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Pharnext

EU: ALPHA

Market Cap€11m

Last Close €0.51

Pharnext is developing new therapies for neurological disorders using its proprietary Pleotherapy platform that unearths new therapeutic effects from drug combinations. Lead program PXT3003 for CMT1A recently entered Phase III. PXT864 for Alzheimer’s disease has completed Phase IIa.

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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 instance, the company’s lead program 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 results in Phase III for Charcot-Marie-Tooth type 1A (CMT1A) disease.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2019A 3.6 (19.5) (23.4) (161.08) N/A N/A
2020A 2.8 (18.2) (21.4) (117.33) N/A N/A
2021E 2.6 (22.5) (25.0) (119.13) N/A N/A
2022E 3.1 (23.5) (26.0) (112.86) N/A 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 22/09/2021
Content on Pharnext
Pharnext – Back in the saddle again
Healthcare | Update | 4 May 2021
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Pharnext – Pivotal Phase III initiated
Healthcare | Update | 7 April 2021
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Pharnext – R&D day highlights
Healthcare | Update | 20 October 2020
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Share price graph
Balance sheet
Forecast net debt (€m) 16.6
Forecast gearing ratio (%) 52
Price performance
%
1m
3m
12m
Actual (37.2) (64.3) (83.7)
Relative* (37.3) (64.5) (88.1)
52-week high/low €4.0/€0.5
*% relative to local index
Key management
David Solomon CEO