Currency in SEK
Last close As at 09/06/2023
SEK4.64
▲ 0.03 (0.65%)
Market capitalisation
SEK775m
Research: Healthcare
Cantargia announced the first patient treatment under the extension arm of its Phase Ib clinical trial CIRIFOUR, evaluating lead asset CAN04 (IL1RAP-binding antibody, nadunolimab) as first-line treatment for non-squamous non-small cell lung cancer (NSCLC) in combination with checkpoint inhibitor Keytruda (pembrolizumab) and platinum-based chemotherapy. The study will recruit up to 24 patients and is designed to incorporate a dose escalation phase and an optional evaluation phase using the optimal dose. Each phase will recruit 12 patients. The objectives will be to assess safety, efficacy and effect on biomarkers. We see this as a positive development towards progression of Cantargia’s clinical programme. The study will be undertaken across five clinical sites in the United States, with the dose escalation phase expected to complete in 12 months.
Cantargia |
First patient treated under CIRIFOUR trial |
Clinical update |
Pharma and biotech |
22 September 2022 |
Share price performance Business description
Analysts
Cantargia is a research client of Edison Investment Research Limited |
Cantargia announced the first patient treatment under the extension arm of its Phase Ib clinical trial CIRIFOUR, evaluating lead asset CAN04 (IL1RAP-binding antibody, nadunolimab) as first-line treatment for non-squamous non-small cell lung cancer (NSCLC) in combination with checkpoint inhibitor Keytruda (pembrolizumab) and platinum-based chemotherapy. The study will recruit up to 24 patients and is designed to incorporate a dose escalation phase and an optional evaluation phase using the optimal dose. Each phase will recruit 12 patients. The objectives will be to assess safety, efficacy and effect on biomarkers. We see this as a positive development towards progression of Cantargia’s clinical programme. The study will be undertaken across five clinical sites in the United States, with the dose escalation phase expected to complete in 12 months.
Year end |
Revenue (SEKm) |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/20 |
0.0 |
(173.1) |
(1.94) |
0.0 |
N/A |
N/A |
12/21 |
0.0 |
(370.3) |
(3.70) |
0.0 |
N/A |
N/A |
12/22e |
0.0 |
(393.8) |
(2.95) |
0.0 |
N/A |
N/A |
12/23e |
0.0 |
(367.5) |
(2.20) |
0.0 |
N/A |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
The first stage of the CIRIFOUR clinical trial (nadunolimab + pembrolizumab in NSCLC) highlighted the potential to add another therapy to the existing combination. Therefore, under the second stage (Phase Ib), the impact of nadunolimab/pembrolizumab combination is being assessed along with carboplatin/pemetrexed, a platinum-based chemotherapy usually used with pembrolizumab for first-line treatment of non-squamous NSCLC. The study design (n=24) incorporates a dose escalation phase, followed by an optional evaluation phase for the optimal dose. Out of the total 24 non-squamous NSCLC patients, 12 will be treated with dose-escalated nadunolimab, with standard doses of pembrolizumab and carboplatin/pemetrexed. The optimal dose of nadunolimab may be evaluated in a further 12 patients. The optional study may be further conducted with an additional 12 patients during the second optional stage. The primary objective is safety with secondary objectives including assessment of antitumor activity and effects on biomarkers.
As a reminder, in June 2022, Cantargia reported interim results for its lead IL1RAP antibody, nadunolimab (CAN04) for Phase IIa trial in NSCLC (CANFOUR), Phase I/IIa trial in first-line pancreatic cancer (PDAC, CANFOUR) and Phase Ib trial in combination with pembrolizumab (CIRIFOUR) at the American Society of Clinical Oncology 2022 annual meeting (31 May 2022). For CIRIFOUR, the interim data indicated good tolerability of the combination and achievement of disease control for at least 30 weeks (up to 58 weeks) in six out of 15 patients. The study was expanded in August 2021 to include platinum-based chemotherapy in addition to the existing nadunolimab + pembrolizumab combination in NSCLC patients.
We see the current announcement as an encouraging development for the CIRIFOUR clinical trial and the company’s development pipeline. Our valuation remains unchanged from the previous report.
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Research: Healthcare
Respiri is an Australian medical device and software-as-a-service (SaaS) company, developing a novel remote patient monitoring approach to respiratory health management. Through its integrated wheezo platform (device, application and health portal) the company provides comprehensive (real-time) monitoring for irregular breathing patterns (wheeze), a key physiological variable in asthma and chronic obstructive pulmonary disease (COPD). Following its strategic pivot in 2021, Respiri has redirected its focus to the US market, which has a large inadequately treated patient population and a supportive environment for preventative RPM reimbursement. Employing a cost-effective partner-based strategy, management has recently onboarded its first two (US) hospital clients. We initiate coverage with a valuation of A$189.1m or A$0.24/share.
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