Capital raised as new opportunities open up
Lighthouse | 16 April 2018
Trinity Delta view: This new preclinical data highlights the potential of bemcentinib in fibrotic diseases; these represent several major indications that currently have limited treatment options available. Bemcentinib already has blockbuster potential given its broad potential oncology, especially in the field of immuno-oncology, and these data open up major new market opportunities.
It is likely the BerGenBio will start planning new clinical trials in the field of fibrosis, probably IPF. These could either be with its small molecule bemcentinib or its Axl antibody, BGB149. The company is also well financed now to plan such trials, following the private placement, which we estimate extends the cash runway into 2020.
Our current valuation of BerGenBio is NOK2,519m ($296m) or NOK50.46/share; however, this excludes any consideration of bemcentinib/BGB149 potential in fibrosis. Data from the six Phase II oncology trials with bemcentinib (see initiation note), including the first efficacy data from immuno-oncology settings, is due to be presented at ASCO at 1-5 June, and these could cause a major re-rating of the shares.
16 April 2018
|Market Cap (NOKm)||2,389|
BerGenBio is a clinical-stage, drug development company based in Bergen, Norway and Oxford, UK. It is developing innovative anti-cancer therapies that act on the promising Axl signalling pathway. The lead oncology compound, BGB324, is in a number of Phase II trials.
Mick Cooper PhD
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