Paion (PA8)

Business description

PAION is an emerging specialty pharma company developing anaesthesia products. Its lead product, remimazolam, is partnered with Yichang in China, Hana Pharma in S Korea, Cosmo in the US, Pendopharm in Canada and R-Pharm in CIS, Turkey and MENA.

Stock data

Market cap.€161.9m
Last close€2.65
High / Low (52 weeks)€3.3 / €2.2
Stock market listingDE
Forecast net cash (€m)24.1
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual(4.3)(14.1)7.4
Relative *(7.5)(13.2)(9.4)

* % Relative to local index

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Company news

PAION Grants Cosmo Pharmaceuticals remimazolam License in the US and Cosmo ...

Fri, 24 Jun 2016 17:26:15 GMT

Paion AG: Positive Remimazolam Phase III Colonoscopy Results Presented at the ...

Wed, 19 Oct 2016 05:26:15 GMT

PAION Founds USA Based Subsidiary and Engages an Experienced US Industry ...

Mon, 27 Oct 2014 12:00:00 GMT

PAION Announces Initiation of US Clinical Safety Trial of Remimazolam in High ...

Tue, 01 Dec 2015 12:56:15 GMT

DGAP-News: PAION ANNOUNCES CLINICAL DEVELOPMENT PROGRESS WITH REMIMAZOLAM BY ...

Tue, 06 Sep 2016 12:00:00 GMT

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2015A 0.1 (34.1) (34.0) (55.7) N/A N/A
2016A 4.3 (24.3) (24.3) (36.4) N/A N/A
2017E 5.9 (16.4) (16.4) (21.2) N/A N/A
2018E 3.5 (13.0) (12.9) (17.7) N/A N/A

Last updated on 15/08/2017

Investment summary

Paion announced positive top-line results from a Phase III trial of remimazolam for procedural sedation in bronchoscopy in June, adding to the positive results of a Phase III colonoscopy trial. It is currently conducting Phase I studies to assess abuse potential as the final step of its US clinical development program. In the bronchoscopy trial 82.5% of patients on remimazolam achieved the primary outcome vs 3.4% on placebo and 34.8% on midazolam. While replacing midazolam as the primary target, planned changes in the US reimbursement of day procedures favouring less supervision by anaesthetists could further incentivise uptake of remimazolam. €27.1m cash at 30 June plus €8m placement in July is sufficient to complete ongoing development and to file for procedural sedation in the US (filing by partner Cosmo expected H218), as well as a Japanese filing for remimazolam in general anaesthesia by Paion (expected by mid-2018). Paion has outlined a €20-25m programme that could see it restart Phase III studies in GA in Europe.

Last updated on 06/09/2017

Industry outlook

Remimazolam has important advantages over competing products, including fast onset and offset of action with lower risk of cardiopulmonary events than the standard of care midazolam and propofol, and a reversal agent exists if there is over sedation.

Last updated on 06/09/2017

Key management

Jörg Spiekerkötter,, Chairman
Wolfgang Soehngen, CEO
Abdelghani Omari, CFO

Company address

Martinstraße 10-12
Aachen
52062
Germany
+49 241 4453 0
View website