Biophytis presented updates from the ongoing SARA-OBS and SARA-INT studies in sarcopenia, as well as preclinical studies in DMD, at multiple scientific conferences. Presented results covered the baseline characteristics of sarcopenic population and the efficiency of recruitment protocol in SARA-OBS study. Additionally, the preclinical results showed encouraging activity of Sarconeos in DMD, supporting the initiation of clinical studies in this indication. We updated our financial model to reflect pipeline updates and 2018 financial results. Due to the anticipated delays in Macuneos program, we lower our TP to €4.4 (vs €6.0). Reiterate BUY.
Biophytis’ drug-development platform utilizes natural substances that have favorable pharmacologic profile and promising biological activity. Company’s is focusing its efforts on the lead asset, Sarconeos, which is a MAS receptor activator and could potentially preserve muscle function in muscle-wasting diseases. Sarconeos is being evaluated in the Phase 2b SARA-INT study in sarcopenia, with a potential readout in 2020. Additionally, Biophytis is planning to initiate MYODA clinical program in DMD in 2020 (subject to regulatory approval). When Sarconeos is successfully out-licensed,Biophytis is planning to pursue the development of its second asset, Macuneos, in the dry form of age-related maculardegeneration (AMD).
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