ASIT biotech

EU: ASIT

€23.1m market cap

€1.12 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. In July, ASIT is expected to complete its recently announced private placement that fully funds its clinical programs until Q320.

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 19/07/2019
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 19/07/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (€m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (7.1) (25.9) (67.3)
Relative* (11.6) (21.3) (65.6)
52-week high/low €3.7/€1.1
*% relative to local index
Key management
Michel Baijot CEO
Yves Desiront CFO
Philippe Ghem Chief Commercial Officer