Edison Investment Research Limited
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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