AcelRx Pharmaceuticals (ACRX)
Compare with two pharma IPOs from November 22wk
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Valuation Ratios |
IPO Mrkt |
Price / |
Price / |
Price / |
Price / |
|
|
annualizing Sept 3 mos |
Cap (mm) |
Sales |
Earnings |
BookValue |
TangibleBV |
|
|
Endocyte (ECYT) |
$269 |
n/a |
-12 |
3.5 |
3.5 |
|
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Anacor Pharma (ANAC) |
$212 |
6.6 |
-61 |
3.7 |
3.7 |
|
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Biofarma |
|
|
|
|
|
|
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Zogenix (ZGNX) |
$172 |
8.6 |
-2 |
3.7 |
3.7 |
|
See financials at end
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BUSINESS |
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. Biopharma developing targeted therapies for the treatment of cancer and inflammatory diseases.
. Uses a proprietary technology to create novel small molecule drug conjugates, or SMDCs, and companion imaging diagnostics.
. ECYT’s SMDCs actively target receptors that are over-expressed on diseased cells, relative to healthy cells. |
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CLINICAL TRIALS |
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Stage 3 |
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"We anticipate beginning enrollment in PROCEED, our phase 3 registration trial for EC145, in the first half of 2011." |
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Stage 2 clinical trials |
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Progression free survival (PFS) |
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"In the final progression free survival, or PFS, analysis of PRECEDENT, our randomized phase 2 clinical trial in women with PROC, EC145 increased PFS from a median of 11.7 weeks to a median of 21.7 weeks, representing an 85 percent improvement over standard therapy (p=0.031)" |
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"We treated these EC20(++) patients with a combination of EC145 and PLD and observed a median PFS of 24.0 weeks compared to a median of 6.6 weeks for patients receiving PLD alone, an improvement of over 260 percent." |
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Disease control rate (DCR) |
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"We are also developing EC145 for use in non-small cell lung cancer, where we have completed a phase 2 single-arm clinical trial in heavily pre-treated patients and observed a disease control rate, or DCR, of 57 percent at the eight week assessment in patients whose target tumors were all identified as over-expressing the folate receptor. This compares to historical DCRs ranging from 21 to 30 percent reported in other trials of approved therapies in less heavily pre-treated patients" |
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COMPETITION |
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. Recent successes with targeted therapies in solid tumors, such as those found in colon, breast and lung cancers, have led to a marked increase in research and development in targeted treatments for cancer, including cancer of the ovary.
. ECYT is aware of a number of companies that have ongoing programs to develop both small molecules and biologics to treat patients with ovarian cancer. |
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. Roche Holdings is currently testing bevacizumab in women with ovarian cancer, including a phase 3 clinical trial in women with PROC.
. Eisai Company is conducting advanced stage clinical trials of farletuzumab, a folate receptor targeted antibody, in women with PROC and platinum-sensitive disease.
. Nektar Therapeutics, using its conjugate technology, is developing NKTR-102 for use in patients with solid tumor malignancies, including PROC, colorectal, breast and cervical cancers.
. Sunesis Pharmaceuticals is conducting a phase 2 single-arm trial of voreloxin, an anti-cancer quinolone derivative, in a number of patient populations, including PROC.
. Sanofi-Aventis is conducting a phase 2 single-arm trial of their drug BSI-201, a PARP inhibitor currently in a number of patient populations, including ovarian cancer.
. Eli Lilly is conducting a phase 2 single-arm trial of their drug LY573636. |
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USE OF PROCEEDS |
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$68mm from sale of 5.35mm shares |
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To fund phase 3 clinical trial related to the use of EC145 and EC20 in PROC and to move preclinical products forward in the development process. |
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Endocyte |
ECYT, C, 6 |
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Post IPO shares: 19mm |
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Biopharma |
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West Lafayette IN |
2008 |
2008 |
2009 |
Sept9mos09 |
Sept9mos10 |
IPO Mkt |
|
Revenues ($mm) |
$1 |
$1 |
$3 |
$3 |
none |
Cap (mm) |
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R&D |
$11 |
$13 |
$15 |
$11 |
$16 |
$269 |
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Net income (loss) |
-$14 |
-$18 |
-$17 |
-$11 |
-$17 |
@$14 |
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Valuation Ratios |
IPO Mrkt |
Price / |
Price / |
Price / |
Price / |
% offered |
|
annualizing Sept 9 mos |
Cap (mm) |
Sales |
Earnings |
BookValue |
TangibleBV |
in IPO |
|
Endocyte (ECYT) |
$269 |
n/a |
-12 |
3.5 |
3.5 |
28% |
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SCORECARD |
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Mgt |
Market |
Market Do- |
Proprie- |
Total |
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1-5, 5 is high |
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Growth |
mination |
tary |
rating |
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20 is perfect |
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2 |
2 |
0 |
2 |
6 |
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Compare with two pharma IPOs from November 22wk |
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Valuation Ratios |
IPO Mrkt |
Price / |
Price / |
Price / |
Price / |
|
|
annualizing Sept 3 mos |
Cap (mm) |
Sales |
Earnings |
BookValue |
TangibleBV |
|
|
Endocyte (ECYT) |
$269 |
n/a |
-12 |
3.5 |
3.5 |
|
|
Anacor Pharma (ANAC) |
$212 |
6.6 |
-61 |
3.7 |
3.7 |
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Biofarma |
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|
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Zogenix (ZGNX) |
$172 |
8.6 |
-2 |
3.7 |
3.7 |
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