DJ Edison Investment Research Limited: Medlab Clinical (MDC): Initiation - Novel drug delivery and cannabinoids against pain
Edison Investment Research Limited Edison Investment Research Limited: Medlab Clinical (MDC): Initiation - Novel drug delivery and cannabinoids against pain 12-Jul-2021 / 21:00 GMT/BST=----------------------------------------------------------------------------------------------------------------------
London, UK, 13 July 2021
Medlab Clinical (MDC): Initiation - Novel drug delivery and cannabinoids against pain Medlab's proprietary platform, NanoCelle, is a patented nanomicellar formulation that can improve the delivery of drugs. Medlab's lead product is NanaBis, a combination of THC and CBD (1:1) cannabinoids encapsulated in NanoCelle particles, which enable a convenient buccal spray formulation. A recent breakthrough was Medlab's announcement that it had successfully produced a synthetic version of NanaBis, which will allow it to move away from a botanical extract. Once the product reformulation is completed (guidance is eight to 10 months), NanaBis will re-enter clinical development (potentially Phase III) as a fully synthetic, non-opioid pain relief drug optimised with proprietary delivery technology aimed at a vast market. Our valuation of Medlab is AUSD201m or AUSD0.59/sh. We value Medlab at AUSD201m or AUSD0.59 per share, based on an rNPV model, which includes AUSD10.9m in net cash (current debt of AUSD94k) estimated at end-FY21 (end of calendar H121). We include NanaBis for cancer-induced bone pain only, but do not yet value potential expansion to a broader chronic pain setting, nor other NanoCelle projects due to their early stage. Using a bottom-up approach, we assume NanaBis launches in 2025 with a success probability of 40% and calculate peak sales of USD410m in just this one indication. Click here to view the full report or here to sign up to receive research as it is published.
All reports published by Edison are available to download free of charge from its website www.edisongroup.com About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached - across institutions, family offices, wealth managers and retail investors - Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings. Having been the first in-market 17 years ago, Edison now has more than 100 analysts covering every economic sector. Headquartered in London, Edison also has offices in New York, Frankfurt, Amsterdam and Tel Aviv and a presence in Athens, Johannesburg and Sydney. Edison is authorised and regulated by the Financial Conduct Authority. Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities. For more information, please contact Edison: Dr Jonas Peciulis +44 (0)20 3077 5728 healthcare@edisongroup.com Learn more at www.edisongroup.com and connect with Edison on: LinkedIn https://www.linkedin.com/company/edison-group-/ Twitter www.twitter.com/Edison_Inv_Res YouTube www.youtube.com/edisonitv
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1217853 12-Jul-2021
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July 12, 2021 16:00 ET (20:00 GMT)
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