Edison Issues ADR Update on SymBio Pharmaceuticals

Mar 23, 2016, 09:03 ET from Edison Investment Research

LONDON, March 23, 2016 /PRNewswire/ --

Three steps forward, one step back. With the December filing of three supplemental NDAs for Treakisym, SymBio is demonstrating it is willing to move ahead with its strategic plans despite Astellas's decision to withdraw its long-delayed EU application for Treakisym in first-line iNHL. Separately, Baxalta announced on 3 March that it would discontinue its development and licensing agreement with Onconova for rigosertib as of August. Onconova is in discussions with Baxalta; however, it is not clear whether Baxalta will help Onconova obtain alternate funding to complete the trial. Issues with SymBio's partners may have an impact on the timeframes for both rigosertib and the Treakisym label expansion approvals.

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Our rNPV includes ¥4,261m ($35m) cash, Treakisym, IONSYS and our lowered possibility for IV rigosertib. SymBio will require funding during 2017 and we assume a total funding requirement of ¥6.6bn from 2017-18.

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