Full results from Probiodrug's (AS:PDB)’s lead Phase IIa SAPHIR trial are expected to be announced early in 2017, which will be a major milestone for the pure-play Alzheimer’s disease (AD) company. The trial investigates the effects of first-in-class PQ912, a small molecule glutaminyl cyclase (QC) inhibitor, on AD patients. The differentiated approach in the AD field and likely sufficient cash position of €14.2m until the readout should be supportive to the share price. We value Probiodrug at €309m or €41.5/share.
H116 update: R&D progress on track
On 30 August, Probiodrug released its H116 report, which showed that the company is on track with the lead Phase IIa trial, with PQ912 to deliver results in coming months. R&D spend in H116 was €4.7m and in line with €4.5m expensed in H115. We keep our full-year R&D cost estimate of €11.1m (€10.2m reported in 2015), as Probiodrug guided that its 2016 net loss may be greater than in 2015 due to increased development activities. G&A expenditure of €1.3m was lower compared to €1.9m in H115, thus indicating good cost management.
To read the entire report Please click on the pdf File Below