The Daily Molecule: Note iQnovate (IQN) 21 May

iQnovate Limited (NSX:IQN) is a life science organisation, providing intellectual property asset management services for Biopharma assets such as compounds, medical devices and diagnostics, and provides strategic scientific advice to the global Biopharmaceutical industry. iQnovate is participating in a subsidiary that has acquired an innovative and novel biosensor and is currently developing its first point of care test a salivary glucose self test, for diabetic patients to use as a glucose monitoring device.  This device obviates the need for blood finger pricks and the biosensor technology forms unlocks a wider digital glucose management platform. iQnovate is in the process of preparing for the migration from the NSX to the ASX.  

Bone Therapeutics (BOTHE.BR): Note 11 July

Bone Therapeutics is a leading biotechnology company specializing in the development of cell therapy products intended for orthopaedics and bone diseases.  The market space in which the Company operates covers hip surgery, fracture repair spinal implants, bone growth stimuli and orthobiologics (excluding the osteoporosis market) and represents a global market of around USD 25 billion for the treatment of around 12 million patients. The Company’s products target about 2 million patients in Europe, the USA and Japan in this space. Using our valuation model and taking into account the future revenues from ALLOB® and PREOB®, the company’s current total value should be EUR 103 million, or EUR 15.00 per share

Onconova (ONTX): Update Report 29 August

Onconova Therapeutics (ONTX) is a late stage biopharmaceutical company with a focus on the development of innovative small molecule drugs to treat cancer. With its proprietary chemistry platform, the company has built a pipeline of targeted anti-cancer drugs based on specific cellular pathways while simultaneously causing minimal damage to normal cells. There are a number of key milestones to focus on in the next 6-12 months which includes the commencement of the pivotal trial of the oral version of rigosertib in combination with Vidaza (Celgene) for first line HR-MDS, the interim analysis of the Phase III INSPIRE trial and the completion of the enrolment of the INSPIRE trial. We feel that the company’s current total value should be USD 139 million, or USD 14 per share

Addex Therapeutics (ADXN.SW): Initiating Coverage Report 18 October

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). Addex has a proprietary small molecule allosteric modulator discovery platform. Based on NPV based valuation, we believe that Addex Therapeutics is substantially undervalued at the current share price of CHF 2.14. 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 179 million, or CHF 11.50 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.


Advanced Medical Isotope Corp (ADMD): Initiating Coverage Report September 7 

AMIC is an US based Life Sciences company that provides an innovative technology for safer and more effective radiation therapies for difficult to treat cancers. Its lead product is Yttrium-90 RadioGel, which is a brachytherapy device comprising highly insoluble Y-90 particles delivered by needle injection using a water-polymer composite for high-dose treatment of non-resectable solid tumors that cannot be treated effectively by any other means. The company is engaging the FDA for permission to use RadioGel™ for the treatment of advanced basal and squamous skin cancers. Considering Y-90 Radiogel’s  high potential commercial success, induces us to increase our valuation to USD 35-55 million or USD 0.66-1.00 per share. 

Pharming (PHARM.AS): Initiating Coverage Report

Pharming Group is a Dutch based biopharmaceutical company and one of the oldest publicly traded biotech companies in Europe. The company is focused on the development of recombinant proteins for therapeutic use. Its lead product is RUCONEST®, a recombinant human C1 esterase inhibitor approved for the treatment of angioedema attacks in patients with Hereditary Angioedema (HAE). As result of the acquisition of the rights for RUCONEST® in North America, the company has entered into operational profitability in 2017Q1, much quicker than previously expected. For 2017 we expect revenues to be USD 65-70 million. We have increased our valuation for Pharming from EUR 660 million to EUR 940 million. This translates into EUR 1.54 per share.

Resverlogix (RVX.TO): Update Report 1 May 

Resverlogix 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. Resverlogix has enrolled more than 1,400 of the planned 2,400 patients. We have increased our valuation based on an estimated higher pricing for apabetalone and expanded markets in high risk CKD patients such as ESRD.  We feel that the company’s current total value should be CAD 1,300 million, or CAD 12.50 per share.