LONDON, September 7, 2016 /PRNewswire/ --
Full results from Probiodrug's lead Phase IIa SAPHIR trial are expected to be announced early in 2017, which will be a major milestone for the pure-play Alzheimer's disease (AD) company. The trial investigates the effects of first-in-class PQ912, a small molecule glutaminyl cyclase (QC) inhibitor, on AD patients. The differentiated approach in the AD field and likely sufficient cash position of €14.2m until the readout should be supportive to the share price. We value Probiodrug at €309m or €41.5/share.
Our valuation of Probiodrug is slightly increased, from €303m or €40.7/share, to €309m or €41.5/share due to rolling our model forward, which offset the lower cash position of €14.2m. Our model suggests net cash of €14.2m at end H116 should be sufficient to fund operations to mid-2017, by which time the full data from the Phase IIa study would be out. The outcome of the Phase IIa trial is the main catalyst in the near term.
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