Last close As at 05/08/2026
SEK1.39
▲ −0.01 (−0.43%)
Market capitalisation
SEK197m
Research: Healthcare
IRLAB Therapeutics, alongside partner Ipsen, has announced an expansion of the Phase IIb/III study of mesdopetam in patients with levodopa-induced dyskinesias (LIDs) and Parkinson’s disease (PD). The companies will expand enrolment to 154 patients (from 140) supported by the addition of new sites across the US, Europe and Israel. Management has confirmed that enrolment has progressed through the study period and is expected to complete over the summer, with top-line results expected in Q422. The company also communicated that blinded safety data from the study so far are in alignment with previously reported Phase Ib/IIa results; however, it has not reported any specific details. Considering the disruption the COVID-19 pandemic has caused to patient enrolment in many trials, we see the Phase IIb/III enrolment expansion, along with the safety data announcement, as an encouraging sign for the mesdopetam development programme. We value IRLAB at SEK6.13bn or SEK118.5/share.
Written by
IRLAB Therapeutics |
Phase IIb/III mesdopetam study expanded |
Management update |
Pharma and biotech |
14 July 2022 |
Share price performance
Business description
Analysts
IRLAB Therapeutics is a research client of Edison Investment Research Limited |
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IRLAB Therapeutics, alongside partner Ipsen, has announced an expansion of the Phase IIb/III study of mesdopetam in patients with levodopa-induced dyskinesias (LIDs) and Parkinson’s disease (PD). The companies will expand enrolment to 154 patients (from 140) supported by the addition of new sites across the US, Europe and Israel. Management has confirmed that enrolment has progressed through the study period and is expected to complete over the summer, with top-line results expected in Q422. The company also communicated that blinded safety data from the study so far are in alignment with previously reported Phase Ib/IIa results; however, it has not reported any specific details. Considering the disruption the COVID-19 pandemic has caused to patient enrolment in many trials, we see the Phase IIb/III enrolment expansion, along with the safety data announcement, as an encouraging sign for the mesdopetam development programme. We value IRLAB at SEK6.13bn or SEK118.5/share.
Year end |
Revenue |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/20 |
0.4 |
(91.4) |
(1.92) |
0.0 |
N/A |
N/A |
12/21 |
207.9 |
91.1 |
1.76 |
0.0 |
N/A |
N/A |
12/22e |
42.9 |
(95.7) |
(1.85) |
0.0 |
N/A |
N/A |
12/23e |
0.3 |
(145.1) |
(2.80) |
0.0 |
N/A |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
Mesdopetam is a D3 receptor antagonist being investigated in an ongoing Phase IIb/III trial for PD-LIDs. In July 2021 IRLAB licensed mesdopetam’s global rights to Ipsen for an upfront payment of US$28m, up to US$335m in potential milestones and low double-digit royalties on sales. As part of the agreement, IRLAB will fund the development of mesdopetam until top-line results from Phase IIb are reported (we expect results in Q422), at which point Ipsen will assume full responsibility for any further development. We note that top-line Phase IIb results will be important in defining Ispen’s Phase III development strategy.
PD-LIDs are characterised by troublesome dyskinesias (uncontrolled or involuntary movements) associated with the long-term use of levodopa, a mainstay PD treatment. With mesdopetam, IRLAB aims to reduce LIDs and extend the daily amount of time that patients have good, controlled movement. This could enable potential optimisation of levodopa treatment schedules (eg higher doses) to increase efficacy without undesirable LIDs. Mesdopetam has shown good safety and tolerability at all doses and early signs of clinical efficacy in Phase I and IIa studies, alleviating LIDs without compromising the therapeutic benefits of levodopa on motor function.
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