Edison Investment Research Limited
London, UK, 22 February 2021
AdAlta (1AD): Initiation - Targeting IPF with its i-body platform
AdAlta is a clinical-stage company that uses its proprietary i-body discovery platform to target diseases, with an initial focus on conditions involving fibrosis. Its lead programme is AD-214, a C-X-C chemokine receptor type 4 (CXCR4) inhibitor for the treatment of idiopathic pulmonary fibrosis (IPF), which is in the healthy volunteer portion of a 98-subject Phase I trial. IPF is an orphan progressive lung disease that remains a significant unmet medical need, despite two approved blockbuster therapies, with median survival post-diagnosis of three to five years.
We value AdAlta at A$60m or A$0.25 per basic share using a risk-adjusted net present value (NPV) model. We only attribute value to AD-214 as it is the only programme in human clinical trials. The company had A$8.1m in cash at 31 December 2020 and we estimate will likely need to raise an additional A$11m through the end of FY23, barring additional licensing deals.
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