Bioasis Technologies — New developments in xB3-targeted nucleotides

Bioasis Technologies (CN: BTI)

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Research: Healthcare

Bioasis Technologies — New developments in xB3-targeted nucleotides

On 31 March 2021 Bioasis announced it has entered a development collaboration with Aposense to develop novel short interfering RNA (siRNA) therapies using Bioasis’s xB3 technology to deliver these therapeutics to the brain. This comes shortly after Bioasis published a paper demonstrating the successful delivery of new genetic material in the brain via this technology. We expect xB3-siRNA drugs to be an important part of the company’s platform.

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Written by

Healthcare

Bioasis Technologies

New developments in xB3-targeted nucleotides

Business update

Pharma & biotech

9 April 2021

Price

C$0.40

Market cap

C$29m

C$1.25/US$

Net cash (C$m) at 30 November 2020

2.68

Shares in issue

71.8m

Free float

99%

Code

BTI

Primary exchange

TSX Venture

Secondary exchange

OTCQB

Share price performance

%

1m

3m

12m

Abs

1.3

6.6

145.5

Rel (local)

(2.8)

0.0

77.8

52-week high/low

C$0.60

C$0.15

Business description

Bioasis Technologies is a biopharma company developing the xB3 platform to aid in the delivery of molecules to the brain using receptor mediated transcytosis. The company’s lead program is xB3001, which is in preclinical development for brain metastases in HER2+ metastatic breast cancer patients. Bioasis has additional preclinical programs in pain, neurodegenerative diseases, and rare diseases.

Next event

xB3-001 IND

2021

Analyst

Nathaniel Calloway

+1 646 653 7036

Bioasis Technologies is a research client of Edison Investment Research Limited

On 31 March 2021 Bioasis announced it has entered a development collaboration with Aposense to develop novel short interfering RNA (siRNA) therapies using Bioasis’s xB3 technology to deliver these therapeutics to the brain. This comes shortly after Bioasis published a paper demonstrating the successful delivery of new genetic material in the brain via this technology. We expect xB3-siRNA drugs to be an important part of the company’s platform.

Year end

Revenue (C$m)

PBT*
(C$m)

EPS*
(C$)

DPS
(C$)

P/E
(x)

Yield
(%)

02/19

1.4

(2.4)

(0.04)

0.00

N/A

N/A

02/20

0.6

(3.4)

(0.06)

0.00

N/A

N/A

02/21e

7.0

4.5

0.06

0.00

N/A

N/A

02/22e

3.7

(8.3)

(0.11)

0.00

N/A

N/A

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Aposense: Focused on siRNA delivery

Aposense is a private Israeli biotech company focused on delivering nucleotides to targeted tissues. We assume the collaboration will use technology developed at both companies to improve the efficiency of delivery of new genetic material to the brain. The collaboration will not be limited to a single indication and will examine a range of diseases, from cancer to neurodegeneration. No financial terms for the agreement have been released.

Mouse study proof of concept for of xB3-siRNA

The recent paper published in Frontiers in Molecular Biosciences used the xB3 peptide to deliver a knockdown of a gene (NOX-4) into a mouse model of ischemic stroke. The treatment significantly reduced infarct volume in these animals (p<0.05), improved neurological recovery (p<0.001) and reduced expression of NOX-4 by 20% (not significant). Although it is unlikely the company will pursue this specific application of this technology, this is a useful proof of concept for the potential utility of xB3-siRNA drugs, which may have very broad set of applications.

Valuation: Lowered to C$55.0m on exchange rate

Our valuation of Bioasis is slightly lower at C$55.0m or C$0.77 per basic share from C$60.0m or C$0.88. This change is driven by exchange-rate effects (US$:C$1.25, from 1.38) and adjustments to our spending schedule. We expected more cash to be deployed on IND-enabling studies than reported to date in FY21 and these costs have been moved forward in our forecasts. These changes were offset by rolling forward our NPVs. We expect Bioasis will need C$110m in additional capital before profitability in FY28 (C$50m in FY22, C$60m in FY26).

xB3-siRNA: Affecting gene expression in the brain

Both of Bioasis’s recent announcements center on the application of the xB3 platform to the delivery of nucleotides to the brain. It previously discussed the potential of the xB3 peptide being utilized in this way, but the recent paper demonstrates this potential in an actual scientific setting and the recent deal illustrates the commercial interest in such programs. Nucleotide therapeutics encompass a range of related technologies involved in modulating the expression of genes using short strands of DNA, RNA or related molecules. A major limitation of these technologies is that it is difficult to target these molecules to specific tissues, with the liver the notable exception.

The paper published in Frontiers in Molecular Biosciences tested if xB3 could be used to target nucleotides to the brain. Scientists examined whether the xB3 peptide could be used to reduce the damage associated with ischemic stroke by reducing the expression of the NOX4 gene. NOX4 is induced after stroke and its expression is associated with negative outcomes. The researchers used a mouse model of ischemic stroke and measured how an xB3-linked knockdown of NOX4 impacted expression levels and outcomes. They found that the xB3 knockdown reduced NOX4 expression by 20% compared to control, but this value did not reach statistical significance. However, a reduction in infarct volume of about a third was seen (measured 24 hours after induction) and this was statistically significant (p<0.05), which suggests a meaningful change in gene expression was achieved. Additional evidence that supports this is that mice in the drug arm showed more pronounced recovery in neurological parameters at 24 hours (as assessed via the neuroscore scale, p<0.001). This paper is useful because it demonstrates the capacity for this technology to modify the gene expression characteristics of the brain. We doubt the company will study ischemic stroke, but this technology may have wide reaching potential, particularly in diseases of genetic origin.

It appears other companies also appreciate this potential. Shortly after the above research was published, the company announced it had formed a collaboration with the biotech company Aposense. Aposense is a private Israeli company attempting to address the limitations of nucleotide targeting. It has developed nucleotide conjugates that can potentially increase the systemic delivery of these molecules. Aposense’s technology accomplishes this by using electrostatic forces to drive their molecules across cell membranes. Although this can improve the systemic uptake of these drugs, it is not a targeted approach and uptake may be in all bioavailable tissues. We imagine the two companies may combine their two technologies to provide improved delivery of siRNAs in a tissue specific manner to the brain. Bioasis did not disclose any particulars of the agreement such as financial responsibilities or timelines, but we expect any drugs to come from the collaboration to be the subject of a future licensing agreement.

Valuation

Our valuation of Bioasis is down slightly at C$55.0m or C$0.77 per basic share from C$60.0m or C$0.88 per basic share. This is driven by an adjustment to our exchange rate: USDCAD=1.25 from 1.38. Additionally, we are readjusting our spending schedules (see below). This includes delaying some of the IND enabling activities for xB3-001. We are still modelling initiation of Phase I for xB3-001 in 2022 (fiscal 2023), but any further delays to the preclinical development of this program may delay this start date. These factors are offset by rolling forward our NPVs. We are not adding any value associated with the Aposense collaboration to our models at this time, but we may add it in the future if the company announces specific programs to be developed from the collaboration.

Exhibit 1: Bioasis valuation

Development Program

Indication

Clinical stage

Geography

Prob. of success

Launch year

Launch pricing ($/month)

Peak sales (US$m)

Patent/ exclusivity protection

Royalty/ margin

rNPV (C$m)

xB3-001

Treatment of mBC BMs

IND

US

10%

2027

11,500

125

2039

52%

$16.27

Europe

10%

2027

7,500

115

2039

52%

$15.10

R&D

10%

($11.31)

First line, prevention of BC BMs

Planned

US

5%

2032

12,700

397

2039

57%

$13.10

Europe

5%

2032

8,200

437

2039

57%

$14.72

R&D

5%

2032

($3.49)

Prothena milestones

Undisclosed

Discovery

2.5%

2028

$1.67

Chiesi

4 lysosomal storage disorders

Discovery

2.5%

2029

*400

2041

7–11%

$6.05

Total

 

 

 

 

 

 

 

 

 

52.1

Net cash and equivalents (Q321 + subsequent transactions) (C$m)

$2.9

Total firm value (C$m)

55.0

Total basic shares (m)

71.8

Value per basic share (C$)

0.77

Dilutive warrants and options (m)

27.3

Total diluted shares (m)

99.1

Value per diluted share (C$)

0.66

Source: Bioasis Reports, Edison Investment Research

Financials

The company’s spending for FY21 that has been reported to date is well below our expectations, especially R&D spending: C$0.85m in R&D spending in the first three quarters of FY21 (the nine months ending 30 November), compared to our previous estimate of C$5.5m in R&D spending for the full year. We have adjusted for this by reducing the spending on unallocated programs in our model and pushing forward some costs from xB3-001 into later years. Likewise, SG&A expenses were also under expectations and we have reduced the expected SG&A spending in FY21 to C$2.69m from C$4.08m. We have changed the accounting for the US$1.2m Xoma option payment (for Chiesi royalties) to match the company’s accounting (this payment is now included in other income), which has been removed from our revenue line in FY21. The company ended Q3 FY21 with C$2.7m in net cash and subsequently had a small offering (400,000 shares at C$0.50 per share) and issued a small number of shares (300,000) to settle a dispute. We expect Bioasis to need C$110m in additional capital before profitability in FY28 ($50m in FY22, C$60m in FY26).

Exhibit 2: Financial summary

C$000s

2019

2020

2021e

2022e

Year end 28 February

IFRS

IFRS

IFRS

IFRS

INCOME STATEMENT

Revenue

 

 

1,422.0

606.4

7,038.0

3,726.0

Cost of Sales

(10.4)

0.0

0.0

0.0

Gross Profit

1,411.6

606.4

7,038.0

3,726.0

R&D

(1,954.3)

(2,033.6)

(1,135.8)

(9,023.0)

SG&A

(4,314.5)

(3,174.4)

(2,691.9)

(3,634.1)

EBITDA

 

 

(3,805.0)

(3,965.4)

3,838.9

(8,303.3)

Normalised operating profit

 

 

(3,815.8)

(3,977.4)

3,834.7

(8,306.7)

Amortisation of acquired intangibles

(61.1)

(58.8)

(58.8)

(58.8)

Exceptionals

0.0

0.0

0.0

0.0

Share-based payments

(980.2)

(565.6)

(565.6)

(565.6)

Reported operating profit

(4,857.2)

(4,601.7)

3,210.3

(8,931.1)

Net Interest

1.8

(46.9)

0.0

0.0

Other income

986.9

592.2

617.8

0.0

Exceptionals

395.1

0.0

0.0

0.0

Profit Before Tax (norm)

 

 

(2,432.1)

(3,432.1)

4,452.5

(8,306.7)

Profit Before Tax (reported)

 

 

(3,473.4)

(4,056.4)

3,828.2

(8,931.1)

Reported tax

0.0

0.0

0.0

0.0

Profit After Tax (norm)

(2,432.1)

(3,432.1)

4,452.5

(8,306.7)

Profit After Tax (reported)

(3,473.4)

(4,056.4)

3,828.2

(8,931.1)

Minority interests

0.0

0.0

0.0

0.0

Discontinued operations

0.0

0.0

0.0

0.0

Net income (normalised)

(2,432.1)

(3,427.1)

4,458.5

(8,299.7)

Net income (reported)

(3,473.4)

(4,056.4)

3,828.2

(8,931.1)

Basic average number of shares outstanding (m)

56,675

62,271

69,886

73,380

EPS - basic normalised (C$)

 

 

(0.04)

(0.06)

0.06

(0.11)

EPS - diluted normalised (C$)

 

 

(0.04)

(0.06)

0.06

(0.11)

EPS - basic reported (C$)

 

 

(0.06)

(0.07)

0.05

(0.12)

Dividend (C$)

0.00

0.00

0.00

0.00

BALANCE SHEET

Fixed Assets

 

 

360.9

290.2

227.1

165.0

Intangible Assets

327.8

269.0

210.2

151.4

Tangible Assets

33.1

21.1

16.9

13.5

Investments & other

0.0

0.0

0.0

0.0

Current Assets

 

 

1,382.3

651.6

4,690.9

49,719.7

Stocks

0.0

0.0

0.0

0.0

Debtors

9.7

13.4

0.0

0.0

Cash & cash equivalents

1,360.0

576.4

4,629.0

49,657.8

Other

12.6

61.9

61.9

61.9

Current Liabilities

 

 

(1,262.9)

(2,476.7)

(1,207.2)

(4,539.4)

Creditors

(998.5)

(1,991.1)

(1,207.2)

(4,539.4)

Tax and social security

0.0

0.0

0.0

0.0

Short term borrowings

0.0

(485.6)

0.0

0.0

Other

(264.4)

0.0

0.0

0.0

Long Term Liabilities

 

 

(1,027.0)

(951.3)

(951.3)

(50,951.3)

Long term borrowings

0.0

(517.9)

(517.9)

(50,517.9)

Other long term liabilities

(1,027.0)

(433.4)

(433.4)

(433.4)

Net Assets

 

 

(546.7)

(2,486.3)

2,759.4

(5,606.1)

Minority interests

0.0

0.0

0.0

0.0

Shareholders' equity

 

 

(546.7)

(2,486.3)

2,759.4

(5,606.1)

CASH FLOW

Op Cash Flow before WC and tax

(3,805.0)

(3,965.4)

3,838.9

(8,303.3)

Working capital

568.4

691.5

(770.5)

3,332.2

Exceptional & other

6.9

(24.8)

617.8

0.0

Tax

0.0

0.0

0.0

0.0

Net operating cash flow

 

 

(3,229.7)

(3,298.7)

3,686.2

(4,971.2)

Capex

(2.1)

0.0

0.0

0.0

Acquisitions/disposals

395.1

0.0

0.0

0.0

Net interest

0.0

0.0

0.0

0.0

Equity financing

3,526.7

1,205.0

852.0

0.0

Dividends

0.0

0.0

0.0

0.0

Other

0.0

0.0

(485.6)

0.0

Net Cash Flow

690.0

(2,093.6)

4,052.6

(4,971.2)

Opening net debt/(cash)

 

 

(678.0)

(1,360.0)

427.4

(4,111.2)

FX

(7.9)

22.2

0.0

0.0

Other non-cash movements

0.0

284.0

486.0

0.0

Closing net debt/(cash)

 

 

(1,360.0)

427.4

(4,111.2)

860.0

Source: Bioasis reports, Edison Investment Research


General disclaimer and copyright

This report has been commissioned by Bioasis Technologies and prepared and issued by Edison, in consideration of a fee payable by Bioasis Technologies. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2021 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

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Frankfurt +49 (0)69 78 8076 960

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Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

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NSW 2000, Australia

General disclaimer and copyright

This report has been commissioned by Bioasis Technologies and prepared and issued by Edison, in consideration of a fee payable by Bioasis Technologies. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2021 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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Research: Industrials

IBU-tec — Tapping into greentech trends

IBU-tec’s revenues were lower during FY20 because of a fire at BNT and reduced demand because of the coronavirus pandemic, but insurance payouts helped keep EBITDA stable. Management expects a return to growth in FY21, driven by the launch of its own battery materials for electric vehicles (EVs) in H221. It has outlined its strategy to deliver revenues of €80–100m or more by 2025, based on demand for battery materials, coatings which extend the number of times glass bottles can be reused and recycling of rare earths and battery materials.

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