Refining the route ahead
Lighthouse | 20 August 2019
Trinity Delta view: BerGenBio had another productive quarter in Q219. Notably, the initial Phase II data supports the further development of bemcentinib in MDS/AML in combination with LDAC, as well as monotherapy. Also, the second stage of the Phase II trial in NSCLC in combination with pembrolizumab is generating similar results to those seen in the first stage; while the total number of AXL-positive patients in this trial is still modest, the consistency of the results is encouraging.
The revisions to the clinical trial plan add a minor delay to the start of the pivotal programme, but provide very valuable information, which will help BerGenBio maximise the value of bemcentinib.
We value BerGenBio at NOK53.13/share (NOK3.21bn or $378m). We estimate that the company has sufficient capital to operate into H220, though this could be extended significantly through a licensing deal.
20 August 2019
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.
Mick Cooper PhD
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