FREE

Further important indication - First patient in treatment

Note regarding MiFID II: This research report has been prepared by order of the issuer based on a contractual agreement and is being compensated for by the issuer. The research report has simultaneously been made publicly available to all interested persons. Hence, the receipt of this research report is to be regarded as a permitted insignificant non-monetary benefit according to § 64 para 7 sentence 2 No. 1 and 2 of the German Securities Trading Act (WpHG).

Pentixapharm Holding AG (ISIN DE000A40AEG0, Prime Standard, PTP GY) announces today that the first of up to 21 patients has been enrolled in the PENTILULA clinical trial at the University Hospital of Nantes, France, and is being treated in a Phase I/II trial for the clinically significant indications “Acute myeloid leukemia” and “Acute lymphoblastic leukemia (AML/ALL)”.
The study, which will run for 36 months, aims to determine the dose and key efficacy parameters, including the overall response rate. In our view, the fact that the study is being conducted by a renowned hospital as part of an “investigator initiated study (IIS)” demonstrates the importance and value attached to the tumor target CXCR4 by clinical oncologists in the treatment of various types of blood cancer. The efficacy of this target in the treatment of T-cell lymphomas has already been demonstrated.
In the USA alone, AML has an annual incidence of 20,000 patients, and we expect a similar figure for Europe. In the USA, comparable radioligand therapies are reimbursed at around $100,000 per patient.
In other Pentixapharm studies, PentixaTher has so far been combined with the radioisotope Yttrium-90; in the study that has now begun, PentixaTher will be combined for the first time with lutetium-177, a radioisotope that is already being used successfully in the treatment of castration-resistant prostate cancer and neuroendocrine tumors (Pluvicto and Lutathera, both from Novartis). In this respect, there is already a broad data base from a radiological point of view, which can also be used in this study.
We are not yet taking the economic potential of the new development into account in our valuation model, but nevertheless see significant upside potential here. We will implement this in a future research update. For the time being, we confirm our fair value of equity of € 279 - 302 mln or € 11.27 - 12.17 per share, which we determined in our Basic Report Study dated September 24, 2024.
At a current share price of € 3.11 (closing price on November 20, 2024), our recommendation is “Buy”.