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.

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. 


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.


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.

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. 

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. 

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

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