ASIT biotech

EU: ASIT

€26.3m market cap

€1.27 last close

ASIT biotech is a clinical-stage company focused on developing therapies for allergies. It uses its proprietary ASIT+ technology platform to develop products containing highly purified allergen fragments in an adjuvant-free formulation, selected to be safe while maintaining the capacity to stimulate the immune system.

Investment summary

ASIT biotech’s ASIT+ short-course allergy immunotherapy (AIT) platform has generated a Phase III drug for the prevention of grass pollen allergy. Its earlier-stage programmes in house dust mite (hdm-ASIT+) and peanut allergies (pnt-ASIT+) will be developed via partnering. Unlike most other AITs (subcutaneous or sublingual), ASIT’s products only require four injections before the allergy season. The second Phase III study for gp-ASIT+ is underway and results are expected after the pollen season of 2019. We expect ASIT biotech to self-market gp-ASIT+ in Europe and out-license all other rights ex-Europe. The recently announced private placement of convertible bonds that fully funds ASIT’s clinical programmes until Q320 was completed in July.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2017A 0.0 (12.0) (12.0) (93.6) N/A N/A
2018A 0.0 (12.8) (14.3) (85.7) N/A N/A
2019E 0.0 (9.9) (9.7) (48.1) N/A N/A
2020E 0.0 (5.3) (5.5) (19.1) N/A N/A
Last updated on 12/09/2019
Industry outlook

Although grass pollen and house dust mite allergies are not life threatening in most cases, they result in a significant symptom burden for affected patients. With a safe and effective short-course pre-seasonal regimen, ASIT could expect some usage in patients accepting immunotherapy and the 50% of patients who refuse the existing almost year-round immunotherapy.

Last updated on 12/09/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (€m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 13.0 1.3 (60.3)
Relative* 7.2 (4.1) (60.3)
52-week high/low €3.2/€1.0
*% relative to local index
Key management
Michel Baijot CEO
Yves Desiront CFO
Philippe Ghem Chief Commercial Officer