Prima BioMed (PRR.AX, PBMD): Report 14 August

Prima BioMed is a leading biotech company in the development of personalized immunocellular therapeutics for the treatment of cancer. Its lead product IMP321 is in Phase IIb development against metastatic breast cancer (MBC) and also in Phase I development in melanoma in combination with pembrolizumab (Keytruda). Recently, updated clinical data were published for its trial in metastatic melanoma patients, which showed that IMP321 is safe and well tolerated.  The interest in LAG-3 from major pharmaceutical companies like Merck, BMS, GSK and Novartis is clearly increasing. This makes it likely that Prima BioMed will be able to make a substantial deal on IMP321 supported by potentially strong data from the Phase II clinical trials in MBC and melanoma. 

MDxHealth (MDXH.BR): Note 6 July

MDxHealth today announced the commercial launch of its liquid biopsy test AssureMDx for Bladder Cancer in the US. AssureMDx is a non-invasive, urine-based test, combining methylation and mutation biomarkers, to assess the risk of bladder cancer for patients diagnosed with hematuria (blood in the urine). The market for hematuria testing and monitoring represents a noteworthy commercial opportunity. Each year in the United States, it is estimated that nearly 11 million patients are referred to a urologist for clinical evaluation due to hematuria. Using our valuation model and taking into account the increased outlook for the future revenues of ConfirmMDx®, SelectMDx™ and AssureMDx™, we estimate MDX Health’s current value at EUR 500 million or EUR 10.00 per share.

Cynata Therapeutics (ASX:CYP): Note 1 June 

Cynata Therapeutics Limited (ASX: CYP) is a clinical stage Australian stem cell and regenerative medicine company that is developing a therapeutic stem cell platform technology, Cymerus™. This technology addresses a critical shortcoming in existing methods of production of mesenchymal stem cells (MSCs) for therapeutic use, which is the ability to achieve batch-to-batch consistency and economic manufacture at commercial scale. Japanese multinational Fujifilm (major shareholder with ~9%), has an exclusive worldwide option to a license to market and sell its lead product CYP-001 for graft-versus-host disease (GvHD). 


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.


ProQR Therapeutics (PRQR): Note 9 May

ProQR Therapeutics is an innovative biopharma company that is developing RNA-based therapeutics for the treatment of severe genetic disorders such as cystic fibrosis, Leber’s congenital amaurosis Type 10 and dystrophic epidermolysis bullosa. Its lead program is QR-010 which is currently in Phase Ib for cystic fibrosis, is a first-in-class RNA-based oligonucleotide that is designed to address the underlying cause of the disease by targeting the mRNA defect encoded by the Delta F508 mutation in the CFTR gene of patients with Cystic Fibrosis (CF). Using our valuation model and taking into account the future revenues from QR-010 and QR-110, the company’s current total value should be USD 250-300 million, or USD 10.50-12.50 per share.  

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.  

RXi Pharmaceuticals (RXII): Report 17 May

RXi Pharmaceuticals is a clinical stage RNAi company developing innovative therapeutics based on its self-delivering RNAi (sd-rxRNA®) platform. Current clinical programs include dermatology and ophthalmology. At the beginning of this year the company concluded the acquisition of private biotech company MirImmune which expands RXi's pipeline to include cell-based immunotherapy to treat cancer. Based on our NPV valuation, we believe that RXi Pharmaceuticals is substantially undervalued at the current share price of USD 0.57. We have increased our valuation to USD 100-125 million or USD 4.50-5.50 per share.

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

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.