Edison Issues Outlook on Probiodrug (PBD)

Sep 07, 2016, 05:04 ET from Edison Investment Research

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.

     (Logo: http://photos.prnewswire.com/prnh/20130417/608168 )

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.

Click here to view the full report.

All reports published by Edison are available to download free of charge from its website http://www.edisoninvestmentresearch.com.

About Edison: Edison is an international equity research firm with a team of over 110 analysts, investment and roadshow professionals and works with both large and smaller capitalised companies, blue chip institutional investors, wealth managers, private equity and corporate finance houses to support their capital markets activity. Edison provides services to more than 420 retained corporate and investor clients from offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information please contact: 

Jonas Peciulis, Edison Investment Research, +44(0)20-3077-5728

Lala Gregorek, Edison Investment Research, +44(0)20-3681-2527


Contact details: Learn more at http://www.edisongroup.com and connect with Edison on:  

LinkedIn http://www.linkedin.com/company/edison-investment-research
Twitter  http://www.twitter.com/Edison_Inv_Res
YouTube  http://www.youtube.com/edisonitv
Google+  https://plus.google.com/105425025202328783163/posts

SOURCE Edison Investment Research