NeuroVive Pharmaceutical

US: NVP

SEK250.2m market cap

SEK1.36 last close

NeuroVive Pharmaceutical is a Swedish biopharmaceutical company with deep expertise in mitochondrial medicine. It has a diversified portfolio in terms of indications and employs a dual strategy: it develops a core portfolio of assets for orphan diseases and seeks to out-license proprietary products for non-orphan indications.

Investment summary

NeuroVive Pharmaceutical is a mitochondrial medicine specialist. NeuroVive’s core portfolio targets orphan indications: traumatic brain injury (TBI) with NeuroSTAT, various genetic mitochondrial diseases with KL1333 and NVP015, and mitochondrial myopathy with NVP025. NeuroVive has received positive feedback from the FDA on its NeuroSTAT TBI development plan including the design of the Phase IIb proof-of-concept study. The study is expected to start in 2019. The second most advanced product KL1333, in-licensed from Yungjin Pharm in May 2017, demonstrated positive results in the Phase I trial in South Korea and NeuroVive is planning to start a Phase Ib study in H119. Recent highlights include the capital raise of SEK99m on 11 February 2019 and the out-licensing of a subset of compounds from the NVP015 programme for localised treatment of LHON to BridgeBio Pharma for a deal valued at around $60m in 2018.

Y/E Dec
Revenue (SEKm)
EBITDA (SEKm)
PBT (SEKm)
EPS (fd) (öre)
P/E (x)
P/CF (x)
2016A 0.0 (69.9) (70.7) (172.27) N/A N/A
2017A 0.6 (67.9) (70.1) (149.31) N/A N/A
2018E 1.5 (69.3) (69.7) (102.28) N/A N/A
2019E 1.5 (132.8) (133.0) (106.64) N/A N/A
Last updated on 21/02/2019
Industry outlook

NeuroVive has a diversified portfolio with all assets aimed at improving mitochondrial metabolism and function. This puts NeuroVive among the very few experts in mitochondrial medicine in the industry, in our view.

Last updated on 21/02/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (SEKm) 31.2
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (7.0) (50.0) (35.0)
Relative* (11.4) (53.6) (36.6)
52-week high/low SEK5.1/SEK1.2
*% relative to local index
Key management
Erik Kinnman CEO
Catharina Jz Johansson CFO
Daniel Schale Director of Communications
Magnus Hansson Chief Medical Officer