Alligator Bioscience (Buy, TP: SEK1.10) - OPTIMIZE-1 data updated
We see the Q2 report as somewhat of a non-event, but right before quarter-end, the company released an update of the data from the phase II trial OPTIMIZE-1 in pancreatic cancer. The data still appears positive, though less than in the previous update (with the ORR declining from c52% to c44%), but still stronger than could be expected from mFOLFIRINOX alone. Operating expenses were higher than we forecast, and we have increased our operating expense estimates. We reiterate our BUY but have reduced our target price to SEK1.1 (1.4).Alligator Bioscience AB is a Sweden-based company that is engaged in development of immunotherapies for the treatment of cancer. The Company specializes in the development of tumor-directed immunotherapies, in particular agonistic mono- and bispecific antibodies. In the discovery of those drugs, the Company uses its technology platforms ALLIGATOR-GOLD and FIND. ALLIGATOR-GOLD is a library containing human antibodies. FIND (which stands for Fragment Induced Diversity) is an antibody optimization technology. In its pipeline, the Company has thee projects: ADC-1013 (antibody), ATOR-1015 (bispecific immune activating antibody) and ATOR-1016 (bispecific agonistic antibody), which are in research/preclinical stage.
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