A transformative year ahead
Amarantus Biosci Inc (OTC:AMBS) has a diverse pipeline of promising products. Its diagnostic test for Alzheimer’s disease (AD), LymPro, should be launched in H214. It will be the first blood-based test available for AD in the US, where there are about 0.5m people diagnosed with AD each year. Profits from LymPro could be used to develop eltoprazine and MANF. A Phase IIb trial in patients with Parkinson’s disease with eltoprazine is due to start in H214. MANF could start clinical development in 2015 and has potential in many indications.
LymPro to be launched in H214
LymPro, a blood-based test for AD, should be launched as a laboratory-developed test (LDT) in the US by the end of the year. The test assesses the rate at which lymphocytes (white blood cells) can proliferate (based on CD69 expression) as studies indicate the regulation of lymphocyte replication is impaired in patients with AD. Data from a retrospective/prognostic clinical trial (n=60) are due in mid-2014 to support its commercial launch in CLIA-certified labs.
Eltoprazine to move into Phase IIb in H114
Amarantus in-licensed eltoprazine in January 2014 and a Phase IIa trial, which was ongoing, has since delivered positive results in attention deficit hyperactivity disorder (ADHD). The drug is a 5-HT1A and 5-HT1B agonist and has potential in other neurological indications. The lead indication will be Parkinson's disease levodopa-induced dyskinesia (PD-LID) because of the promising efficacy seen in a Phase IIa trial; a Phase IIb trial in this indication is due to start in mid-2014.
MANF data continues to grow
The product with most potential is MANF, a neurotrophic factor in preclinical development. MANF could be developed for various indications, including diabetes, Parkinson’s disease, and the orphan disease retinitis pigmentosa. The programme is gaining momentum – recent preclinical data indicated its potential in AD and diabetes – more data are due in FY14 and MANF could start clinical trials in 2015.
Valuation: EV of c $50m
The current share price suggests the market has limited confidence in the prospects of LymPro, even though the product will probably be the first blood-based diagnostic test for AD to be launched. This could change with new data on LymPro due in the coming months and the launch due later this year. The company should have sufficient capital available to operate into FY16, due to a $20m equity line with Lincoln Park Capital.
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