€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
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| Healthcare |
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| Forecast net debt (€m) | N/A |
| Forecast gearing ratio (%) | N/A |
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Key management |
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| Michel Baijot | CEO |
| Yves Desiront | CFO |
| Philippe Ghem | Chief Commercial Officer |
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