BerGenBio (Sell, TP: NOK0.05) - Q1 report
While the Q1 report contained no large surprises, the company announced earlier this week a clinical collaboration with UT Health San Antonio and Sobi to evaluate bemcentinib in combination with Sobi’s pacritinib in patients with advanced lung adenocarcinoma. We reiterate our SELL and NOK0.05 target price on our concerns about the company’s ability to generate sufficient investor interest during its financial runway and ahead of the next need for financing.BerGenBio is a clinical stage biopharmaceutical company focused on developing innovative drugs for aggressive, drug resistant cancers. Co.'s lead product, BGB324, is a selective, potent and orally available small molecule AXL inhibitor. It is in Phase II clinical development, as a single agent and in combination with marketed immuno-oncology drugs, in three cancer indications with potential: Acute myeloid leukaemia; Advanced non-small-cell lung cancer and Triple negative breast cancer. Co. is also developing a diversified pre-clinical pipeline of selective AXL inhibitors, including biologics and small molecules.
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