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Karolinska Development

Portfolio companies delivering as planned

The investment strategy implemented over the past two years appears to be playing out as planned. Karolinska Development is now firmly focussed on disruptive technologies, with the emphasis on an active investment in mid- and late-stage opportunities. A number of value inflection points, across many of the portfolio companies, are expected over the next 12-18 months. The convertible bond remains an issue, and the equity element of the balance sheet is sub-optimal. However, our DCF-based valuation of the four primary investments alone suggests a value of SEK566m, SEK8.92 per share, with the remaining five portfolio companies representing further upside.

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  • 20 Sep 17
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MaxCyte

Reaping continued returns from R&D

MaxCyte made significant progress in making its flow electroporation technology the preferred transfection methodology for CRISPR therapies in H117. At the same time, MaxCyte has increased its sales and marketing effort, supported by the £20m capital raise in April. So, we forecast that MaxCyte’s sales growth will be 26.1% sales growth in FY17, compared to 13.6% in H117. During the rest of the year, attention to MaxCyte’s CARMA platform (proprietary CAR therapy) should also increase, as it aims to file its IND in the US in H217 and the imminent launch of the first CAR-T therapy. We maintain our valuation at £178m, or 351p/share.

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  • 19 Sep 17
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e-Therapeutics

Refining its focus

e-Therapeutics's new CEO, Dr Raymond Barlow, has completed a strategic review and is refining the company's approach as it looks to commercialise its leading position in the field of network-driven drug discovery. It is focussing its resources on the two immuno-oncology drug discovery programmes, and on advancing the discovery platform. The potential of the company's discovery engine was reviewed and subsequently endorsed by a panel of independent experts, which bodes well for the company as it looks to form drug discovery collaborations. Our DCF-based valuation remains at £53.8m or 20.4p/share.

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  • 24 Jul 17
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Sphere Medical Holding

Funding to support Proxima 4 roll-out being finalised

Sphere Medical has announced that plans for a fund raise are being finalised. Soundings from both existing and prospective new investors suggest there is support for an equity issue. We remind that the current use of cash is around £7-8m per annum. An operating update shows that interest in Proxima 4 continues to build and the number of product demonstrations and evaluations is rising. The three distributors have received their initial supplies and started their marketing campaigns. Our valuation is placed under review until details of the financing plan are announced.

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  • 14 Jul 17
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MaxCyte

Consolidating its leadership

MaxCyte is maintaining its leading position in the field of flow electroporation, an enabling technique for many advanced cell therapies. There are now over 45 cell therapies in development that use MaxCyte's proprietary technologies, and data published so far this year continue to highlight the utility of MaxCyte's instruments. The company signed a commercial licensing deal in March, and many more could be signed in the coming years. For a number of reasons revenue growth slowed to 13.5% in H117, but we expect significantly stronger growth in H217. We maintain our valuation at £178m, or 351p per share.

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  • 13 Jul 17
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e-Therapeutics

Rebooted drug discovery

e-Therapeutics has undergone a major transformation following a strategic review and management changes. The focus remains on exploiting its pioneering work with network-driven drug discovery but the emphasis has shifted onto maximising the potential of its drug discovery platform. The next challenge will be to translate the promising stream of new product leads into meaningful deals and partnerships. The company remains funded into 2019, during which it should generate a number of value inflection points. Our DCFbased valuation yields a value of £53.8m, equivalent to 20.4p a share.

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  • 27 Jun 17
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