DJ Edison Investment Research Limited: Polyphor (POLN): Balixafortide Phase III data coming soon
Edison Investment Research Limited
Edison Investment Research Limited: Polyphor (POLN): Balixafortide Phase III
data coming soon
05-Oct-2020 / 09:51 GMT/BST
London, UK, 5 October 2020
Polyphor (POLN): Balixafortide Phase III data coming soon
Polyphor is a development-stage company focused on oncology and antibiotics.
Its lead programme is balixafortide, a C-X-C chemokine receptor type 4
(CXCR4) inhibitor currently in a randomised-controlled Phase III trial in
407 previously treated human epidermal growth factor receptor 2 (HER2)
negative advanced breast cancer patients. Objective response rate (ORR) data
from the trial are expected in Q221 and could allow for an accelerated
approval filing in the US. Additionally, it plans to start its Phase I
programme of inhaled murepavadin to treat P. aeruginosa infections in cystic
fibrosis (CF) patients by the end of the year.
We value Polyphor at CHF413m or CHF37 per basic share using a risk-adjusted
net present value (NPV) model. We currently only attribute value to
balixafortide as it is the only programme in human clinical trials. Once
inhaled murepavadin enters the clinic we expect to include it in our
valuation. The company had CHF42m in net cash (CHF44m gross cash) at 30 June
2020 and will likely need to raise cash in 2021, which we estimate at
CHF40m.
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