Panmure Gordon has reaffirmed its 'buy' recommendation for BiVictriX Therapeutics PLC (AIM:BVX, OTC:BVTXF), maintaining a target price of 66p after the company's full-year results for 2023. The year saw significant advancements in BiVictriX's lead asset, BVX001, targeting acute myeloid leukaemia (AML), alongside progress in its broader pipeline.
Panmure flagged key operational achievements, including advancing BVX001 to investigational new drug-enabling studies and making headway with BVX002, aimed at solid tumours. The company's proprietary Bi-Cygni discovery platform expanded its library of cancer-specific fingerprints, allowing the targeting of diverse cancer types. BiVictriX aims to have two ready-for-clinic Bi-Cygni antibody-drug conjugates (ADCs) by 2026, the broker said.
Positive regulatory developments also marked the year, with the US Food and Drug Administration (FDA) granting Orphan Drug Designation for BVX001 in AML. Panmure noted that the company also received broad patent protection in the United States and Japan, further strengthening its intellectual property portfolio.
Looking ahead, Panmure said that BiVictriX plans to achieve full IND approval for BVX001 and establish clinical proof of concept through phase I/II trials, aiming to attract third-party interest for potential long-term revenue streams. The company is also progressing its solid tumour programme BVX002, targeting ovarian cancer, and exploring early-stage third-party interest.
BiVictriX reported stable research and development (R&D) investment at £2.0 million, which is in line with the previous year and below initial estimates, Panmure said. The company's pre-tax loss was £3.0 million, with a post-tax loss of £2.5 million. The year-end cash balance was £3.3 million, boosted by a successful £2.1 million fundraising in August 2023.