SECTOR: HEALTHCARE; MINING
MOTIF BIO (MTFB.L)
SECTOR – HEALTHCARE
RATING –BUY*
MARKET CAP – £90.0m
CURRENT PRICE – 34p#
ANALYST – VADIM ALEXANDRE
Year-end Dec
2015A
2016A
2017E
2018E
Revenue (£m)
-
-
EBITDA (£m)
(5.7)
(29.4)
Adj. pre-tax Profit (£m)
(8.5)
(29.9)
Adj. EPS (p)
(13.9)
(13.9)
DPS (p)
-
-
Under
Review
Net Cash/(Debt) (£m)
24.8
26.0
P/E (x)
-
-
Dividend yield (%)
-
-
EV/EBITDA (x)
-
-
SOURCE: Northland Capital Partners Limited estimates. #Priced at prior trading day close. *Northland Capital Partners Limited acts as Joint Broker to Motif Bio Plc and therefore this information should be viewed as a Marketing Communication.
New Iclaprim Data being Presented at ECCMID 2018
NORTHLAND VIEW
- In a RNS REACH released this morning, Motif Bio announced that new clinical and pre-clinical data for its investigational antibiotic drug candidate, iclaprim, are being presented at the 28th European Congress of Clinical Microbiology and Infectious Diseases (‘ECCMID 2018’) in Madrid, Spain (21st – 24th April).
- As previously reported, iclaprim’s REVIVE-2 Phase 3 study in acute bacterial skin and skin structure infections (‘ABSSSI’) met its primary endpoint of non-inferiority (NI) (10% margin) compared to vancomycin, the current standard of care. Additional detail presented at the conference confirm iclaprim was well tolerated in the trial, and 75% of adverse events in the study were categorized as mild. Levels of serum creatinine, a blood test that measures kidney function, were not affected in patients using iclaprim compared to vancomycin.
- There were no study-drug related treatment emergent adverse events related to nephrotoxicity (kidney toxicity) reported for patients treated with iclaprim, compared to 2 (0.7%) for vancomycin. There were no deaths in the iclaprim arm, but one in the vancomycin arm. Data are also being presented on potential cost-savings opportunities for hospitals by using iclaprim to treat ABSSSI and so avoiding costs related to vancomycin-associated acute kidney injury (VA-AK).
- Thomas L. Holland, M.D., MSc-GH, Assistant Professor of Medicine, Duke University School of Medicine, who is presenting the data, said: “Based on these findings, I believe that iclaprim has the potential to be a useful addition to the treatment armamentarium for patients with ABSSSI suspected or confirmed to be due to Gram-positive pathogens, particularly those at high risk of kidney injury.”
COMPANY DESCRIPTION
Clinical-stage biopharmaceutical company specialising in the development of novel antibiotics
SKINBIOTHERAPEUTICS (SBTX.L)
SECTOR – HEALTHCARE
RATING – CORP*
MARKET CAP – £13.7m
CURRENT PRICE – 11.5p#
ANALYST – BARRY GIBB
Year-end Jun
2016A
2017A
Revenue (£m)
x
x
EBITDA (£m)
(0.0)
(0.7)
Adj. pre-tax Profit (£m)
(0.0)
(0.7)
Adj. EPS (p)
(0.03)
(1.11)
DPS (p)
x
x
No forecasts provided
Net Cash/(Debt) (£m)
0.3
4.0
P/E (x)
x
x
Dividend yield (%)
x
x
EV/EBITDA (x)
x
x
SOURCE: Northland Capital Partners Limited estimates. #Priced at prior trading day close. *Northland Capital Partners Limited acts as Joint Broker to SkinBioTherapeutics and therefore this information should be viewed as a Marketing Communication.
Initiation of Coverage (note attached)
NORTHLAND VIEW
SkinBioTherapeutics (‘SkinBio’, ‘the Company’) is an early mover in the microbiome skincare space, a rapidly growing market. The Company is developing a novel skincare treatment consisting of extracts taken from beneficial (‘probiotic’) bacteria. Their proprietary probiotic platform, SkinBiotix®, has completed preclinical studies and is expected to complete a human volunteer study in 2018.
- Early mover in a growing market: SkinBio is an early entrant in the new and potentially high growth market of probiotic skin health. Since 2010, microbiome companies have attracted c.US$840m in equity investments globally (Silicon Valley Bank). Probiotic cosmetics are attracting significant media attention across the large newspapers (The Times, Daily Mail) and lifestyle magazines (Vogue, Harpers).
- Lean business model: The Company operates a semi-virtual business structure and focuses on developing commercially-ready technology to be licensed to larger companies for marketing of the end-product. The microbiome is a growing area and is attracting significant interest from large cosmetic and consumer goods companies, including L’Oréal, Procter & Gamble and Johnson & Johnson.
- Material transfer agreement signed with global consumer goods company: This agreement demonstrates the level of interest from potential partners and the commercial prospects of the SkinBiotix® platform.
- Strong preclinical data: The Company has completed three toxicity tests with no safety issues, clearing a hurdle in the regulatory process and further de-risking the pathway to commercialisation.
- First human studies in 2018: The Company intends to conduct and complete a volunteer study for the cosmetic application of SkinBiotix® in 2018. Positive data should permit labelling of the cosmetic as ‘dermatologically tested’. Cosmetic studies are shorter than drug trials, providing a shorter path to commercialisation.
COMPANY DESCRIPTION
Preclinical healthcare company developing topical applications consisting of extracts of probiotic bacteria for skin health.
SUNRISE RESOURCES (SRES.L)
SECTOR – MINING
RATING – CORP*
MARKET CAP – £3.0m
CURRENT PRICE – 0.14p#
ANALYST – DR RYAN D. LONG
Year-end Sept
2016A
2017A
Revenue (£m)
-
-
No forecasts provided
EBITDA (£m)
(0.4)
(0.3)
Adj. pre-tax Profit (£m)
(0.4)
(0.3)
Adj. EPS (p)
(0.04)
(0.02)
DPS (p)
-
-
Net Cash/(Debt) (£m)
0.05
0.12
P/E (x)