This (and the recent fundraise) leaves us confident that Avacta is on track to meet key development targets over the next 2-3 years. Their main therapeutic programs (in-house PD-L1/LAG3 bispecific Affimer and Affimer-drug conjugates co-developed with Tufts University) are on track to deliver key data points between 2019-2021.Full report is available via Capital Network website
- Key inflection point: topline data readout from the PhaseOut DMD phase 2 trial in Duchenne (DMD) expected in 3Q 2018
- Imminent start of a pivotal phase 3 study for ridinilazole in C. difficile infections (CDI)
- Recent Discuva acquisition reinforces novel antibiotics discovery capabilities
- Current valuation (market cap of c. $165 mln) undemanding given the stage and commercial potential of Summit's lead programs
Legendary Investments (LON:LEG) creates value through privately held and pre-market investment opportunities with the potential for outsized returns. The company has a strong track record with:
- Total investments valued at of £6.2mln (from zero in 2011)
- Out of 12 investees in total, five are exhibiting multiple returns from 1.3x to 35x
- Two crystallised with exits at a multiple of the initial investment
We believe this is an interesting time to revisit the investment case, as the shares are currently trading at a discount to net asset value (NAV), which has not been the case in the past.
N.B. Legendary plans to change its name to Eight Peaks Group (LON: 8PG) in the near future.
Feraccru is a unique, non-salt, formulation oral iron: strong efficacy with “placebo-like” tolerability
Potential to change iron deficiency anaemia (IDA) therapeutic algorithm
Feraccru to become the preferred option for patients not adequately controlled or who are intolerant to generic oral iron supplements (before they switch to intravenous iron).
With an indication in Europe to treat iron deficiency, Feraccru’s use would prevent the occurrence/reoccurrence of iron deficiency anaemia
Feraccru European commercialisation expected to accelerate significantly following the licensing agreement with Norgine announced in September 2018
Key upcoming milestones: results of the head-to-head phase 3 study of Feraccru vs intravenous (i.v.) iron expected in first half (1H) of 2019; Feraccru PDUFA (Prescription Drug User Fee Act) date 27 July 2019
Current market capitalisation of about £40mln is by and large not reflecting Feraccru commercial potential