Prima BioMed (PRR.AX): At the forefront of LAG-3

Prima BioMed is a leading biotech company in the development of personalized immunocellular therapeutics for the treatment of cancer. With the acquisition of French private biotech company Immutep late 2014, the company has evolved into a front runner in the so called LAG-3 technology. LAG-3 is a very important emerging target within the so called immune checkpoint inhibitor/modulator, which is currently the largest growth driver in oncology sales. Its lead product IMP321 is in Phase II development against metastatic breast cancer. It also has two partnered programs with Novartis and GSK. We have increased our valuation of the company to AUD 260 million or AUD 0.127 per share.


Resverlogix (RVX.TO): UPDATE Report May 2016

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 trial ‘BETonMACE’ with apabetalone (RVX-208). The main objective of the Phase III BETonMACE trial will be to confirm MACE reduction in high risk cardiovascular disease patients with type 2 diabetes and low HDL. Based on our adjusted NPV valuation, we believe Resverlogix is substantially undervalued at the current share price of CAD 1.42. We have increased our valuation of Resverlogix to CAD 8.50 from CAD 5.85 per share. 

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.


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.



Addex Therapeutics is a Swiss based biopharmaceutical company that is developing innovative oral therapies with a focus on neurological disorders. Addex’ lead program is in preparation to start a phase III study for levodopa-induced dyskinesia associated with Parkinson’s disease (PD-LID). Based on NPV based valuation, we believe that Addex Therapeutics is substantially undervalued at the current share price of CHF 2.32. Using our valuation model and taking into account the future revenues from its late stage clinical pipeline as well as potential partnerships, the company’s current total value should be CHF 76 million, or CHF 6.50 per share. 

MDxHealth (MDXH.BR): Update Report August 2016

MDxHealth is a molecular diagnostics company with a focus on Urologic Cancers. Based on NPV based valuation, we believe that MDxHealth is seriously undervalued at the current share price of EUR 3.46. We have increased our valuation from EUR 395 million (or EUR 8.72 per share) to EUR 495 million (or EUR 11.00 per share) due to a better outlook for Cologuard and expected stronger revenues from both ConfirmMDx and SelectMDx. This represents a substantial upside from the current share price

Biofrontera (B8F.DE): Research Note 

 In the past 12 months, the company achieved major milestones with the approval for Ameluz® by the FDA in the US and the announcement of the positive Phase III results of Ameluz in BCC. There are a number of key milestones to focus on in the next 1-6 months, which include: launch of Ameluz® in the US, approval Ameluz for BCC in Europe and the results of a Phase III study with Ameluz and daylight PDT. Using our risk adjusted NPV model, we have increased our valuation of the Company’s total value from EUR 120-165 million to EUR 250-300 million, or EUR 8-10 per share.

MDX Health (MDXH.BR): Research Note

The company expects continued revenue growth from increased adoption of ConfirmMDx and SelectMDx for Prostate Cancer tests in the EU and US markets, driven by the investment in sales and managed care representatives. Due to the higher than expected revenue growth, we increase our 2016FY estimate of sales volumes in ConfirmMDx for Prostate Cancer from 21,000 to 23,500. For the next few years we expect an increase to more than 40,000 tests in 2018. Using our valuation model we believe the company’s current total value should be EUR 500 million, or EUR 11.00 per share.

Immuron Ltd (IMC.AX): Research Note

Immuron Ltd is 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) and ASH (alcoholic steatohepatitis).  Its second program, IMM-529, is in development to target the C. difficile (CDI) bacterium.  The company is currently preparing its protocol for a phase I/II. There are a number of key milestones to focus on in the next 6-12 months which includes the publication of interim and  topline results of the IMM-124E Phase II trial in NASH.