Antibe’s lead drug, ATB-346, combines a hydrogen sulfide (H2S)-emitting molecule with naproxen, an off-patent non-steroidal anti-inflammatory drug (NSAID). The firm plans to start a double-blinded Phase IIb osteoarthritis (OA) study in July 2018, with data expected in Q418. The trial’s efficacy results can build on recent Phase IIb gastrointestinal (GI) safety data and position Antibe well to seek ATB-346 partnerships or out-licensing deals.
Antibe Therapeutics |
Working towards a GI-safe NSAID drug
|
Pharma & biotech |
QuickView
14 June 2018 |
Share price graph
Share details
Business description
Bull
Bear
Analysts
|
||||||||||||||||||||||||
Antibe’s lead drug, ATB-346, combines a hydrogen sulfide (H2S)-emitting molecule with naproxen, an off-patent non-steroidal anti-inflammatory drug (NSAID). The firm plans to start a double-blinded Phase IIb osteoarthritis (OA) study in July 2018, with data expected in Q418. The trial’s efficacy results can build on recent Phase IIb gastrointestinal (GI) safety data and position Antibe well to seek ATB-346 partnerships or out-licensing deals.
ATB-346 could have a safer GI profile than naproxen
Oral NSAIDs like naproxen relieve pain and inflammation but can cause GI distress and ulceration with prolonged use. H2S is believed to reduce inflammation in the GI tract and protect against NSAID-induced injury. Antibe believes that combining H2S with naproxen should maintain therapeutic efficacy while providing a significantly improved side-effect profile versus naproxen or other commonly used NSAIDs.
Phase IIb study demonstrates lower ulceration rate
In March 2018, Antibe reported that in a 244-patient Phase IIb GI safety study comparing 250mg of ATB-346 once-daily to 500mg of naproxen twice-daily in healthy volunteers, the drug was well tolerated and met its primary endpoint of incidence of gastric or duodenal ulcers of at least 3mm diameter with unequivocal depth. Patients taking ATB-346 had a 2.5% ulceration rate vs 42.1% for the naproxen group (p<0.001). The company showed in 2016 in a 12-pt Phase IIa knee OA study that 250mg once-daily ATB-346 delivered a 7.6 unit pain relief score (using WOMAC pain scale) at 10 days; other studies reported that naproxen or celecoxib usually provide c 4-unit improvements vs baseline after prolonged use.
H2S platform drugs in other pain/inflammation areas
In 2017 Antibe began IND-enabling preclinical studies on ATB-352, a derivative of ketoprofen (a potent NSAID), to be positioned as a non-addictive alternative to opioid medications for acute pain treatment. ATB-340, a H2S releasing derivative of aspirin, is in preclinical development and is aimed as a chronic low-dose long-term anti-thrombotic drug that could avoid the GI distress associated with aspirin.
Valuation: Current share price implies EV of C$75m
Antibe had C$1.9m cash and C$3.0m in outstanding convertible debentures at YE17, but has since received about C$4m from warrant exercises and nearly all outstanding debentures have since been converted to equity. Antibe has sufficient cash on hand to complete the Phase IIb OA study (estimated C$2.6m cost).
|
Historical financials
Source: Bloomberg |
EDISON QUICKVIEWS ARE NORMALLY ONE OFF PUBLICATIONS WITH NO COMMITMENT TO WRITING ANY FOLLOW UP. QUICKVIEW NOTES USE CONSENSUS EARNINGS ESTIMATES.
|
Disclaimer
|
|
Disclaimer
|
Research: TMT
The Competition and Markets Authority (CMA) has ruled that Ebiquity’s (EBQ) proposed divestment of its AdIntel business to Nielsen raises competition issues within the UK market. Ebiquity and Nielsen have been invited to propose solutions to counter the concerns raised by the CMA, otherwise it will go ahead with a more in-depth (phase 2) investigation.