neurons-440660_1920

Bioasis Technologies

CN: BTI

C$22.4m market cap

C$0.33 last close

Bioasis Technologies is a biopharma company developing the xB3 platform to aid in the delivery of molecules to the brain using receptor mediated transcytosis. The company’s lead program is xB3-001, which is in preclinical development for brain metastases in HER2+ metastatic breast cancer patients.

Investment summary

Bioasis announced on 29 June 2020 that it had entered into an agreement with Chiesi, in which it would license its technology to bypass the blood brain barrier (BBB), the xB3 platform, for the development of drugs targeting lysosomal storage disorders. Chiesi will use the platform to develop drugs for four disorders, and in return Bioasis will receive US$3m upfront, up to US$138m in additional milestones and undisclosed royalties. We see this as a major validation of the platform and for additional future licensing potential.

Y/E Feb
Revenue (C$m)
EBITDA (C$m)
PBT (C$m)
EPS (c)
P/E (x)
P/CF (x)
2019A 1.4 (3.8) (2.4) (4.0) N/A N/A
2020A 0.6 (4.0) (3.4) (6.0) N/A N/A
2021E 4.6 (6.5) (6.5) (9.0) N/A N/A
2022E 4.6 (8.7) (8.7) (12.0) N/A N/A
Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (C$m) 0
Forecast gearing ratio (%) 0
Price performance
%
1m
3m
12m
Actual 120.0 112.9 26.9
Relative* 116.8 78.5 33.8
52-week high/low C$0.3/C$0.2
*% relative to local index
Key management
Deborah Rathgen Executive Chair