Sunesis Pharmaceuticals — Getting closer to EU approval

Sunesis Pharmaceuticals — Getting closer to EU approval

The company’s application for EU approval for vosaroxin approval in AML continues to progress. The company will go before the Oncology Division of the Scientific Advisory Group (SAG-O) in April with a Committee for Medicinal Products for Human Use (CHMP) decision likely by mid-year. We continue to expect a launch in H217. Also, the company plans to initiate a Phase Ib/II study of SNS-062, their BTK inhibitor, in patients with various advanced B-cell malignancies in H117.

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Sunesis Pharmaceuticals

Getting closer to EU approval

Q4 update

Pharma & biotech

15 March 2017

Price

US$4.17

Market cap

US$87m

Net cash ($m) at December 2016

28.2

Shares in issue

20.9m

Free float

58%

Code

SNSS

Primary exchange

NASDAQ

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

2.2

19.5

19.8

Rel (local)

1.0

13.8

2.3

52-week high/low

US$5.5

US$2.7

Business description

Sunesis Pharmaceuticals is a pharmaceutical company focused on oncology. Its lead asset is vosaroxin, a chemotherapy for AML, and is in the approval process in the EU. Sunesis has also developed SNS-062, a BTK inhibitor for CLL for Imbruvica refractory patients, entering Phase Ib/II.

Next events

AACR Data

April 3, 2017

CHMP decision

Mid-year 2017

Analysts

Maxim Jacobs

+1 646 653 7027

Nathaniel Calloway

+1 646 653 7036

Sunesis Pharmaceuticals is a research client of Edison Investment Research Limited

The company’s application for EU approval for vosaroxin approval in AML continues to progress. The company will go before the Oncology Division of the Scientific Advisory Group (SAG-O) in April with a Committee for Medicinal Products for Human Use (CHMP) decision likely by mid-year. We continue to expect a launch in H217. Also, the company plans to initiate a Phase Ib/II study of SNS-062, their BTK inhibitor, in patients with various advanced B-cell malignancies in H117.

Year end

Revenue ($m)

PTP*
($m)

EPS*
($)

DPS
($)

P/E
(x)

Yield
(%)

12/15

3.1

(36.7)

(3.02)

0.0

N/A

N/A

12/16

2.5

(38.0)

(2.42)

0.0

N/A

N/A

12/17e

1.7

(48.8)

(2.28)

0.0

N/A

N/A

12/17e

8.3

(42.5)

(1.90)

0.0

N/A

N/A

Note: *PTP and EPS are normalized, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Wrapping up the European application process

The company announced that its responses to the Day 180 list of outstanding issues should be completed by the end of the month. It is also preparing to go before the SAG-O in April, with a CHMP decision likely by mid-year. As Vosaroxin has shown a durable survival benefit in relapsed/refractory acute myeloid leukemia (AML) patients over 60, its proposed indication, there is a strong argument for approval.

Potential vosaroxin EU partnership possible in 2017

The company is targeting a European partnership around the time of the CHMP opinion and product approval, which would put a partnership announcement around the Q3 time frame. The company is currently in advanced discussions with multiple potential partners.

SNS-062 Phase Ib/II trial initiation coming soon

The Phase Ib/II trial of SNS-062 in patients with advanced B-cell malignancies is expected to begin in H117. Due to its differentiated binding mechanism, SNS-062 has the potential to treat patients with Imbruvica-resistant forms of disease (~25% of those treated with Imbruvica).

Valuation: $10.47 per share

We have increased our valuation slightly to $219m or $10.47 per basic share, from $217m or $10.40 per basic share. The increase is mainly due to rolling forward our NPV valuations to 2017, offset partly by a decrease in cash. Key upcoming catalysts include the upcoming CHMP decision, as well as a potential partnership. Also, there will be a poster presentation of SNS-062 preclinical data at the American Association of Cancer Research Annual Meeting on April 3.

EU Approval in View

With a meeting of the SAG-O scheduled for April and a subsequent CHMP decision likely around mid-year, vosaroxin approval in relapsed/refractory AML patients over 60 is within reach. As a reminder, the company recently released an updated survival analysis of patients from the VALOR study of vosaroxin for the treatment of AML at the American Society of Hematology (ASH) meeting in December 2016. The company reported the overall survival of patients 60 years and older treated with vosaroxin and cytarabine has maintained superiority over placebo and cytarabine with a median follow-up time of 39.9 months (Exhibit 1).

Exhibit 1: Extended overall survival data for vosaroxin + cytarabine

Source: Sunesis Pharmaceuticals

Importantly, the company also released an analysis of the effect of subsequent transplantation on the survival of patients over 60 (Exhibit 2). The analysis found that vosaroxin improved survival regardless of whether a patient was followed up with hematopoietic cell transplantation (HCT). This analysis is important because the approval of Vidaza and Dacogen in Europe depended on an analysis of the effect of subsequent therapy in both cases, because subsequent treatments such as HCT often reduced the separation between drug and placebo. Sunesis did not release a complete statistical analysis of the data, but we find the fact that a treatment effect is apparent both with and without transplantation as supportive.

Exhibit 2: Effect of HCT on overall survival with vosaroxin + cytarabine

Source: Sunesis Pharmaceuticals

The company is targeting a European partnership around the time of the CHMP opinion and product approval, which would put a partnership announcement around the Q3 time frame. The company is currently in advanced discussions with multiple potential partners, with a goal of finding a partner who is motivated, well-resourced, experienced and able to launch vasoroxin this year.

SNS-062 advancing

SNS-062 is a next-generation BTK inhibitor, SNS-062, which unlike Imbruvica, does not form a covalent bond with cysteine-481 of BTK, but retains significant binding affinity to both native and mutant forms of the enzyme (note that additional preclinical data on the potency of SNS-062 versus ibrutinib specifically related to the cysteine-481 mutation will be presented at AACR on April 3). Moreover, it prevents the generation of activated BTK (auto-phosphorylated BTK, pBTK) in the presence of the mutant, whereas this effect is completely lost by Imbruvica. This positions SNS-062 as a potential treatment for Imbruvica-resistant forms of the disease. Approximately 25% of relapsed and refractory patients treated with Imbruvica progress on the drug at 26 months. And a recent Journal of Clinical Oncology publication presented the results of the follow-up of 308 patients (with a median length of 3.4 years) who were enrolled in clinical studies of Imbruvica in chronic lymphocytic leukemia (CLL).1 Of the 158 patients who had discontinued Imbruvica at the time of the report, 83 discontinued due to disease progression. 37 of the 46 patients (80%) evaluable for DNA sequencing had C481 mutations (leaving around 20% of Imbruvica patients appropriate for SNS-062).

  Woyach JA, et al, BTKC481S-Mediated Resistance to Ibrutinib in Chronic Lymphocytic Leukemia, Journal of Clinical Oncology DOI: 10.1200/JCO.2016.70.2282

The company is expected to begin enrollment of their Phase Ib/II trial of SNS-062 in patients with advanced B-cell malignancies in H117. Specifically, they will enroll patients with CLL/small lymphocytic lymphoma, lymphoplasmacytoid lymphoma/Waldenström's macroglobulinemia, and mantle cell lymphoma who have failed at least two lines of standard systemic therapy (including prior BTK inhibitor therapy).

Valuation

We have increased our valuation slightly to $219m or $10.47 per basic share, from $217m or $10.40 per basic share. The increase is mainly due to rolling forward our NPV valuations to 2017, offset partly by a decrease in cash. We are not adjusting any of our sales or risk assumptions at this point but key upcoming catalysts that could lead to changes in our valuation model include the upcoming CHMP decision as well as a potential partnership.

Exhibit 3: Sunesis valuation table

Development program

Clinical stage

Expected commercialization

Prob. of success

Launch year

Launch pricing ($)

Peak sales ($m)

Patent/
exclusivity protection

Royalty/ margin

rNPV
($m)

vosaroxin, Rel/Ref AML EU

MAA submitted

Partnered

60%

2017

53,000

190

2027

30%

$64

vosaroxin, Frontline AML EU

Phase III

Partnered

45%

2021

57,000

220

2027

30%

$24

vosaroxin, MDS EU

Phase I/II

Partnered

30%

2021

57,000

152

2027

30%

$9

vosaroxin, Rel/Ref AML US

Phase III

Partnered

30%

2021

82,000

175

2028

30%

$13

vosaroxin, Frontline AML US

Phase III

Partnered

25%

2021

82,000

269

2028

30%

$17

vosaroxin, MDS US

Phase I/II

Partnered

25%

2021

82,000

174

2028

30%

$10

TAK-580

Phase Ib

Licensed to Takeda

15%

2021

138,000

727

2032

15%

$24

SNS-062

Phase Ib/II

Proprietary

20%

2022

152,000

605

2034

45%

$84

SNS-229

Preclinical

Proprietary

5%

2022

101,000

320

2031

44%

$6

Unallocated costs (discovery programs, administrative costs, etc.)

($60)

Total

 

 

 

 

 

 

 

 

$191

Net cash and equivalents (Q416) ($m)

$28.2

Total firm value ($m)

$219.0

Total basic shares (m)

20.9

Value per basic share ($)

$10.47

Convertible Pref stock (m)

4.9

Warrants

0.3

Total diluted shares

26.1

Value per diluted share

$8.42

Source: Edison Investment Research, Sunesis Pharmaceuticals reports

Financials

Sunesis reported an operational loss of $8.1m for Q416, with the majority of the expense associated with R&D ($4.8m), although this is a reduction from previous quarters ($6.1m in Q2 and $5.3m in Q3). We have made minor adjustments to our financial forecasts post-2016, and we also introduce our 2018 estimates. The company ended the quarter with $42.6m in cash and investments, offset by $14.4m in debt. We currently model $65m in capital requirements, $10m in 2017, $20m in 2018 and $35m in 2020, although this may change with the signing of an EU partnership for vosaroxin.

Exhibit 4: Financial summary

$'000s

2013

2014

2015

2016

2017e

2018e

Year end 31 December

US GAAP

US GAAP

US GAAP

US GAAP

US GAAP

US GAAP

PROFIT & LOSS

Revenue

 

 

7,956

5,734

3,061

2,536

1,697

8,341

Cost of Sales

0

0

0

0

(3,353)

(2,711)

Gross Profit

7,956

5,734

3,061

2,536

(1,657)

5,630

Research and development

(28,891)

(27,665)

(23,701)

(22,881)

(29,536)

(28,859)

Selling, general & administrative

(10,838)

(23,112)

(18,662)

(16,115)

(15,762)

(16,235)

EBITDA

 

 

(31,701)

(41,312)

(35,764)

(36,313)

(46,954)

(39,464)

Operating Profit (before GW and except.)

(31,681)

(41,283)

(35,737)

(36,302)

(46,954)

(39,464)

Intangible Amortisation

0

0

0

0

0

0

Exceptionals/Other

0

0

0

0

0

0

Operating Profit

(31,681)

(41,283)

(35,737)

(36,302)

(46,954)

(39,464)

Net Interest

(2,917)

(1,719)

(939)

(1,721)

(1,802)

(3,083)

Other (change in fair value of warrants)

0

0

0

0

0

0

Pre-Tax Profit (norm)

 

 

(34,598)

(43,002)

(36,676)

(38,023)

(48,756)

(42,547)

Pre-Tax Profit (IFRS)

 

 

(34,598)

(43,002)

(36,676)

(38,023)

(48,756)

(42,547)

Tax

0

0

0

0

0

0

Deferred tax

0

0

0

0

0

0

Profit After Tax (norm)

(34,598)

(43,002)

(36,676)

(38,023)

(48,756)

(42,547)

Profit After Tax (IFRS)

(34,598)

(43,002)

(36,676)

(38,023)

(48,756)

(42,547)

Average Number of Shares Outstanding (m)

8.7

10.0

12.2

15.7

21.4

22.4

EPS - normalized ($)

 

 

(3.97)

(4.30)

(3.02)

(2.42)

(2.28)

(1.90)

EPS - IFRS ($)

 

 

(3.97)

(4.30)

(3.02)

(2.42)

(2.28)

(1.90)

Dividend per share ($)

0.0

0.0

0.0

0.0

0.0

0.0

BALANCE SHEET

Fixed Assets

 

 

33

42

14

3

3

3

Intangible Assets

0

0

0

0

0

0

Tangible Assets

23

42

14

3

3

3

Other

10

0

0

0

0

0

Current Assets

 

 

40,492

44,204

46,988

43,231

6,474

(16,340)

Stocks

0

0

0

0

0

0

Debtors

0

0

0

0

0

0

Cash

39,293

42,981

46,430

42,588

5,831

(16,983)

Other

1,199

1,223

558

643

643

643

Current Liabilities

 

 

(25,858)

(19,395)

(12,728)

(5,814)

(7,313)

(7,302)

Creditors

(16,840)

(10,138)

(4,894)

(2,481)

(2,313)

(2,302)

Short term borrowings

(9,018)

(9,257)

(7,834)

(3,333)

(5,000)

(5,000)

Long Term Liabilities

 

 

(12,737)

(2,563)

(610)

(11,271)

(16,271)

(31,271)

Long term borrowings

(9,025)

0

0

(11,102)

(16,102)

(31,102)

Other long term liabilities

(3,712)

(2,563)

(610)

(169)

(169)

(169)

Net Assets

 

 

1,930

22,288

33,664

26,149

(17,107)

(54,910)

CASH FLOW

Operating Cash Flow

 

 

(37,423)

(43,181)

(38,731)

(36,962)

(43,424)

(37,814)

Net Interest

0

0

0

0

0

0

Tax

0

0

0

0

0

0

Capex

0

(48)

0

0

0

0

Acquisitions/disposals

0

0

0

0

0

0

Financing

12,570

56,277

43,826

26,111

0

0

Dividends

0

0

0

0

0

0

Other

0

0

0

0

0

0

Net Cash Flow

(24,853)

13,048

5,095

(10,851)

(43,424)

(37,814)

Opening net debt/(cash)

 

 

(46,966)

(21,250)

(33,724)

(38,596)

(27,980)

15,444

HP finance leases initiated

0

0

0

0

0

0

Exchange rate movements

0

0

0

0

0

0

Other

(863)

(574)

(223)

235

0

0

Closing net debt/(cash)

 

 

(21,250)

(33,724)

(38,596)

(27,980)

15,444

53,258

Source: Edison Investment Research, Sunesis Pharmaceuticals reports

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Sunesis Pharms. and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

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London +44 (0)20 3077 5700

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Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Sunesis Pharms. and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Vernalis — Positive Tuzistra trends

Investment into addressing barriers to higher Tuzistra XR prescribing is starting to translate into higher prescription (Rx) rates. Mid-way through the second season post launch, both Rx and sales are showing positive trends and gathering momentum, although we lower our near-term Tuzistra XR net sales forecasts. Ongoing focus on improved salesforce effectiveness, which will provide a solid foundation for CCP-07 and CCP-08 launches, means the post-season update should better inform the future potential of Vernalis’s extended release Rx-only cough cold franchise.

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