WANdisco — IoT migration win prompts upgrades

WANdisco (AIM: WAND)

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Research: TMT

WANdisco — IoT migration win prompts upgrades

WANdisco’s $12.7m data migration deal with a global automotive manufacturer further strengthens the company’s position in the rapidly evolving automotive sector. It also highlights the central role that WANdisco plays in enabling data-centric Internet of Things (IoT) strategies. While the one-off nature of this contract means that the lifetime value of this deal is likely less than the recently announced large commit-to-consume deals, it is still very significant in size, prompting further upgrades to our bookings and cash estimates. The faster revenue recognition of this deal supports meaningful upgrades to revenues and reduced forecast losses.

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Written by

TMT

WANdisco

IoT migration win prompts upgrades

Contract win

Software and comp services

23 December 2022

Price

867p

Market cap

£581m

US$1.21/£

Pro forma net cash ($m) at 30 September 2022

24.9

Shares in issue

67.0m

Free float

67%

Code

WAND

Primary exchange

AIM

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

37.1

84.4

129.2

Rel (local)

37.6

77.4

134.5

52-week high/low

900p

223p

Business description

WANdisco’s proprietary replication technology enables its customers to solve critical data management challenges created by the shift to cloud computing. It has established partner relationships with leading cloud players including Oracle, Amazon, IBM and Microsoft.

Next events

FY22 results

February/March 2023

Analysts

Dan Ridsdale

+44 (0)20 3077 5729

Ken Mestemacher, CFA

+44 (0)20 3077 5700

WANdisco is a research client of Edison Investment Research Limited

WANdisco’s $12.7m data migration deal with a global automotive manufacturer further strengthens the company’s position in the rapidly evolving automotive sector. It also highlights the central role that WANdisco plays in enabling data-centric Internet of Things (IoT) strategies. While the one-off nature of this contract means that the lifetime value of this deal is likely less than the recently announced large commit-to-consume deals, it is still very significant in size, prompting further upgrades to our bookings and cash estimates. The faster revenue recognition of this deal supports meaningful upgrades to revenues and reduced forecast losses.

Year

end

Revenue
($m)

Bookings
($m)

Ending RPO* ($m)

EBITDA adj ($m)

EPS**
(c)

EV/sales
(x)

Net cash ($m)

12/20

10.5

10.2

4.9

(22.2)

(57.3)

64.3

18.1

12/21

7.3

11.9

9.4

(29.5)

(57.9)

92.7

25.9

12/22e

19.0

116.0

105.0

(19.6)

(38.3)

35.6

24.5

12/23e

28.0

120.0

197.0

(12.6)

(25.0)

24.2

15.5

Note: *Ending RPO = beginning RPO + bookings – revenue. **EPS is normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

One-off contract worth $12.7m for migrating IoT data

This agreement, worth $12.7m, is with a global Europe-based automotive manufacturer and WANdisco will migrate IoT data from the client’s data centre to the cloud. In contrast to recent record contract wins, this is a one-off migration rather than a commit-to-consume agreement. As a result, revenues will be recognised when software is delivered (rather than when consumed), and management estimates that 80% of the revenues will be recognised in FY22e and the rest in FY23e.

Enabling clients to develop new revenue streams

The automotive sector is undergoing a significant transformation, driven by vehicle electrification and digitisation, and the disruptive influence of companies such as Tesla which is developing increasingly service-oriented models. This is triggering a significant wave of investment as newer entrants grow and traditional players look to catch up. WANdisco looks to be extremely well placed to benefit from this. In this case, WANdisco is migrating a large amount of data to the cloud to enable the automotive manufacturer to implement IoT strategies. The recurring opportunity for WANdisco is in enabling manufacturers to migrate the huge amounts of data generated from car sensor networks to the cloud on an ongoing basis. The company’s recent wins totalling $25.3m with an automotive supplier were for such a deployment.

Valuation: Automotive wins lead to forecast upgrade

This deal leads to $64m worth of contract wins in IoT use cases across the automotive and telco verticals in Q422. The pipeline remains strong and we raise our revenue estimates to $19m in FY22 and $28m in FY23, up from the previous $12m and $25m, respectively. We lift our FY22 bookings forecast to $116m from $105m and maintain our previous $120m in FY23 bookings. FY23e Ending RPO reduces slightly to $197m from $200m due to the revenue upgrade. With near 100% gross margins and the cost base expected to remain relatively flat, revenue upgrades should drop strongly through to earnings.

Upgrading FY22 and FY23 estimates

After this new agreement, the statement confirms that FY22 revenues will be significantly ahead of market expectations and no less than $19m (Edison had expected $12m), with bookings expected to be more than $116m (Edison $105m, recently upgraded from $70m).

Year to date, WANdisco has announced nearly $114m in contract wins (see Exhibit 1) and is seeing an acceleration of interest in its solutions, with the pipeline at a record level in terms of both the number of opportunities and their combined value.

Exhibit 1: Notable deal wins in FY22

Date

Client

Use case

Amount

Model

Cloud target

Dec-22

Global automotive manufacturer

IoT

$12.7m

One-off

Not disclosed

Dec-22

Tier 1 global telco supplier

IoT

$31m

Commit-to-consume (CtC)

Multiple

Dec-22

Automotive components supplier (3rd agreement)

IoT

$13.2m

CtC

AWS

Oct-22

Automotive components supplier (2nd agreement)

IoT

$7.1m across 5 years

CtC

GCP

Sep-22

Large global telco (4th agreement)

IoT, Hadoop workload migration

$25m

CtC

Azure

Jun-22

Top 5 Canadian financial services firm

Hadoop workload migration

$1.1m across 3 years

CtC

GCP

Jun-22

Automotive components supplier

IoT

$5m across 5 years

CtC

AWS

Jun-22

Leading Chinese information and communications technology providers

Info and telecom

$2.5m across 5 years

Renewal and expansions of limited perpetual licences + maintenance

On premises

Jun-22

Large global telco (3rd agreement)

IoT, Hadoop workload migration

$11.6m (50% up front)

CtC

Azure

Apr-22

Leading personal computer vendor

Hadoop workload migration

$213k

CtC

On premises

Apr-22

Oracle customers

Data lake migrations to Oracle cloud infrastructure

$150k

Prepay licence

Oracle

Apr-22

Top 10 global retailer

Hadoop migration

$720k

CtC

HP

Apr-22

Large multinational insurance group

IoT, Multi-cloud

$630k

CtC

Azure

Mar-22

Large global telco (2nd agreement)

IoT, Hadoop workload migration, Multi-cloud

$1.2m

CtC

Azure

Mar-22

Large global telco supplier (initial agreement)

IoT, Hadoop workload migration, Multi-cloud

$1.5m

CtC

Azure

Total

$113.6m

Source: WANdisco, Edison Investment Research

We continue to be encouraged by WANdisco’s momentum and we raise our FY22 and FY23 estimates (see Exhibit 2). We raise our revenue estimates to $19m in FY22 and $28m in FY23, up from the previous $12m and $25m, respectively. We lift our FY22e bookings forecast to $116m from $105m and maintain our previous $120m in FY23e bookings. We estimate FY23 Ending RPO should be $197m, down slightly from the previous $200m, which reflects the mathematical impact of revenues for the year being upgraded by more than bookings.

Operational gearing should be strong. With near 100% gross margins and the cost base expected to remain relatively flat, these new revenues should drop strongly through to earnings. We anticipate that continued momentum should result in WANdisco becoming a highly profitable business.

Exhibit 2: Forecast revision

FY22e

FY23e

$m

Old

New

Change

Old

New

Change

Revenue

12.0

19.0

58.3%

25.0

28.0

12.0%

% Growth

64.2%

160.1%

-

108.3%

47.4%

-

Bookings

105.0

116.0

10.5%

120.0

120.0

-

Ending RPO

105.0

105.0

-

200.0

197.0

(1.5)%

Gross Cash Balance

26.1

26.9

3.0%

9.5

18.5

94.5%

Adjusted EBITDA

(25.9)

(19.6)

24.3%

(15.3)

(12.6)

17.6%

% Margin

N/A

N/A

 

N/A

N/A

Normalised Operating Profit

(32.1)

(25.8)

19.6%

(21.5)

(18.8)

12.6%

% Margin

N/A

N/A

 

N/A

N/A

Normalised Profit before Taxes

(31.4)

(25.1)

20.1%

(20.8)

(18.1)

13.0%

Reported Profit before Taxes

(34.5)

(28.2)

18.3%

(24.8)

(22.1)

10.9%

Normalised Basic and Diluted EPS (c)

(48.4)

(38.3)

20.9%

(29.0)

(25.0)

13.9%

Reported EPS (c)

(53.4)

(43.3)

19.0%

(35.0)

(30.9)

11.6%

Net Debt/(Cash) (including leases)

(23.7)

(24.5)

3.4%

(6.5)

(15.5)

137.8%

Source: Edison Investment Research

Exhibit 3: Financial summary

$m

2020

2021

2022e

2023e

Year end 31 December

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

 

Revenue

 

 

10.5

7.3

19.0

28.0

Cost of Sales

(1.1)

(0.7)

(1.9)

(2.8)

Gross Profit

9.5

6.6

17.1

25.2

EBITDA (adjusted)

 

 

(22.2)

(29.5)

(19.6)

(12.6)

Operating Profit (before amort. and except.)

 

 

(28.5)

(35.7)

(25.8)

(18.8)

Acquired Intangible Amortisation

0.0

0.0

0.0

0.0

Exceptionals

0.0

(2.1)

0.0

0.0

Share based payments

(5.4)

(2.0)

(3.1)

(4.0)

Operating Profit

(33.9)

(39.8)

(28.9)

(22.8)

Net Interest

(1.9)

1.0

0.7

0.7

Profit Before Tax (norm)

 

 

(30.4)

(34.7)

(25.1)

(18.1)

Profit Before Tax (FRS 3)

 

 

(35.8)

(38.8)

(28.2)

(22.1)

Tax

1.5

1.2

1.3

1.4

Profit After Tax (norm)

(28.9)

(33.5)

(23.8)

(16.7)

Profit After Tax (FRS 3)

(34.3)

(37.6)

(26.9)

(20.7)

Average Number of Shares Outstanding (m)

50.5

57.8

62.2

67.0

EPS - normalised basic

 

 

(57.3)

(57.9)

(38.3)

(25.0)

EPS - normalised fully diluted (c)

 

 

(57.3)

(57.9)

(38.3)

(25.0)

EPS - (IFRS) (c)

 

 

(68.0)

(65.0)

(43.3)

(30.9)

Dividend per share (c)

0.0

0.0

0.0

0.0

Gross Margin (%)

89.9

91.0

90.0

90.0

KEY PERFORMANCE INDICATORS

Bookings

10.2

11.9

116.0

120.0

Ending RPO

4.9

9.4

105.0

197.0

BALANCE SHEET

Fixed Assets

 

 

10.1

8.7

8.5

8.6

Intangible Assets

5.0

5.3

5.6

6.0

Tangible Assets

2.9

2.2

1.7

1.4

Investments

2.2

1.2

1.2

1.2

Current Assets

 

 

31.2

33.5

61.9

47.5

Stocks

0.0

0.0

0.0

0.0

Debtors

10.1

5.7

35.0

29.0

Cash

21.0

27.8

26.9

18.5

Other

0.0

0.0

0.0

0.0

Current Liabilities

 

 

(9.7)

(6.2)

(11.6)

(14.6)

Creditors & Deferred Income

(8.6)

(5.6)

(11.0)

(14.0)

Short term borrowings

(1.1)

(0.6)

(0.6)

(0.6)

Long Term Liabilities

 

 

(2.4)

(1.6)

(29.8)

(30.4)

Long term borrowings

(1.8)

(1.2)

(1.8)

(2.4)

Deferred Income

(0.7)

(0.3)

(28.0)

(28.0)

Net Assets

 

 

29.2

34.5

29.0

11.1

CASH FLOW

Operating Cash Flow

 

 

(19.1)

(29.1)

(15.8)

(3.6)

Net Interest

(0.3)

(0.2)

0.7

0.7

Tax

0.7

1.0

1.3

1.4

Capex (inc capitalised R&D)

(5.5)

(5.8)

(6.0)

(6.3)

Acquisitions/disposals

0.0

0.0

0.0

0.0

Financing (net)

24.1

41.9

19.5

0.0

Dividends

0.0

0.0

0.0

0.0

Net Cash Flow

(0.1)

7.9

(0.3)

(7.8)

Opening net debt/(cash)

 

 

(18.3)

(18.1)

(25.9)

(24.5)

HP finance leases initiated

0.0

(0.1)

(1.2)

(1.2)

Other

0.0

0.0

0.0

0.0

Closing net debt/(cash)

 

 

(18.1)

(25.9)

(24.5)

(15.5)

Source: WANdisco, Edison Investment Research

General disclaimer and copyright

This report has been commissioned by WANdisco and prepared and issued by Edison, in consideration of a fee payable by WANdisco. Edison Investment Research standard fees are £60,000 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 2022 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

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Germany

London +44 (0)20 3077 5700

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United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

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United States of America

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Level 4, Office 1205

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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 WANdisco and prepared and issued by Edison, in consideration of a fee payable by WANdisco. Edison Investment Research standard fees are £60,000 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 2022 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

Actinogen Medical — XanaMIA clears hurdle to start US recruitment

Actinogen has announced that the US FDA has provided the required approvals for it to proceed with US recruitment for its planned six-month, placebo-controlled Phase IIb portion of the XanaMIA study. This study is designed to demonstrate the safety and efficacy of Xanamem in a population of patients with mild cognitive impairment and mild Alzheimer’s disease (AD), who at baseline will have been confirmed as biomarker-positive for AD (as determined through elevated blood phosphorylated Tau, or pTau). The study will start enrolment in H1 CY23 and results are expected in late CY24.

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