Last close As at 05/08/2026
—
— 0.00 (0.00%)
Market capitalisation
—
Research: Healthcare
Sequana Medical announced that it has enrolled the first patient in the open-label cohort of its MOJAVE US Phase I/IIa study evaluating its second-generation Direct Sodium Removal (DSR) product, DSR 2.0. MOJAVE is designed to assess the safety and efficacy of DSR 2.0 in diuretic-resistant chronic heart failure (CHF) patients with persistent congestion across two cohorts. Sequana expects to report initial data from the three-patient, open-label cohort by year-end 2023, which may demonstrate proof-of-concept and provide an early efficacy signal of DSR 2.0’s potential as a disease-modifying CHF treatment.
Sequana Medical |
MOJAVE enrols first patient |
DSR 2.0 US study start |
Pharma and biotech |
12 July 2023 |
Share price performance
Business description
Analyst
Sequana Medical is a research client of Edison Investment Research Limited |
||||||||||||||||||||||||||||||||||
Sequana Medical announced that it has enrolled the first patient in the open-label cohort of its MOJAVE US Phase I/IIa study evaluating its second-generation Direct Sodium Removal (DSR) product, DSR 2.0. MOJAVE is designed to assess the safety and efficacy of DSR 2.0 in diuretic-resistant chronic heart failure (CHF) patients with persistent congestion across two cohorts. Sequana expects to report initial data from the three-patient, open-label cohort by year-end 2023, which may demonstrate proof-of-concept and provide an early efficacy signal of DSR 2.0’s potential as a disease-modifying CHF treatment.
Year |
Revenue |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/21 |
0.4 |
(24.4) |
(1.36) |
0.0 |
N/A |
N/A |
12/22 |
0.9 |
(30.9) |
(1.37) |
0.0 |
N/A |
N/A |
12/23e |
0.7 |
(26.3) |
(0.93) |
0.0 |
N/A |
N/A |
12/24e |
1.7 |
(28.1) |
(0.99) |
0.0 |
N/A |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
As discussed in our prior note, DSR 2.0 is designed to provide an improved therapeutic and a more favourable safety profile compared to the first-generation product (DSR 1.0), which showed in the SAHARA trial that it can resolve persistent congestion in diuretic-resistant CHF patients. More importantly, all evaluable patients improved their New York Heart Association status by at least one class (in a four-class scale) and experienced no congestion-related hospital readmissions during the study. These findings, combined with a 33% mean reduction in NT-proBNP (a marker of cardiac function) and a stable eGFR (a marker of kidney function), both at 16 weeks post the intensive DSR therapy period versus baseline, suggest DSR’s potential as a disease-modifying CHF therapy, in our view.
In the open-label MOJAVE cohort, three patients will receive DSR 2.0 via a peritoneal dialysis (PD) catheter on top of optimised usual care for up to four weeks. An independent data safety monitoring board will then determine whether the study can proceed to the randomised cohort. This cohort is designed to enrol 30 patients, with 20 patients randomised to DSR 2.0 administered via a PD catheter on top of optimised usual care for CHF for up to four weeks, and 10 patients randomised to intravenous loop diuretic treatment as part of maximised usual care for CHF. Both cohorts will have a three-month safety follow-up period after the four weeks of DSR therapy.
The company expects to report top-line data from the randomised cohort in 2025, and interim data from this cohort in H224. Nonetheless, initial data from the open-label cohort, expected in Q423, could provide an early indicator of DSR 2.0’s potential efficacy in reducing congestion and demonstrating disease-modifying properties, given the very significant effects already shown for DSR 1.0 in the SAHARA and RED DESERT studies.
Hence, the non-randomised cohort of MOJAVE may provide a strong efficacy signal and provide a meaningful clinical validation of the DSR 2.0 product and its method of administration (through a PD catheter), which may provide the opportunity for a re-rating of the shares ahead of the company’s next fund-raising need window.
|
|
Research: Investment Companies
Martin Currie Global Portfolio Trust’s (MNP’s) relative performance is back on track following a tough 2022, when investors favoured value and cyclical companies rather than growth businesses. Manager Zehrid Osmani has remained disciplined, seeking high-quality, long-term growth companies, and has retained his five- to 10-year investment horizon. Over the last decade, the trust has generated robust double-digit absolute annual NAV and share price total returns of 10.3% and 10.6% respectively. Within the AIC Global sector, MNP’s NAV total returns are above average over the last one and five years.