Telix Pharmaceuticals — 2021 is a major year commercially and clinically

Telix Pharmaceuticals (AU: TLX)

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Telix Pharmaceuticals — 2021 is a major year commercially and clinically

The year 2020 was a very productive year for Telix, in spite of the difficulties of COVID-19, but it is safe to say that 2021 could be an even more transformative year for the company as it potentially launches its first commercial product, TLX591-CDx (now branded as Illuccix). Moreover, the company will undertake its biggest clinical challenge yet with the advancement of its lead therapeutic program TLX591 to Phase III.

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Healthcare

Telix Pharmaceuticals

2021 is a major year commercially and clinically

Financial update

Pharma & biotech

11 March 2021

Price

A$3.66

Market cap

A$1,026m

A$1.4/US$

Net cash (A$m) at 30 December 2020

77.6

Shares in issue

280.4m

Free float

65.15%

Code

TLX

Primary exchange

ASX

Secondary exchange

OTCMKS

Share price performance

%

1m

3m

12m

Abs

(14.9)

10.6

215.5

Rel (local)

(12.6)

10.1

172.3

52-week high/low

A$4.64

A$0.80

Business description

Telix Pharmaceuticals is a Melbourne-headquartered global biopharmaceutical company focused on the development of diagnostic and therapeutic products based on targeted radiopharmaceuticals or molecularly targeted radiation.

Next events

SALA Phase I readout

Soon

TLX591 Phase II first patient

Q221

TLX-591-CDx approval decision

Early H221

Analyst

Nathaniel Calloway

+1 646 653 7036

Telix Pharmaceuticals is a research client of Edison Investment Research Limited

The year 2020 was a very productive year for Telix, in spite of the difficulties of COVID-19, but it is safe to say that 2021 could be an even more transformative year for the company as it potentially launches its first commercial product, TLX591-CDx (now branded as Illuccix). Moreover, the company will undertake its biggest clinical challenge yet with the advancement of its lead therapeutic program TLX591 to Phase III.

Year end

Revenue (A$m)

PBT*
(A$m)

EPS*
(A$)

DPS
(A$)

P/E
(x)

Yield
(%)

12/19

15.2

(31.1)

(0.12)

0.00

N/A

N/A

12/20

17.5

(47.9)

(0.17)

0.00

N/A

N/A

12/21e

23.6

(45.9)

(0.16)

0.00

N/A

N/A

12/22e

33.6

(46.0)

(0.15)

0.00

N/A

N/A

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

Revenue increase driven by licensing

Product related revenue for 2020 was A$5.2m, with the increase over 2019 (A$3.5m) due to the amortization of the upfront payment from the China Grand Pharma (CGP) transaction. Revenue from direct sales ($3.3m) was down 6%, but cash receipts ($3.9m) were up 15% on the year, which is surprising given the impact of COVID-19 on clinical research. These revenues are associated with the research sales of the TLX591-CDx kit to hospitals, and we expect this interest to translate into initial market traction as we anticipate approval of the product in early H221.

ProstACT to become major focus

ProstACT is the company’s planned Phase III study of TLX591 for the treatment of prostate cancer. The clinical development plan was finalized in an FDA meeting in November 2020, and the company is ready to start the clinical study. Sites in Australia will begin enrolling in Q221, followed by sites in the US and Europe in the later part of the year. The target enrolment of the study will be 390 patients.

Still waiting on TRALA data

Management previously guided to the imminent release of data from the TRALA Phase I study of TLX66 (aka. besilesomab) in systemic amyloid light chain amyloidosis (SALA). Following the acquisition of TheraPharm in December 2020 (A$16.5m), Telix indicated the study was complete with data to be available shortly. Although the data have not been released yet, the company reaffirmed that it will be released in the coming weeks.

Valuation: Increased to A$1,072m or $3.82/share

We have increased our valuation significantly to A$1,072m or $3.82 per basic share, from A$671.0m or A$2.44 per share, previously. The increase is driven by no longer assuming the company will need a partner to advance TLX591 or TLX250, although we now expect the company to need A$30m in additional capital before profitability. The valuation was previously suspended pending outcomes of TRALA, although we have now decided to value the TLX66 program at cost until this data is released.

Financial and operational update

Product related revenue for 2020 was A$5.2m, with the increase over 2019 (A$3.5m) due to the amortization of the upfront payment from CGP. Revenue from direct sales (A$3.2m) was down 6%, but cash receipts (from TLX591-CDx kit sales) were up 15% on the year (to A$3.9m), which is a positive surprise given the impact of COVID-19 on clinical research. These revenues are associated with the research sales of the TLX591-CDx kit to hospitals, and we expect this interest to translate into initial market traction with the approval of the product expected in H221. The PDUFA date for the product is in September 2021, but the company stated that it is expecting a response before that. European product approval is expected on a country-by-country basis starting in Q321.

Exhibit 1: TLX-591-CDx kit sales

Source: Telix

The company ended the year with A$77.6m in net cash (A$77.9m gross cash). This was bolstered by the company’s deal with CGP in November, which included a US$25m upfront and a US$25m equity investment (along with royalties and US$400m in additional milestones). In our models we previously assumed that the company would need partnerships at this stage to advance the TLX591 and TLX250 therapeutic programs, but the company now has both the cash and the intent to move these products forward independently without a deal at this development stage. We still believe it is likely that these programs will be partnered for their eventual commercialization, but the company will have significantly more bargaining power by partnering them at a later stage. More cash may be needed if the company is to fully develop both programs without outside support (and hence our model includes $30m illustrative debt financing in 2022).

Of these programs, TLX591 is poised to be the lead development program for the company. The ProstACT clinical study is a pivotal Phase III clinical trial with a target enrolment of 390 patients with PSMA+ metastatic castration resistant prostate cancer (mCRPC). The FDA has confirmed with the company that the primary endpoint can be radiologic progression free survival (rPFS). The company will begin enrolling patients in Australia starting in Q221 and in the US and Europe later in the year in H221. In other clinical work, the company continues to enroll its pivotal Phase III study for TLX250-CDx (the ZIRCON study), which recently opened enrolment in the US after COVID-19 related delays. The company will also be starting its Phase II study of the therapeutic TLX250 for the treatment of kidney cancer in May 2021 following the FDA review of its IND. The company’s other ongoing development programs are detailed in Exhibit 2.

Exhibit 2: Telix ongoing and planned studies

Trial

Product

Indication

Type

Stage

Status

ProstACT

TLX591

Prostate Cancer

Therapeutic

Phase III

Starting Q221

Starlite

TLX250

Kidney Cancer

Therapeutic

Phase II

Starting May 2021

ZIRCON

TLX250-CDx

Kidney Cancer

Imaging

Phase III

Ongoing

Cupid

TLX592

Prostate Cancer

Therapeutic

Phase I

Starting March 2021

Noble

TLX599-CDx

Prostate Cancer

Imaging

Phase II

Starting early 2021

IPAX-1

TLX101

GBM

Therapeutic

Phase I/II

Ongoing

Source: Telix

The company provided a clinical update on the Phase I/II study for TLX101 or the treatment of glioblastoma multiforme (GBM) in December 2020. A total of eight patients have been enrolled in the study to date. These are patients with severe relapse and refractory GBM, whose typical PFS is 2–2.5 months according to the company. Even though only the lowest dose has been tested, PFS (4.33 months) was longer than this historical control. It can be difficult to draw definitive conclusions with such low patient numbers, but this is the response that would be expected if the drug was providing a benefit. Moreover, GBM is a notoriously hard disease to treat so any activity is notable.

Lastly, the company has provided an update on its recent acquisition of TheraPharm and TLX66 (aka 90Y-besilesomab). Shortly before the acquisition, TheraPharm had completed the TRALA study of the product for the treatment of SALA, a rare disease due to misfolded antibody proteins. The company previously guided towards this data being released shortly after the December acquisition, but the study’s authors are still analyzing the data. The company reaffirmed that it expects these results to be out very shortly, at a time measured in weeks.

Valuation

Our valuation was suspended as of the last report because data from the TRALA trial was expected imminently. Considering this data has not been released (although management suggests it should be very soon), we have decided to update our valuation but are now valuing the TheraPharm acquisition at cost (A$16.7m) at least until the data is released.

We have increased our valuation significantly to A$1,072m or $3.82 per basic share from A$671.0m or A$2.44 per share previously. The main reason for this increase in our valuation is that with the company’s current financial position, we believe it would be able to develop its therapeutic assets TLX591 and TLX250 without partnership support. We still consider it a high probability that these programs will be partnered, but it is not an obligation for their continued development. This has allowed us to remove the financing/partnering risk adjustment from these programs, which has increased the probabilitys of success to 40% and 30% respectively from (from 20%). TLX250 remains higher risk because it will need to complete the Phase II Starlight trial. Initial enrolment in the Starlight trial was negatively affected by COVID-19, and so part of this upgraded valuation is offset by delaying the potential approval of the product to 2026 (from 2025 previously). Other changes to our valuation include rolling forward our NPVs and updated net cash (A$77.6m at the end of Q420, from A$95.1m previously).

Exhibit 3: Valuation of Telix

 

Peak sales (US$m)

Likelihood
(%)

rNPV
(A$m)

rNPV/share
(A$)

TLX250-CDx kidney cancer imaging

80

85%

105.4

$0.38

TLX250 kidney cancer therapeutic

490

30%

140.0

$0.50

TLX591-CDx prostate cancer imaging

180

80%

240.4

$0.86

TLX591 prostate cancer therapeutic

1,190

40%

486.0

$1.73

TLX101 brain cancer therapeutic

580

10%

59.4

$0.21

TheraPharm

16.7

$0.06

SG&A

(53.4)

($0.19)

Portfolio total

994.4

$3.55

Net cash (Q420)

77.6

$0.28

Enterprise total

1072.0

$3.82

Source: Telix reports, Edison Investment Research

Exhibit 4: Financial summary

 

A$'000s

 

2019

2020

2021e

2022e

Year end 31 December

AASB

AASB

AASB

AASB

PROFIT & LOSS

Sales, royalties, milestones

3,485

5,213

6,561

13,914

Other (includes R&D tax rebate)

11,693

12,318

17,010

19,664

Revenue

 

 

15,178

17,531

23,571

33,578

R&D expenses

(21,162)

(23,085)

(43,250)

(55,200)

SG&A expenses

(15,800)

(24,475)

(19,762)

(15,266)

Other

(2,543)

(9,315)

(1,968)

(4,174)

EBITDA

 

 

(24,327)

(39,344)

(41,410)

(41,062)

Operating Profit (before amort. and except.)

 

(24,078)

(40,680)

(42,374)

(41,928)

Intangible Amortization

(4,236)

(4,882)

(4,309)

(4,309)

Exceptionals

0

0

0

0

Operating Profit

(28,314)

(45,562)

(46,683)

(46,237)

Net Interest

(2,310)

(1,108)

779

228

Profit Before Tax (norm)

 

 

(31,122)

(47,935)

(45,904)

(46,009)

Profit Before Tax (reported)

 

 

(31,122)

(47,935)

(45,904)

(46,009)

Tax benefit

3,255

3,048

0

0

Profit After Tax (norm)

(27,867)

(44,887)

(45,904)

(46,009)

Profit After Tax (reported)

(27,867)

(44,887)

(45,904)

(46,009)

Average Number of Shares Outstanding (m)

233.4

257.3

291.6

303.3

EPS - normalised (c)

 

 

(11.94)

(17.45)

(15.74)

(15.17)

EPS - diluted (c)

 

 

(11.94)

(17.45)

(15.18)

(15.17)

Dividend per share (c)

0.0

0.0

0.0

0.0

BALANCE SHEET

Fixed Assets

 

 

43,928

64,193

59,391

54,316

Intangible Assets

41,948

59,189

54,880

50,571

Tangible Assets

1,899

4,821

4,328

3,562

Investments

82

183

183

183

Other

Current Assets

 

 

58,679

93,628

41,194

29,897

Stocks

542

633

633

633

Debtors

12,071

12,399

15,091

17,745

Cash

44,598

77,945

22,819

8,868

Other

1,468

2,651

2,651

2,651

Current Liabilities

 

 

(10,625)

(19,956)

(9,392)

(9,760)

Creditors

(9,218)

(10,892)

(328)

(696)

Short term borrowings

(469)

(264)

(264)

(264)

Other

(938)

(8,800)

(8,800)

(8,800)

Long Term Liabilities

 

 

(21,902)

(58,849)

(56,849)

(84,849)

Long term borrowings

(292)

(95)

(95)

(30,095)

Other long term liabilities

(21,610)

(58,754)

(56,754)

(54,754)

Net Assets

 

 

70,080

79,016

34,344

(10,396)

CASH FLOW

Operating Cash Flow

 

 

(23,314)

2,084

(55,434)

(44,080)

Net Interest

(19)

(124)

779

228

Tax

0

0

0

0

Capex

(403)

(695)

(471)

(100)

Acquisitions/disposals

(65)

(396)

0

0

Equity Financing

43,890

35,151

0

0

Dividends

0

0

0

0

Other

0

(632)

0

0

Net Cash Flow

20,089

35,388

(55,126)

(43,952)

Opening net debt/(cash)

 

 

(24,042)

(43,837)

(77,586)

(22,460)

HP finance leases initiated

0

0

0

0

Other

(294)

(1,639)

0

0

Closing net debt/(cash)

 

 

(43,837)

(77,586)

(22,460)

21,491

Source: Telix reports, Edison Investment Research


General disclaimer and copyright

This report has been commissioned by Telix Pharmaceuticals and prepared and issued by Edison, in consideration of a fee payable by Telix Pharmaceuticals. 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).

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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

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

General disclaimer and copyright

This report has been commissioned by Telix Pharmaceuticals and prepared and issued by Edison, in consideration of a fee payable by Telix Pharmaceuticals. 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: Healthcare

SUDA Pharmaceuticals — Half-year update

SUDA continues to make progress with anagrelide. In an animal model, SUDA was able to show that an oral spray formulation had 43% higher bioavailability over a capsule form while only showing a 28% increase in exposure of the cardiostimulatory metabolite. This provides evidence that this formulation may allow for a lower dose of anagrelide, maintaining efficacy, but with reduced cardiotoxicity, a significant issue with the capsule formulation. In February, the company announced that it has contracted with MedPharm to perform additional formulation work to stabilise and optimise the oral spray formulation.

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