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Research: Healthcare
Scandion Oncology has received approval to initiate part 3 of its Phase II CORIST trial investigating SCO-101 for the treatment of metastatic colorectal cancer (mCRC). Part 3 is an expansion of the trial to evaluate the efficacy of SCO-101 in combination with FOLFIRI in both wild-type RAS (wtRAS) and mutant-RAS patient populations. Part 2 of the trial, which is ongoing, is evaluating wtRAS patients only. With c 44% of mCRC patients possessing the RAS mutation, we believe the pursuit of this new patient population will further enhance SCO-101’s addressable market and commercial opportunity. The expansion has been made possible by an amendment to the ongoing study, utilising activated trial sites to ensure no delays to the current trial timelines. Patient recruitment in part 3 is anticipated to commence in Q322, with initial top-line results expected in Q323. We continue to value Scandion Oncology at SEK586.5m or SEK14.4 per share.
Written by
Scandion Oncology |
Approval for CORIST part 3 |
Clinical trial update |
Pharma and biotech |
22 August 2022 |
Share price performance
Business description
Analysts
Scandion Oncology is a research client of Edison Investment Research Limited |
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Scandion Oncology has received approval to initiate part 3 of its Phase II CORIST trial investigating SCO-101 for the treatment of metastatic colorectal cancer (mCRC). Part 3 is an expansion of the trial to evaluate the efficacy of SCO-101 in combination with FOLFIRI in both wild-type RAS (wtRAS) and mutant-RAS patient populations. Part 2 of the trial, which is ongoing, is evaluating wtRAS patients only. With c 44% of mCRC patients possessing the RAS mutation, we believe the pursuit of this new patient population will further enhance SCO-101’s addressable market and commercial opportunity. The expansion has been made possible by an amendment to the ongoing study, utilising activated trial sites to ensure no delays to the current trial timelines. Patient recruitment in part 3 is anticipated to commence in Q322, with initial top-line results expected in Q323. We continue to value Scandion Oncology at SEK586.5m or SEK14.4 per share.
Year end |
Revenue (DKKm) |
PBT* (DKKm) |
EPS* |
DPS |
DPS |
Yield |
12/20 |
1.0 |
(21.5) |
(0.53) |
0.0 |
N/A |
N/A |
12/21 |
0.8 |
(57.2) |
(1.61) |
0.0 |
N/A |
N/A |
12/22e |
0.8 |
(60.1) |
(1.70) |
0.0 |
N/A |
N/A |
12/23e |
0.8 |
(114.7) |
(3.40) |
0.0 |
N/A |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
SCO-101 is designed to re-sensitise cancer cells to chemotherapy (FOLFIRI) in patients who have developed treatment resistance. The CORIST (NCT04247256) trial is an open-label, multi-centre dose escalation study targeting last-line mCRC treatment. Thus far the trial has consisted of two parts. Part 1, which concluded in H121, demonstrated positive safety data and identified the maximum tolerated dose of the SCO-101/FOLFIRI combination. Part 2 is underway and will recruit up to 25 mCRC patients with wtRAS to evaluate efficacy. Top-line results from part 2 are expected in Q322.
Part 3 is an expansion of the current development programme to include both wtRAS and mutant-RAS mCRC patients. We anticipate that positive results from part 2 would provide clinical proof-of-concept for SCO-101 and encouraging signs for the expanded part 3. SCO-101 is also being investigated (Phase I PANTAX) for the treatment of metastatic pancreatic cancer, providing a further potential opportunity for the therapy.
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Research: Real Estate
Supermarket Income REIT (SUPR) has acquired four supermarkets for £76.0m, taking the total capital deployed since its highly successful £300.0m equity raise in late April to £159.0m. Index-linked rents and accretive acquisitions are the drivers of income growth and progressive DPS, and we expect further near-term acquisitions despite increasing debt funding costs. Meanwhile, structural trends in the market and the non-discretionary nature of many grocery products support strong tenant covenants. There are no changes to our forecasts ahead of FY22 results, which we expect in late September.