MdxHealth (MDXH.BR): Research Note 1 March

Last week, MdxHealth published its 2017FY figures, which came in at the lower end of expectations. Total revenues from products and services increased 13%. We have revised our valuation model downwards from EUR 8 per share to EUR 5.50-6.00. In order to adjust our model upwards, we first like to see some confirmation with the 2018Q1 figures that the newly received CPT code for ConfirmMDx positively impacts revenue growth.

Resverlogix (RVX.TO): Update Report 16 January

Resverlogix (RVX.TO) is a clinical stage cardiovascular company with an epigenetic platform technology that modulates protein production. In October 2015, Resverlogix initiated a Phase III clinical trial "BETonMACE" with apabetalone in high-risk CVD patients with type 2 diabetes mellitus and low HDL. The primary endpoint is the time to first occurrence of MACE. Resverlogix has enrolled more than 2,100 of the planned 2,400 patients. An interim analysis is planned after 188 primary MACE events have been adjudicated. We have increased our valuation based on a lower discount rate and an increased LOA for apabetalone in high risk diabetes and CKD patients. With no outstanding long-term debt on its balance sheet, we feel that the risk profile of the company is reduced considerably

an unbiased and independent view on companies in the global life sciences sector

Van Leeuwenhoeck Institute (VLI) provides institutional investors and other professional investors with independent, un-biased research on the real value of innovative Life Sciences companies. Many institutional and individual investors will not invest in companies lacking independent third-party research coverage, yet few investment banks cover this sector because it requires dedicated expertise.

In spite of the lack of quality knowledge on an industry-wide basis, there is increased demand for life science-specific market research as investors are seeking information about leading companies in the sector in order to make well-informed investment decisions.


Soligenix (SNGX): Research Note 27 February

Soligenix is a late-stage biopharmaceutical company that is focused on the development and commercialization of products to treat rare diseases that have a high unmet medical need. The Company operates through two segments: BioTherapeutics and Vaccines/BioDefense. Soligenix has a broad late stage pipeline in rare diseases, of which three programs currently are in Phase III: SGX301 in CTCL, SGX942 in Oral mucositis in head and neck cancer and SGX203 in Pediatric Crohn’s disease. Each of these programs offers significant market potential of up to USD 1 billion in total annually. Based on NPV calculations, we believe that Soligenix is substantially undervalued at the current share price of USD 2.05. 

Immuron (IMC.AX, IMRN): Update Report 20 November

Immuron is abiopharmaceutical company focused on oral immunotherapy utilizing polyclonal antibody products that target the human gut immune system. Its lead program is IMM-124E which is currently in Phase II for fatty liver-diseases NASH (non-alcoholic steatohepatitis), pediatric NAFLD (non-alcoholic fatty liver disease) and ASH (alcoholic steatohepatitis). Top line data are expected before year end. Its second program, IMM-529, is in development to target the Clostridium difficile  bacterium. The company recently initiatedr a phase I/II in patients with Clostridium difficile infections (CDI). We have increased our valuation calculation following a rerating of both its programs in NASH and CDI. 


Addex Therapeutics (ADXN.SW): Note 2 February

Earlier this year, Addex Therapeutics announced a strategic partnership with Indivior PLC for the global development and commercialization of its program ADX71441 for the treatment of addiction, worth up to USD 339 million in milestones and royalty payments. Our valuation model on Addex Therapeutics shows a value of CHF 179 million or CHF 11.50 per share.  In that model, we did address value to the preclinical programs in Addex’ pipeline, including its ADX71441 programs. When taking into account a LOA for this program of 15% and peak sales of USD 600-700 million, the risk adjusted NPV of the program would be value at CHF 25-35 million or CHF 1.60-2.30 per share. 

Onconova (ONTX): Research Note 9 March

Onconova published its 2017FY figures which were in line with our expectations.  In March, Onconova also announced that it has entered into an exclusive license agreement with Swiss biotech company Pint Pharma GmbH to commercialize rigosertib in Latin AmericaBeginning of this year, Onconova decided to move forward with the Phase III INSPIRE pivotal trial following a very promising interim analysis. We have increased our valuation on Onconova to USD 178 million from USD 139 million due to the fact that we have increased the LOA for Onconova’s lead product rigosertib following the positive interim analysis and we lowered the discount rate from 14% to 12%. 

antonie van leeuwenhoek

(delft, netherlands 1632-1723):

founding father of modern biotechnology

We are proud our firm is named after one of the founding fathers of modern biotechnology: Antonie van Leeuwenhoek. Antonie van Leeuwenhoek was a Dutch scientist that lived in the 17th century: 'The Dutch Golden Age", a period in Dutch history, roughly spanning the 17th century, in which Dutch trade, science, military, and art were among the most acclaimed in the world. He was a Dutch tradesman and scientist and is commonly known as "the Father of Microbiology", and considered to be the first microbiologist.

He is best known for his work on the improvement of the microscope and for his contributions towards the establishment of microbiology. Using his handcrafted microscopes, he was the first to observe and describe single-celled organisms, which he originally referred to as animalculs,and which are now referred to as micro organisms. He was also the first to record microscopic observations of muscle fibers, bacteria, spermatozoa, and blood flow in capillaries (small blood vessels). Leeuwenhoek did not author any books; his discoveries came to light through correspondence with the Royal Society, which published his letters.


Pharming Group (PHARM.AS): Note 30 October

Pharming Group published its 2017Q3 figures which were much better compared to our expectations. The company expects that 2017FY revenues from product sales will exceed analyst forecasts with product sales in 2017Q4 to exceed 201Q3 significantly. Following the improved sales outlook for RUCONEST, we have increased our estimates considerably. We now expect the company to generate product sales for 2017FY of EUR 90 million with a potential upside towards EUR 100 million. We have increased our valuation for the company taking into account higher than expected future revenues from RUCONEST® from EUR 1.54 per share to EUR 1.88 per share.