Adocia (PA:ADOC) is a clinical-stage biotech company that leverages its proprietary BioChaperone (BC) platform technology to generate improved formulations of approved products for diabetes. Its most advanced asset is BC Lispro, an ultra-fast formulation of insulin lispro ready to enter Phase III trials, after Lilly terminated a partnership agreement. Adocia has recently started a clinical study with BC Pramlintide Insulin and plans to start two more clinical trials in 2018 with its hormonal products, BC Glucagon GLP-1 and BC GLP-2. End 2017 net cash was €27.5m.
Phase III-ready asset targeting $6.5bn+ market
BC Lispro has completed 10 clinical trials aiming to demonstrate a potential best-in-class profile over current rapid-acting insulin Humalog (Lilly), Novolog (Novo Nordisk (CO:NOVOb)) and the new ultra-rapid Fiasp (Novo Nordisk). For instance, BC Lispro has demonstrated a significant faster-on and faster-off effect over Humalog, with an action profile closer to the physiologic secretion of insulin at meal times, which gives BC Lispro the potential to be a best-in-class product for this unmet medical need. Although Eli Lilly terminated the licensing deal for BC Lispro in January 2017 to focus on its own ultra-short-acting insulin, Adocia now has a complete clinical dossier for a product that is Phase III-ready, addresses an unmet need and belongs to a large (we estimate over $6.5bn based on sales of current products) and growing portion of the diabetes market. The company is seeking a partner to conduct Phase III trials.
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