Biotech Offers 'Best-in-Class Potential to Treat Alzheimer's'
Source: Streetwise Reports
January 11, 2018 (Investorideas.com Newswire) André Uddin, an analyst with Mackie Research Capital Corp., discussed the implications of the latest announcement about this firm's most advanced Alzheimer's drug.
ProMIS Neurosciences Inc. (PMN:TSX; ARFXF:OTCQB) reported that in preclinical studies, its asset, PMN310, demonstrated no "binding to amyloid beta plaques in and around blood vessels in human and rodent Alzheimer's brain samples," wrote Mackie Research Capital Corp. analyst André Uddin in a Jan. 4, 2018, research note.
This result is a "positive indicator of improved safety for Alzheimer's drugs, as amyloid beta plaque binding is believed to be associated with dose-limiting brain swelling and microhemorrhages," Uddin explained.
Whereas PMN310 hasn't shown plaque binding, Biogen's aducanumab and Pfizer/Johnson & Johnson's bapineuzumab have, Uddin noted, "suggesting PMN310 could have an improved safety profile" over that of those drugs and as such, "should facilitate a potential licensing deal for PMN310." Mackie expects such a partnership could happen as early as sometime this year, but to be conservative, in its company model it is using 2019 instead.
Uddin reiterated that ProMIS Neurosciences remains a "high-risk, high-reward opportunity." He added, "Based on currently available data and our extensive due diligence, we believe PMN310 should be better than Biogen's aducanumab and should have the best-in-class potential to treat Alzheimer's."
Mackie has a Speculative Buy rating and a CA$0.50 per share target price on ProMIS, whose stock is currently trading at around $0.23 per share.
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1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
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Disclosures from Mackie Research Capital Corp., ProMIS Neurosciences Inc., Update, Jan. 4, 2018
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