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Futura Medical plc
Commercialisation deal for China and SE Asia

Futura Medical has struck an innovative deal with Atlantis Group to market its MED3000 topical gel for erectile dysfunction throughout China and South East Asia. Atlantis, and its associated companies, will fund any registration studies and commercialisation costs in the region, with the resulting profits being split 50:50. Atlantic will also invest £2.0m in Futura Medical through £1.5m as Convertible Loan Notes and £0.5m in warrants, with a conversion price of 20p and exercise price of 22p respectively. The collaboration addresses market access to the largest target population for MED3000. Updating our model to reflect this deal, our new valuation is £181.5m, equivalent to 73.1p per share (71.3p fully diluted), from £153.8m (60.9p a share), previously.

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  • 04 Mar 21
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Nexstim PLC
A positive start to the 2020-24 strategy

Nexstim delivered record revenues in FY20 and its lowest EBIT loss, successfully navigating a challenging year through careful cost control and new efficient ways of digital working which contributed to resilient NBT therapeutic and NBS diagnostic system sales. The company is well-positioned to drive a disruptive shift in depression treatment (and its delivery) with its accurately navigated SmartFocus transcranial magnetic stimulation (TMS) NBT technology; however, with end-December cash of €3.5m, additional funding is needed to execute on its 2020-24 corporate strategy. A key facet of this is the opportunity afforded by novel accelerated rTMS therapy protocols in development for severe depression and chronic neuropathic pain. Promising first data from the ongoing pilot study in severe depression will guide next steps for further development, clarifying cost and timelines.

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  • 04 Mar 21
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Allergy Therapeutics plc
Record revenues demonstrate resilience of operations

Allergy Therapeutics delivered record interim revenue of £54.0m (+7%, +5% CER) and operating profit pre-R&D of £20.5m during financial H121, emphasising the resilience of its European commercial business despite COVID-19 impacts and the spectre of Brexit. Operationally, the company is also progressing steadily with its pipeline. The G309 exploratory Grass MATA MPL Phase III study is fully enrolled, with most subjects treated ahead of the pollen season; data, anticipated in the autumn, are expected to inform design of the G306 pivotal grass trial (scheduled to start autumn 2022). The ongoing P001 ex vivo peanut allergy biomarker study should read out in the spring, ahead of an FDA pre-IND meeting in calendar H121 and potential IND submission by year end. Allergy Therapeutics’ £48.3m cash balance (at end-December 2020) will fund both the Grass MATA MPL Phase III trial programme and the peanut allergy Phase I trial, with data from these representing material value-inflection points. We upgrade our valuation to £344.5m, equivalent to 53.8p per share.

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  • 03 Mar 21
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Nexstim PLC
Promising results from severe depression pilot study

Nexstim has released a summary of the results from the pilot study on the use of accelerated iTBS protocol in treating severe depression at Kuopio University Hospital. This investigator-led trial uses Nexstim’s SmartFocus nTMS system with an accelerated iTBS protocol, with the results comparing the responses of 10 patients on a regimen of multiple daily sessions over one week against those seen in 10 patients undertaking conventional TMS.

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  • 03 Mar 21
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MaxCyte, Inc.
Better visibility brings future into focus

MaxCyte’s FY20 trading statement shows 21% revenue growth to $26.2m (H220 up 15% to $15.3m), despite COVID impacts. Potential pre-commercialisation milestones have increased from >$800m to >$950m, with 140+ partnered programmes and 100+ covered by clinical licences. This strong performance accompanies recognition of the role of MaxCyte’s technology platform and know-how in enabling next-generation cell and gene therapies. Momentum is expected to flow into 2021, with continued revenue growth and new deals. Increasing visibility of the progress of partner clinical assets improves understanding of how these future income streams will drive major value. New funds raised should help augment MaxCyte’s leading position and have attracted further specialist investors ahead of the NASDAQ IPO. Our £1bn ($1.3bn) valuation (1217p/share) better captures potential value from the partner pipeline.

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  • 08 Feb 21
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MaxCyte, Inc.
US institutional private placing raises £40m

MaxCyte has raised £40m (gross), c $55m, through an over-subscribed private placement of 5.74m new shares priced at 700p a share, a 4.5% premium to the closing price on February 2. Proceeds will strengthen MaxCyte’s balance sheet, supporting its leading position in the field of electroporation for cell-engineering and its growing stable of partnerships. MaxCyte’s ExPERT flow electroporation platform for non-viral delivery is increasingly playing an important enabling role in the development and manufacturing of many potentially transformative cell and gene therapies.

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  • 05 Feb 21
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