Focused on second-line NSCLC and AML
Update | 12 February 2020
2019 marked another year of strong clinical progress with bemcentinib. BerGenBio is firmly focused on its development in non-small cell lung cancer (NSCLC) and acute myeloid leukaemia (AML) in the second-line (2L) settings, with promising clinical results so far. In 2L NSCLC, the mPFS of 8.4 months seen in AXL+ patients in Cohort A of the ongoing Phase II combination study with pembrolizumab is 4x more than would be expected with pembrolizumab monotherapy. In AML, the FDA has granted fast track status for bemcentinib in the treatment of elderly 2L AML patients; initial data from the current study with low dose cytarabine (LDAC) is promising with responses of >12 months. A recent private placement, raising NOK219.9m, enables BerGenBio to complete current clinical trials and the Phase Ib study with monoclonal antibody tilvestamab (BGB149). We value BerGenBio at NOK3.54bn (NOK48.31/share).
|Year-end: December 31||2018||2019||2020E||2021E|
|Adj. PBT (NOKm)||(191.7)||(199.3)||(246.1)||(286.9)|
|Net Income (NOKm)||(191.7)||(199.3)||(246.1)||(286.9)|
|Adj. EPS (NOK)||(3.6)||(3.4)||(3.4)||(3.9)|
12 February 2020
|Shares in issue||66.6m|
BerGenBio is a clinical-stage, biopharmaceutical company based in Bergen, Norway and Oxford, UK. It is developing innovative therapies for aggressive cancers by way of inhibiting the Axl signalling pathway. The lead oncology compound, bemcentinib, is in multiple Phase II trials.
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