Pharnext

EU: ALPHA

Market Cap€2m

Last Close €0

Pharnext is developing new therapies for both rare and common neurological disorders using its proprietary Pleotherapy platform. Lead programme PXT3003 for CMT1A has entered pivotal Phase III trials. PXT864 for Alzheimer’s disease has completed Phase IIa but has been deprioritised.

Investment summary

Pharnext’s pleotherapy platform uses a combination of in silico prediction of drug effects as well as in vitro screening to find drug combinations that have biochemical effects totally outside of their canonical activities. For example, the company’s lead programme PXT3003 is a triple combination of an anti-opiate (naltrexone), a drug for spasms (baclofen), and the sweetener sorbitol, but the combination has shown positive interim results in Phase III for Charcot-Marie-Tooth type 1A (CMT1A) disease. The company recently announced completion of patient enrolment in the pivotal Phase III PREMIER trial with data-readout expected in Q423.

Y/E Dec	Revenue (€m)	EBITDA (€m)	PBT (€m)	EPS (fd) (c)	P/E (x)
2020A	2.8	(18.2)	(21.4)	(117.33)	N/A
2021A	3.6	(22.2)	(30.6)	(100.67)	N/A
2022E	4.1	(26.0)	(29.2)	(7.37)	N/A
2023E	3.0	(30.3)	(30.2)	(4.58)	N/A

Industry outlook

The power of the pleotherapy platform lies in its ability to predict gene expression patterns as a result of different drug combinations. This provides a way of addressing diseases of a genetic origin like CMT (and potentially other types of disease) that may not be amenable to other treatments like enzyme replacement therapy.

Last updated on 30/06/2022