ProQR Therapeutics (PRQR): Initiating Report 26 April

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. The company’s growing pipeline is based on its proprietary technology platform of RNA technologies. Its lead program is eluforsen (formerly QR-010), which is currently in Phase IB for cystic fibrosis. Eluforsen is expected to advance into a phase II study in 2018. We believe the company will aim for a partnership with big pharma in order to focus on its programs in retinal dystrophy. QR-110 is a therapy designed to address the underlying cause of Leber’s congenital amaurosis (LCA) 10. A Phase 1b/2 trial for QR-110 was initiated in 2017Q4, and we expect initial results in 2018. Using our valuation model and taking into account a potential partnership with eluforsen and future revenues of QR-110, the company’s current total value should be USD 350-400 million, or USD 11.00-12.50 per share. 


Pharming (PHARM.AS): Research Note 17 May

Pharming Group published its 2018Q1 figures which were in line with our expectations. For the first time, the company reached profitability with net profit of EUR 3.3 million. We think it is positive that the company managed to sustain and even slightly improve sales of RUCONEST® compared to the already strong fourth quarter of 2017. The company expects continued growth in revenues, mainly driven by the US sales of RUCONEST®. Pharming also believes it will achieve positive net results throughout the course of the year. Based on our NPV based valuation, we believe that Pharming is still substantially undervalued at the current share price of EUR 1.38. We have increased our valuation for the company and estimate that the company’s current total value should increase from EUR 1.1 billion to EUR 1,6 million, which translates, based on an expected number of issued shares of approximately 657 million, into EUR 2.40 per share.


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

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. 

Immutep (IMM.AX, IMMP): Update Report 19 April

Immutep, formerly known as Prima BioMed is a leading biotech company in the development of personalized immunocellular therapeutics for the treatment of cancer. Its lead product IMP321 (eftilagimod alpha or efti) is in Phase IIb development against metastatic breast cancer (MBC) in combination with chemotherapy and also in Phase I development in melanoma in combination with pembrolizumab (KEYTRUDA®). It also has two partnered programs with Novartis and GSK. Besides, Immutep recently announced a clinical trial collaboration with Merck MSD to evaluate the combination of efti with Merck’s KEYTRUDA® in patients with NSCLC, head&neck cancer or ovarian cancer in a Phase II trial. Recently, Immutep successfully raised AUD 13.2 million, total cash reach should be enough till end of 2019. Following the positive development of its programs in LAG-3 we have revised our valuation model upwards. We have calculated the present valuation of the company should be AUD 397 million or AUD 0.13 per share.


FINANCIAL INSTITUTE IN LIFE SCIENCES 

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.

 


Onconova (ONTX): Update Report 10 May 

Onconova Therapeutics (ONTX) is a late stage biopharmaceutical company with a focus on the development of innovative small molecule drugs to treat cancer. Its lead product is a small molecule called rigosertib that is currently in Phase III development as a second line treatment for higher risk myelodysplastic syndromes (HR-MDS). During February and April, the company successfully raised in total USD 35.0 million from public offerings. The Company’s current cash position after the cash burn in the first quarter of 2018 and the proceeds of the public offerings, is USD 33.5 million, which is considerably more than the current market cap. We expect the company will be able to sign a lucrative partnering deal as a result of encouraging interim data from the Phase III INSPIRE trial with rigosertib. We feel that the company’s current total value should be USD 267 million, or USD 3.40 per share taking into account a higher LOA and potential partnerships with rigosertib. This represents a substantial upside from the current share price.