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Medlab Clinical

AU: MDC

Market CapAU$25m

Last Close AU$11.02

Based in Australia, Medlab Clinical is developing therapeutics using its proprietary delivery platform NanoCelle. Its most advanced programme is in cancer pain management with lead drug candidate NanaBis, a medicinal cannabis product for cancer-related bone pain.

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Investment summary

Medlab Clinical has announced it has received ethics approval to conduct two new observational clinical trials in Australia for its lead developmental programmes, NanaBis and NanoCBD. The studies aim to investigate the long-term efficacy, tolerability and safety profiles of the products in the target populations. In our view these studies are an important milestone in the clinical progression of NanaBis and NanoCBD as, assuming positive readouts, the results will help generate data packages to support future regulatory approvals. We believe this will be of particular importance for NanaBis, Medlab’s lead asset, which is anticipated to begin FDA Phase III studies for the treatment of cancer-related bone pain in mid-2023. Additional real-world data would also potentially help expansion into a broader indication for chronic pain management. Recruitment for both studies will commence in H222. We maintain our valuation of Medlab at A$236.1m or A$103.5/share.

Y/E Jun
Revenue (A$m)
EBITDA (A$m)
PBT (A$m)
EPS (c)
P/E (x)
P/CF (x)
2021A 8.1 (11.4) (12.4) (627.0) N/A N/A
2022A 6.0 (7.4) (8.4) (314.0) N/A N/A
2023E 7.7 (7.9) (8.8) (384.3) N/A N/A
2024E 7.7 (8.6) (9.6) (417.5) N/A N/A
Industry outlook

There is a growing consensus in the medical community that medicinal cannabis has a place in chronic pain management. With the opioid crisis unravelling, we believe support for non-opioid pain killers from various stakeholders will only grow.

Last updated on 28/09/2022
Content on Medlab Clinical
Medlab Clinical – Observational trials to support development
Healthcare | research Flash note | 20 September 2022
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Medlab Clinical – FY23 a year of clinical development
Healthcare | research Update | 2 September 2022
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Medlab Clinical – FY22 cash flows within our expectations
Healthcare | research Flash note | 2 August 2022
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Share price graph
Balance sheet
Forecast net cash (A$m) 4.1
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (15.2) 53.1 (54.1)
Relative* (6.5) 59.8 (47.7)
52-week high/low A$29.2/A$6.6
*% relative to local index
Key management
Sean Hall CEO