NOK500m raised to drive bemcentinib progress
Lighthouse | 5 May 2020
Trinity Delta view: The fresh funds allow BerGenBio to accelerate its commercial planning materially. Bemcentinib’s selection as the first programme in the UK’s flagship COVID-19 programme provides significant validation of BerGenBio’s development work and raises its global profile. The potential of the AXL receptor as an oncology target is increasingly recognised and validated. Recent preclinical insights from the University of Iowa also suggest that bemcentinib could be effective in early COVID-19 (SARS-CoV-2 coronavirus) infection. Its potential utility in treating coronavirus infection, especially its mechanism of action and oral administration, suggests that bemcentinib has an ideal profile for use in the community setting (pre-hospitalisation). The fund raise prompts us to suspend our valuation, with the aim of reinstating it as soon as practicable. For context, our prior valuation was NOK3.54bn ($339m) or NOK48.31/share, excluding any contribution for bemcentinib’s potential in treating COVID-19.
5 May 2020
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, bemcentinib, is in a number of Phase II trials.
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