NeuroVive Pharmaceutical NeuroSTAT milestone
NeuroVive Pharmaceutical reported an operating loss of cSEK21m for Q2 versus our estimate of cSEK25.5m. In our view, the main event in the quarter was the initiation of part B in the phase I study of KL1333. However, an even more significant value-driving milestone was reached after the end of the quarter with the FDA granting NeuroSTAT fast-track designation. The company will soon initiate a phase IIa trial with NeuroSTAT in patients with moderate-to-severe traumatic brain injury, and as it now has an approved IND, the study can include US centres. We reiterate our fair value of SEK1.55–4.46.NeuroVive Pharmaceutical is engaged in the conducting research and development into pharmaceuticals that protect the mitochondria and pharmaceuticals to promote more effective mitochondrial function. The drug development technology platform is cyclosporine A, versions of cyclosporine, and molecules with a similar structure, which together, constitute a new class of pharmaceutical called cyclophilin inhibitors. The project portfolio also includes drug candidates for cellular energy regulation.
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