Context Therapeutics — R&D webinar highlights pipeline potential

Context Therapeutics (NASDAQ: CNTX)

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Research: Healthcare

Context Therapeutics — R&D webinar highlights pipeline potential

Context Therapeutics’ R&D webinar covered key takeaways from its five posters presented at the AACR Annual Meeting in April 2022. While the results reiterated the potential benefits of ONA-XR with standard-of-care treatment, the notable highlight was the possible combination with checkpoint inhibitors (turning ‘immunologically cold tumors hot’) and the Aurora A/STAT3 oncogenic signaling pathway (implicated in resistance to endocrine treatment) for treatment of hormone-driven cancers. Beyond ONA-XR, preclinical data presented on the CLDN6xCD3 library reasserted the higher selectivity of Context’s pipeline for CLDN6 (versus competitors), with the final clinical candidate expected to be selected by H222.

Jyoti Prakash

Written by

Jyoti Prakash

Analyst, Healthcare

Healthcare

Context Therapeutics

R&D webinar highlights pipeline potential

R&D update

Pharma & biotech

22 April 2022

Price

$1.7

Market cap

$27.2m

Net cash ($m) at 31 December 2021

49.7

Shares in issue

15.97m

Free float

67%

Code

CNTX

Primary exchange

Nasdaq

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(24.3)

(24.3)

N/A

Rel (local)

(23.1)

(24.2)

N/A

52-week high/low

US$7.5

US$1.6

Business description

Context Therapeutics is a clinical-stage women’s oncology company. Lead candidate ONA-XR is a ‘full’ progesterone receptor antagonist currently being evaluated in three Phase II clinical trials in hormone-driven breast, endometrial and ovarian cancer. Preliminary data from at least one trial are expected in mid-2022. The other asset is a bi-specific monoclonal antibody, CLDN6xCD3, currently undergoing preclinical development.

Next events

ONA-XR 1st line HR+HER2-mBC Phase Ib and endometrial cancer Phase II preliminary data

Mid-2022

ONA-XR 2nd line HR+HER2-mBC Phase II preliminary data

H222

Analyst

Jyoti Prakash, CFA

+44 (0)20 3077 5700

Context Therapeutics is a research client of Edison Investment Research Limited

Context Therapeutics’ R&D webinar covered key takeaways from its five posters presented at the AACR Annual Meeting in April 2022. While the results reiterated the potential benefits of ONA-XR with standard-of-care treatment, the notable highlight was the possible combination with checkpoint inhibitors (turning ‘immunologically cold tumors hot’) and the Aurora A/STAT3 oncogenic signaling pathway (implicated in resistance to endocrine treatment) for treatment of hormone-driven cancers. Beyond ONA-XR, preclinical data presented on the CLDN6xCD3 library reasserted the higher selectivity of Context’s pipeline for CLDN6 (versus competitors), with the final clinical candidate expected to be selected by H222.

Year end

Revenue ($m)

PBT*
($m)

EPS*
($)

DPS
($)

P/E
(x)

Yield
(%)

12/20

0.0

(3.2)

(9.28)

0.0

N/A

N/A

12/21

0.0

(10.6)

(3.74)

0.0

N/A

N/A

12/22e

0.0

(16.1)

(1.01)

0.0

N/A

N/A

12/23e

0.0

(22.3)

(1.40)

0.0

N/A

N/A

Note: *PBT and EPS are normalized, excluding exceptional items.

Potential combinations widen ONA-XR’s playing field

The overriding theme of the three posters presented on ONA-XR was the drug’s potential therapeutic efficacy and utility as a combination therapy in hormone-driven cancers, either with the current standard of care (SoC), or with other therapies such as the signal transducer and activator of transcription-3/interleukin-6 (STAT3/IL-6) inhibitors and checkpoint inhibitors. While the newly presented data reaffirmed ONA-XR’s potential benefit as a triplicate treatment in progesterone receptor (PR) positive metastatic breast cancer (mBC) (along with current SoC endocrine treatments and CDK4/6 inhibitors), early data suggesting possible combination with other therapeutic classes present encouraging signals for ONA-XR’s prospects. Combination with checkpoint inhibitors, in particular, appears interesting, given their lack of success in hormone-driven tumors such as breast cancer, as a result of these tumors being immunologically unresponsive or ‘cold’. Preclinical data presented by Context suggest that anti-progestins such as ONA-XR can modify the tumor microenvironment to enhance the efficacy of immunotherapies. Positive development here could significantly expand ONA-XR’s market potential.

CLDN6xCD3 candidate nearing finalization

The R&D webinar also highlighted the higher specificity of Context’s claudin 6 candidates over the clinical benchmark. The company indicated that partner Integral Molecular has tested a panel of 54 CLDN6xCD3 combinations, of which 12 candidates were shortlisted for further testing. Management expects the final clinical candidate to be selected by H222, to support IND-enabling studies.

Valuation: Maintained at $134.1m or $8.40/share

Our valuation remains unchanged following the AACR presentations and R&D webinar. While it is too early to accurately ascribe a value based on the presented preclinical data, we highlight the upside potential on clinical progress.

Harnessing ONA-XR as potential combination therapy

Three of the five posters presented by Context at the AACR Annual Meeting focused on the potential application of onapristone extended-release (ONA-XR) as a combination treatment (for hormone-driven cancers), with a range of therapeutic classes including the current SoC as well as novel therapeutics targeting this space. One of the preclinical studies (and the one we believe to have most bearing on ONA-XR’s current clinical plans) was conducted Dr Elisabetta Marangoni at the Institut Curie, Paris. The study assessed the efficacy of ONA-XR in patient-derived xenograft (PDX) models of progesterone receptor positive (PR+) breast cancer which has metastasized to the bones. The preclinical study assessed two PDX models, one with low-level PR expression (BC1101) and one with high PR expression (BC1117). As expected, the study concluded that the tumor with a high level of PR expression responded better to onapristone. However, the more important observation was that while onapristone as monotherapy demonstrated only a weak therapeutic effect on the high PR-expressing tumor, a combination (triplicate) treatment alongside anti-estrogens/endocrine therapies (fulvestrant) and cyclin-dependent kinases 4 and 6 (CDK4/6, palbociclib) or phosphoinositide 3-kinase (PI3K, alpelisib) inhibitors amplified the efficacy of the current SoC, resulting in complete and sustained tumor regression for the study duration (Exhibit 1).

Exhibit 1: Onapristone efficacy as a combination treatment in high PR-expressing PDX model

Source: Context Therapeutics R&D webinar presentation, April 2022

Exhibit 1: Onapristone efficacy as a combination treatment in high PR-expressing PDX model

Source: Context Therapeutics R&D webinar presentation, April 2022

While these data support ONA-XR’s current development programs evaluating the drug as a combination treatment with SoC in PR-expressing mBC and gynecological cancers, the possibility of discovering other mechanisms of action with different therapeutic classes is encouraging about the future potential for ONA-XR. One of the other possible combinations was explored by Dr Tony B D’Assoro at the Mayo Clinic in a preclinical tumor xenograft study assessing the therapeutic efficacy of the Aurora A kinase inhibitor alisertib in combination with anti-progestins in endocrine-resistant hormone receptor positive (HR+) mBC. Activation of the Aurora A/STAT3/IL-6 signaling pathway is believed to induce resistance to endocrine treatment in breast cancer. The study concluded that the dual pharmacologic targeting of Aurora A and PR signaling pathways is additive/synergistic in HR+ breast cancer resistant to the SoC (Exhibit 2). Context has indicated the possibility of exploring this mechanism of action in a separate clinical trial, although this could come with additional regulatory complexity given that alisertib is currently unapproved for any indication. We note that alisertib is currently being evaluated as a monotherapy/combination therapy with fulvestrant in endocrine resistant breast cancer (Phase II). The study is sponsored by the Mayo Clinic and is being conducted in collaboration with the National Cancer Institute.

Exhibit 2: Effect of dual targeting of Aurora A and PR signaling pathways in endocrine-resistant breast cancer

Source: Context Therapeutics R&D webinar presentation, April 2022

The final poster presentation on ONA-XR explored the results from a preclinical study conducted by Lauryn Werner at the University of Kansas Cancer Center. The preclinical study (in vivo study, mice model) evaluated the role played by progesterone (which signals through the PR) in making PR+ breast cancers immunologically ‘cold’, resulting in poor tumor response to immune-based therapies. Immune-resistant tumors tend to have low numbers of effector T-cells and a high number of suppressive immune cells such as regulatory T-cells. The hypothesis was that if progesterone mediates immune resistance in these tumors, suppression of the PR using anti-progestins (such as ONA-XR) should in turn enhance the response of these cancers to immunotherapies. The study data indicated that while treatment with anti-progestins inhibited the growth of PR+ tumors, it also materially reduced the number of regulatory T-cells (Exhibit 3), implying an improved microenvironment conducive to immunotherapy-based treatments such as checkpoint inhibitors. Although very early in its development journey, further progress in combining ONA-XR with immunotherapy treatments could significantly expand the drug’s market potential.

Exhibit 3: Effect on anti-progestin treatment in PR+ tumors

Source: Context Therapeutics R&D webinar presentation, April 2022

Exhibit 3: Effect on anti-progestin treatment in PR+ tumors

Source: Context Therapeutics R&D webinar presentation, April 2022

CLDN6xCD3 nearing final candidate selection

The remining two posters at the AACR focused on Context’s second asset, the bispecific antibody CLDN6xCD3 library. The company had highlighted the therapeutic benefits of targeting CLDN6 (expressed on a variety of malignant tumor cells but rarely in healthy tissue) earlier but noted that progress has been stymied by the lack of selectivity of the candidates under development. Context claims that the candidates under consideration have more than 10x selectivity over competing therapies and demonstrated preclinical data from two potential candidates (versus the existing benchmark) as early proof of CLDN6 specificity (Exhibit 4).

Exhibit 4: CLDN6 selectivity of Context’s candidates versus benchmark

Source: Context Therapeutics R&D webinar presentation, April 2022

The company also disclosed that it has completed in vitro characterization of a panel of 54 CLDN6x CD3 bispecific antibody candidates, of which 12 have been shortlisted for further development and scale-up. The final clinical candidate is expected to be chosen by H222, followed by IND-enabling studies.

Valuation

Our investment case remains unchanged given the very early-stage nature of the data presented at AACR, but we see potential for uplift as further progress is made in clinical development. Please refer to our prior note for a review on our financial assumptions.

Exhibit 5: Context Therapeutics valuation (risk-adjusted NPV)

Program

Indication

Status

Probability of success

Launch year

Peak sales ($m)

Economics

Risked NPV ($m)

ONA-XR

Second-line HR+/HER2- mBC

Phase II

15%

2026

498

US (fully owned)
Europe (out-licensed)

40.7

First-line escalation therapy for HR+/HER2- mBC (ctDNA+)

Phase Ib

7.5%

2027

222

US (fully owned)
Europe (out-licensed)

7.0

Recurrent PR+ endometrial cancer

Phase II

10%

2027

583

US (fully owned)
Europe (out-licensed)

28.5

Advanced GCT of the ovary

Phase II

10%

2027

292

US (fully owned)
Europe (out-licensed)

11.5

Net cash (estimated, end Q122)

46.4

Total firm value

134.1

Total basic shares (m)

16.0

Value per basic share ($)

8.40

Total diluted shares (m)

1.6

Value per diluted share ($)

7.65

Source: Edison Investment Research

Exhibit 6: Financial summary

$000s

2020

2021

2022e

2023e

2024e

Year end 31 December

US GAAP

US GAAP

US GAAP

US GAAP

US GAAP

INCOME STATEMENT

Revenue

 

 

0

0

0

0

0

Cost of Sales

0

0

0

0

0

Gross Profit

0

0

0

0

0

Research and Development Expenses

(1,642)

(6,893)

(12,336)

(16,904)

(30,786)

Sales, General and Administrative Expenses

(931)

(3,633)

(4,723)

(6,140)

(7,982)

EBITDA

 

 

(2,572)

(10,526)

(17,059)

(23,044)

(38,768)

Operating profit (before amort. and excepts.)

 

(2,572)

(10,526)

(17,059)

(23,044)

(38,768)

Amortization of acquired intangibles

0

0

0

0

0

Exceptionals

0

0

0

0

0

Share-based payments

0

0

0

0

0

Reported operating profit

(2,572)

(10,526)

(17,059)

(23,044)

(38,768)

Net Interest

(661)

(64)

994

730

283

Joint ventures & associates (post tax)

0

0

0

0

0

Exceptionals

9,878

133

0

0

0

Profit Before Tax (norm)

 

 

(3,233)

(10,590)

(16,065)

(22,314)

(38,485)

Profit Before Tax (reported)

 

 

6,644

(10,457)

(16,065)

(22,314)

(38,485)

Reported tax

0

0

0

0

0

Profit After Tax (norm)

(3,233)

(10,590)

(16,065)

(22,314)

(38,485)

Profit After Tax (reported)

6,644

(10,457)

(16,065)

(22,314)

(38,485)

Minority interests

0

0

0

0

0

Discontinued operations

0

0

0

0

0

Net income (normalized)

(3,233)

(10,590)

(16,065)

(22,314)

(38,485)

Net income (reported)

6,644

(10,457)

(16,065)

(22,314)

(38,485)

Average Number of Shares Outstanding (m)

0.3

2.8

16.0

16.0

16.0

EPS - basic normalized ($)

 

 

(9.28)

(3.74)

(1.01)

(1.40)

(2.41)

EPS - normalized fully diluted ($)

 

 

(9.28)

(3.74)

(1.01)

(1.40)

(2.41)

EPS - basic reported ($)

 

 

3.07

(3.69)

(1.01)

(1.40)

(2.41)

Dividend ($)

0

0

0

0

0

BALANCE SHEET

Fixed Assets

 

 

118

0

0

0

0

Intangible Assets

0

0

0

0

0

Tangible Assets

0

0

0

0

0

Investments & other

118

0

0

0

0

Current Assets

 

 

350

51,306

37,123

14,806

17,549

Stocks

0

0

0

0

0

Debtors

0

0

0

0

0

Cash & cash equivalents

341

49,686

36,475

14,157

16,901

Other

9

1,620

648

648

648

Current Liabilities

 

 

(9,548)

(3,033)

(4,916)

(4,913)

(6,141)

Creditors

(2,708)

(1,826)

(2,960)

(2,799)

(3,296)

Tax and social security

0

0

0

0

0

Short term borrowings

(5,884)

0

0

0

0

Other

(956)

(1,207)

(1,956)

(2,114)

(2,845)

Long Term Liabilities

 

 

(69)

0

0

0

(40,000)

Long term borrowings

(69)

0

0

0

(40,000)

Other long-term liabilities

0

0

0

0

0

Net Assets

 

 

(9,150)

48,272

32,207

9,893

(28,592)

Convertible preferred stock

(7,771)

0

0

0

0

Minority interests

0

0

0

0

0

Shareholders' equity

 

 

(16,921)

48,272

32,207

9,893

(28,592)

CASH FLOW

Op Cash Flow before WC and tax

(2,572)

(10,526)

(17,059)

(23,044)

(38,768)

Working capital

1,318

(2,225)

2,855

(3)

1,228

Exceptional & other

219

3,951

994

730

283

Tax

0

0

0

0

0

Operating Cash Flow

 

 

(1,035)

(8,799)

(13,210)

(22,318)

(37,256)

Capex

0

(250)

0

0

0

Equity financing

0

58,394

0

0

0

Dividends

0

0

0

0

0

Other

0

0

0

0

0

Net Cash Flow

(1,035)

49,345

(13,210)

(22,318)

(37,256)

Opening net debt/(cash)

 

 

21,742

13,384

(49,686)

(36,475)

(14,157)

FX

0

0

0

0

0

Other non-cash movements

9,393

13,725

0

0

0

Closing net debt/(cash)

 

 

13,384

(49,686)

(36,475)

(14,157)

23,099

Source: Context Therapeutics reports, Edison Investment Research

General disclaimer and copyright

This report has been commissioned by Context Therapeutics and prepared and issued by Edison, in consideration of a fee payable by Context Therapeutics. 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

1,185 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 Context Therapeutics and prepared and issued by Edison, in consideration of a fee payable by Context Therapeutics. 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

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Research: TMT

Mirriad Advertising — Targeting the US big guns

Ahead of its FY21 results scheduled for 11 May, Mirriad has announced some strategic hires, which emphasise the scale of its ambitions for the key US market. It is taking on a head of programmatic partnerships (ex-Verizon, Brightroll) to accelerate the integration of Mirriad’s platform into the adtech ecosystem and a head of studio partnerships (ex-Hallmark, Netflix) to further develop the content supply from producers and networks. Both are highly experienced in their fields and based in the United States. A new senior sales hire in the UK should help maintain momentum in the domestic market.

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