Currency in SEK
Last close As at 25/03/2023
SEK6.28
— 0.00 (0.00%)
Market capitalisation
SEK1,108m
Research: Healthcare
Cantargia is a clinical-stage biotechnology company with lead asset nadunolimab (CAN04) under assessment for several oncology indications. The company has announced that the first triple-negative breast cancer patient has been treated in the Phase II part of the TRIFOUR trial. The Phase Ib portion showed a favourable safety profile of the drug with early signs of efficacy. The Phase II portion is an open-label, randomised trial to compare nadunolimab in combination with chemotherapy agents gemcitabine and carboplatin against the chemotherapy agents alone (expected n=98). We view this as an important milestone for Cantargia and management expects an interim futility analysis of 28 patients to take place in Q423.
Cantargia |
First patient treated in Phase II part of TRIFOUR |
Clinical update |
Pharma and biotech |
14 March 2023 |
Share price performance Business description
Analysts
Cantargia is a research client of Edison Investment Research Limited |
Cantargia is a clinical-stage biotechnology company with lead asset nadunolimab (CAN04) under assessment for several oncology indications. The company has announced that the first triple-negative breast cancer patient has been treated in the Phase II part of the TRIFOUR trial. The Phase Ib portion showed a favourable safety profile of the drug with early signs of efficacy. The Phase II portion is an open-label, randomised trial to compare nadunolimab in combination with chemotherapy agents gemcitabine and carboplatin against the chemotherapy agents alone (expected n=98). We view this as an important milestone for Cantargia and management expects an interim futility analysis of 28 patients to take place in Q423.
Year |
Revenue |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/21 |
0.0 |
(366.5) |
(3.66) |
0.0 |
N/A |
N/A |
12/22 |
0.0 |
(371.8) |
(2.90) |
0.0 |
N/A |
N/A |
12/23e |
0.0 |
(306.6) |
(1.84) |
0.0 |
N/A |
N/A |
12/24e |
0.0 |
(292.6) |
(1.75) |
0.0 |
N/A |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
As a reminder, Cantargia’s lead asset nadunolimab (CAN04) is an antibody therapy that targets IL1RAP, a protein expressed on tumour cells from several types of cancer. The company is assessing nadunolimab in a number of indications, including pancreatic cancer (in combination with gemcitabine and nab-paclitaxel), non-squamous non-small cell lung cancer (in combination with carboplatin and pemetrexed), and triple-negative breast cancer (in combination with carboplatin and gemcitabine).
In triple-negative breast cancer, nadunolimab is being investigated in the Phase I/II TRIFOUR trial. The Phase Ib portion is a single arm aiming to assess the safety of nadunolimab in combination with chemotherapy agents and to determine the maximum tolerated dose. In February 2023, Cantargia reported a favourable safety profile for the treatment and identified early signs of efficacy in 12 patients. At this early stage, one patient showed a complete response and a further five showed a partial response. This corresponds to a preliminary response rate of 50% and is particularly encouraging compared to the historical response rate of approximately 30% for gemcitabine and carboplatin alone.
Cantargia has announced that the Phase II portion of the TRIFOUR trial is underway, with the first triple-negative breast cancer patient treated. The Phase II is an open-label, randomised trial to assess the efficacy of nadunolimab in combination with chemotherapy agents gemcitabine and carboplatin and compared to gemcitabine and carboplatin alone. Management plans to recruit up to 98 patients for this Phase II portion of the study (n=49 in each arm), and an interim futility analysis of 28 patients is expected to take place in Q423 to determine whether the study will be continued. Together with the encouraging Phase I data, we view this as an important milestone for Cantargia, and believe that updates from this trial represent an important catalyst for the company.
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Research: Metals & Mining
Wheaton Precious Metals (WPM) released its Q422/FY22 financial results in the context of known production and sales volumes. As a result, financial results were very close to our prior expectations for both Q422 and FY22. The main (positive) variances were in depletion (US$3.3m) and ‘other’ income (US$1.9m), to result in net earnings that were US$5.0m better than our prior forecasts for both periods (equating to a positive percentage variance of 5.1% for the quarter and 1.0% for the full year; see Exhibit 2).
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