Initial clinical I-O data for bemcentinib (BGB324) is promising
Lighthouse | 29 January 2018
Trinity Delta view: This initial clinical data supports the preclinical results that highlighted bemcentinib’s potential as an immuno-oncology agent.
PD-1/PD-L1 monoclonal antibodies, in particular pembrolizumab, form the backbone of immuno-oncology treatments that are transforming oncology care with other checkpoint inhibitors, but they are associated with severe immunological adverse events. The initial safety data suggests that bemcentinib can be combined safely with these treatments. Also, the increased T-cell diversification in the bemcentinib-treated AML/MDS patients suggests that bemcentinib will be shown to act synergistically with pembrolizumab in the three combination trials.
We initiated on BerGenBio on 4 January and our conservative fair value of the company at the time was NOK31.34/share, since then the shares have risen 70% to NOK36.20. We will now review our valuation, and note that there are several further value inflection points this year with Phase II data being reported from six studies, which could materially increase our valuation of BerGenBio. It should also be remembered that BGB324 has a very wide potential, most notably in combination with immuno-oncology therapies.
29 January 2018
|Market Cap (NOKm)||1,807|
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
+44 (0) 20 3637 5042
+44 (0) 20 3637 5041
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