR ETX TRX HVO CTEC AVO OXB DEST VLG IXI VAL INDV AGR AVCT BAI 123F IMCR BCOW
Hardman & Co
SkinBioTherapeutics has reported on the 6-months to December 2023, noting steady revenue growth from lead product AxisBiotix-Ps, progress on the development of SkinBiotix with partner Croda (Sederma) and post-period end, the acquisition of Dermatonics. The company has updated on several positive developments through the start of 2024, including AxisBiotix Acne positive interim results, initiation of research on the MediBiotix Pillar and progress with the oral and inflammation programmes. The com
Companies: SkinBioTherapeutics Plc
Companies: CLBS GHH NANO TRX SAVE TMT GELN
On 18th December 2023 Incanthera announced a deal with Marionnaud in Switzerland to distribute ‘Skin+CELL’, its advanced dermatological solution for the delivery of vitamin B3 for skin protection and cosmetic rejuvenation. This gives Incanthera access to a high-end cosmetics distribution presence in Europe, and in addition, ownership of Marionnaud by AS Watson, the largest cosmetics distributor in Asia, offers significant new market opportunities further afield.
Companies: Incanthera Plc
Stanford Capital Partners
FY EBITDA and EBIT came in materially above consensus FY EBITDA came in at EUR98.8m, down 4% yoy and 12% above consensus. The EBITDA margin was 12.6%. Restated for one-off costs, it was 13.1%, more than 2 percentage points above the guidance. It was fully explained by price increases, notably on X-ray, mix and control of fixed costs. FY EBITA came in at EUR38m, 46% above consensus. 2024 guidance looks conservative Guerbet is aiming for organic growth above 8% (8.8%e). With markets growing at
Companies: Guerbet (GBT:EPA)Guerbet SA (GBT:PAR)
BNP Paribas Exane - Sponsored Research
IRLAB Therapeutics has confirmed the FDA’s alignment with its proposed Phase III programme for mesdopetam in levodopa-induced dyskinesias (PD-LIDs), following receipt of the minutes from its end-of-Phase II (EoP2) meeting held last month. Notably, the FDA has agreed on the primary endpoint being the Unified Dyskinesia Rating Scale (UDysRS), on which mesdopetam demonstrated a statistically significant improvement (p=0.026) in the Phase IIb study (secondary endpoint of that study). IRLAB will now
Companies: Irlab Therapeutics Ab
Tissue Regenix has reported on strong performance through 2023, noting record revenues driven by product adoption and expanded distribution, positive adjusted EBITDA for the first time and an increased cash position versus H1/23. FY23 revenues grew 20% to $29.5m supported by 25% growth from BioRinse products and 17% growth from dCELL products. Significantly, Tissue Regenix reported its first adjusted EBITDA profit for the year, +$0.9m, supported by revenue growth and cost management. We expect t
Companies: Tissue Regenix Group plc
Creo Medical has published a trading update for the 12 months to December 2023, during which the company focused on commercialising its core technology. Revenue for the period increased 13% YoY to £30.8m, while the underlying operating loss improved to £16.4m. Operationally, during the period, the number of confirmed users of Creo’s Speedboat range more than doubled over the year, the first procedures with MicroBlate Flex to ablate lung tumours were performed and Creo expects to receive regulato
Companies: Creo Medical Group Plc
Companies: NTQ KMK JNEO DCTA
LungLife AI is a medical diagnostics company focused on the development of AI-supported blood-based tests for the early detection of lung cancer. It has identified a significant medical need for non-invasive, sensitive and specific tests in early-stage lung cancer. The company’s core technology, the LungLB test, seeks to detect circulating tumour cells (CTCs) to identify malignant lung nodules. It aims to apply machine learning/AI (ML/AI) to derive algorithms to increase test accuracy. Following
Companies: LungLife AI, Inc.
This month's feature article is entitled 'Gold and a Chinese Credit Event'. A Western phenomenon? If you own, or are considering owning, gold or gold equities, it’s likely that you’re concerned about protecting your wealth, or the performance of your fund, in the expectation of some kind of financial instability. Maybe your confidence in policymakers is ebbing, or you’ve researched debt bubbles in history and concluded that physical gold and silver have been the safest places to be invested whe
Companies: NBPE ICGT ARBB CSN RECI CLIG HAT AVO STX VTA APAX
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