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Edison issues initiation on Auris Medical Holding (EARS)

LONDON, Nov. 01, 2018 (GLOBE NEWSWIRE) -- Auris Medical (EARS) is a clinical-stage biopharmaceutical company developing pharmacotherapies for neurologic disorders of the inner ear. The company’s primary focus is on the development of intranasal betahistine for the treatment of acute vertigo. Oral betahistine dihydrochloride has been prescribed in Europe for decades for all types of vertigo, with an average 26% market share. We initiate at $117.6m or $4.89 per basic share based on a risk-adjusted NPV analysis of these two programs.

We arrive at an initial valuation of $117.6m or $4.89 per basic share ($3.20 per diluted share) based on a risk-adjusted NPV analysis of Auris’s two Phase I clinical programs in the US and European markets. Accordingly, we forecast significant financing needs (CHF65m) to bring both programs from Phase I through to commercialization.

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Maxim Jacobs, +1 646 653 7027
Nathaniel Calloway, +1 646 653 7036
Briana Warschun, +1 646 653 7031

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