Bioblast - update following a meeting with management of the Company
Oppenheimer revision of the Bioblast
Talniri system | 16.07.15, 18:51
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Following a recent meeting with the management of Bioblast (ORPN) Israel, we received an update on current development plans of the company. Bioblsat management announced plans to begin in the third quarter of 2015 Phase 3 trial of the drug for the treatment of genetic disease Cabaletta OPMD, following receipt of good results than expected reading in the middle of a Phase 2/3 trial. This is of course a positive development for the company, speeding the pace of progress in the drug market, when the results of the Phase 3 trial are expected towards the end of 2016. Bioblast also announced the results of pre-clinical platform BBrm2 positive and is expected to commence Phase 2a study for the treatment of SMA disease towards the end current year. At the end of the first quarter 2015 of ORPN cash totaled $ 29 million and should be sufficient to fund its needs until 2017.
· Interim data from the Phase 2/3 trial drug Cabaletta to OPMD based on 25 patients treated for 6 months and indicated an improvement compared to the starting rate of deterioration of the disease, as measured by tests of swallowing, and muscle function. Consequently, the Board of Bioblast not await the outcome of the full trial and the Phase 3 trial to begin in the third quarter of 2015. This trial will take place at medical centers in the US and Canada, will include 60 patients and is expected to last about a year. We expect that the data from this experiment will be towards the end of 2016.
* Data Phase 2 inputs in Cabaletta treat SCA3 are expected in the fourth quarter of the current year. In the second half of 2015 is expected to begin Phase 3 trial in this indication, will include 60 patients, will type Double-Blind and will include a control arm.
· Phase 2a platform BBrm2 the treatment of SMA is expected to begin towards the end of 2015, after the company announced the results of pre-clinical positive.
· We believe that Bioblsat will show a loss of $ 1.18 per share in 2015 and $ 1.74 per share in 2016. We continue to rate the company's stock at Outperform with a target price of $ 32.