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Northland Capital Partners View on the City - Motif Bio (LON:MTFB); Skinbiotherapeutics (LON:SBTX); Botswana Diamonds (LON:BOD); Premier African Minerals (LON:PREM)

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SECTOR: HEALTHCARE; MINING

MOTIF BIO
(MTFB.L)

SECTOR – HEALTHCARE

RATING – BUY*

MARKET CAP – £95m

CURRENT PRICE – 36p#

ANALYST: BARRY GIBB

 

Year-end Dec

2016A

2017A

 

 

 

Revenue (£m)

-

-

 

 

EBITDA (£m)

(39.7)

(38.0)

 

 

Adj. pre-tax Profit (£m)

(40.3)

(44.8)

 

 

Adj. EPS (p)

(34.6)

(15.0)

No forecasts provided

DPS (p)

-

-

Net Cash/(Debt) (£m)

15.5

(4.5)

 

 

P/E (x)

-

-

 

 

Dividend yield (%)

-

-

 

 

EV/EBITDA (x)

-

-

 

 

 

SOURCE: Northland Capital Partners Limited estimates. #Priced at prior trading day close. *Northland Capital Partners Limited provides acts as Joint Broker to Motif Bio and therefore this information should be viewed as a Marketing Communication.

 

REVIVE-2 Phase 3 Study Results Published in Peer-reviewed Journal

 

NORTHLAND VIEW

  • Motif Bio Plc announces that the results from REVIVE-2, its global Phase 3 clinical trial evaluating the investigational drug candidate iclaprim in patients with acute bacterial skin and skin structure infections (ABSSSI), have been published in the peer-reviewed journal, Antimicrobial Agents and Chemotherapy . Positive results from this study were announced in October 2017 and presented at the recent 28th European Congress of Clinical Microbiology and Infectious Diseases (ECCMID 2018).
  • Iclaprim was well tolerated in the trial. 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 and one in the vancomycin arm.
  • An estimated 3.6 million patients in the U.S. are hospitalised annually with ABSSSI.  Up to 26% have renal impairment, often with diabetes, putting them at increased risk for acute kidney injury.  For this patient population, iclaprim, if approved, is expected to provide advantages over standard of care vancomycin due to its fixed dose regimen, with no dosage adjustment required in patients with renal impairment or in obese patients, and absence of kidney toxicity, an addressable annual market of c.US$2.8bn globally.

 

Iclaprim is both FDA Fast-Track eligible and a Qualified Infectious Disease Product (‘QIDP’). Therefore, upon NDA submission, iclaprim is eligible for Priority Review and, if approved, would become eligible for up to 10 years of US market-exclusivity. With the molecule’s NDA rolling submission having got underway early in Q2 2018, it is realistic to expect the FDA approval decision before the end of Q1 2019.

 

COMPANY DESCRIPTION

Clinical stage biopharmaceutical company specialising in the development of novel antibiotics.

 

 

SKINBIOTHERAPEUTICS (SBTX.L)

SECTOR – HEALTHCARE

RATING – CORP*

MARKET CAP – £15.8m

CURRENT PRICE – 13.4p#

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.

 

Human study design and manufacturing scale-up for cosmetic application

 

NORTHLAND VIEW

  • Human study: SkinBio provided the finalised design of its human study, which aims to test the efficacy of the cosmetic application of Skinbiotix®, the company’s proprietary probiotic platform.
  • The study is planned to commence in Q3’18 and is expected to last eight weeks. The trial will be conducted by Alba Science an independent clinical research organisation (CRO) based in Edinburgh.
  • The study aims to recruit 120 female volunteers presenting with self-assessed ‘dry-skin’. The volunteers will apply the cream formulation of SkinBiotix® three times a day with measurements taken regarding skin hydration, barrier-function and dryness. Skin samples will be taken at the beginning and end of the study to assess the effect of the technology on the skin microbiome.
  • Manufacture: SkinBio has trialed a new method of scale-up with no detrimental impact on the activity of the SkinBiotix® platform. Further optimisation is required to meet the required commercial levels.
  • Patents: The Company’s first patent (covering the use of bacteria and lysates in the treatment of skin in health and disease) which was granted in Australia in 2017, has been granted in New Zealand and Russia. Active prosecution is progressing in Europe, USA and China.

This announcement shows the Company is successfully continuing the progression of its cosmetic application. The cream formulation of SkinBiotix® recently passed effectiveness tests (RNS: April 17th ‘18) and is undergoing stability testing prior to use in the study. The study is expected to show that the SkinBiotix® cream will improve skin-hydration, strengthen barrier function and be safe for the skin microbiome. These are all characteristics of interest to partners for the development and commercialisation of a successful cosmetic product.

The Company has doubled the planned study sample size (originally 60 volunteers), which the Directors believe has marginal cost impact. The increase in sample size will strengthen the study data and if the trial is successful it will provide further impact in future partnering discussions.

 

COMPANY DESCRIPTION

SkinBio Therapeutics is a preclinical healthcare company focusing on skin health.

 

 

PREMIER AFRICAN MINERALS (PREM.L)

SECTOR – MINING

RATING – SPECULATIVE BUY*

MARKET CAP – £11.8m

CURRENT PRICE – 0.17p#

 

Year-end Dec

2015A

2016A

 

 

 

Revenue ($m)

0.1

0.2

No forecasts provided

EBITDA ($m)

(6.1)

(4.9)

Adj. pre-tax Profit ($m)

(7.9)

(5.6)

Adj. EPS (c)

(0.1)

(0.2)

DPS (c)

-

-

Net Cash/(Debt) ($m)

(6.2)

(8.9)

P/E (x)

-

-

Dividend yield (%)

-

-

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