Vivesto

Stockholm: VIVE

Market CapSEK388m

Last Close SEK0.72

Vivesto is a Swedish speciality pharma company focusing on its proprietary XR-17 and XR-18 technology platforms to develop novel formulations of well-established cytostatic oncology treatments for human and animal health. Key assets include Apealea (partnered with Elevar), docetaxel micellar and Cantrixil.

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Investment summary

Vivesto is developing improved formulations of well-established cancer drugs through the application of its proprietary XR-17 and XR-18 platforms. This solubility enhancing technology has received validation though a global partnership deal for lead asset Apealea (Cremophor-free paclitaxel) with Elevar Therapeutics across a variety of cancers. Apealea is approved in Europe for 2nd-line ovarian cancer and will be launched by Inceptua in H222. Additional studies are expected to be required before a US NDA filing. Vivesto is working on additional nanoparticle formulations, including docetaxel micellar (Phase Ib prostate cancer). In-licensed asset Cantrixil is expected to start Phase II development in ovarian cancer. In March, Vivesto completed a rights issue raising gross proceeds of c SEK151m and interim results in August confirmed the company is well capitalised. In July it announced it has wound down its Russian operations and appointed Christer Nordstedt as acting CEO.

Y/E Dec
Revenue (SEKm)
EBITDA (SEKm)
PBT (SEKm)
EPS (öre)
P/E (x)
P/CF (x)
2020A 0.5 (102.6) (140.3) (24.8) N/A N/A
2021A 26.2 (99.8) (132.7) (24.6) N/A N/A
2022E 18.3 (95.2) (120.6) (19.2) N/A N/A
2023E 66.3 (125.1) (148.7) (23.8) N/A N/A
Industry outlook

Despite a slew of novel cancer drugs transforming care for many oncology indications, established chemotherapy regimens remain a cornerstone of treatment. Vivesto’s XR-17 and XR-18 technology is applicable to any solubility limited drug, which includes 10–15 different cytostatic agents, and can potentially provide an improved formulation and profile.

Last updated on 28/09/2022
Content on Vivesto
Vivesto – Turnaround strategy beginning to deliver
Healthcare | research Update | 27 June 2022
B56C9260-77A1-4FDB-AD0D-3D7F1C7781D7
Oasmia Pharmaceutical – Delivering on promises
Healthcare | research Flash note | 25 February 2022
B56C9260-77A1-4FDB-AD0D-3D7F1C7781D7
Oasmia Pharmaceutical: Edison Open House Healthcare 2022
Healthcare | Edison TV | 9 February 2022
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Share price graph
Balance sheet
Forecast net cash (SEKm) 136.9
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (23.2) 6.4 (69.1)
Relative* (16.1) 13.3 (59.4)
52-week high/low SEK3.0/SEK0.6
*% relative to local index
Key management
Christer Nordstedt Acting CEO
Robert Maiorana Acting CFO