Edison Investment Research - Actinogen (ACW) Actinogen Medical - Funding the next stage of Xanamem development

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Edison Investment Research

Sean Conroy

Actinogen Medical - Funding the next stage of Xanamem development

Actinogen recently provided a Q423 quarterly update summarising that its two development programmes for lead candidate Xanamem remain on track, with the Phase IIb XanaMIA study portion assessing the drug in lead indication Alzheimer’s disease (AD) still scheduled to start in H2 CY23, with results still expected in H2 CY25. For the company’s XanaCIDD study in patients with cognitive impairment (CI) associated with major depressive disorder (MDD), enrolment is approaching 25% and the company continues to expect results in H1 CY24 as it is opening new US-based study sites to compensate for regulatory delays in the UK. The company reported a 30 June cash position A$8.46m and has announced a A$10m rights offering allowing existing shareholders to purchase up to 400m shares at A$0.025 per share. After rolling forward our estimates, our pre-financing valuation adjusts slightly to A$645m, or A$0.36/share, versus A$640m (A$0.35/share) previously. Overall, we view the financing as a positive and necessary step to continue Xanamem development.

10/08/2023 1 EN

Underlying

Actinogen

Actinogen Medical is engaged in the undertaking of research of biological material obtained from field work and samples obtained from external sources for commercial applications. Co. operates predominantly in Australia.

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AU000000ACW3 Australian Securities Exchange Australia

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Sean Conroy

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Actinogen Medical - Funding the next stage of Xanamem development

Actinogen Medical - Funding in place through key catalysts

Actinogen Medical - First patient dosed in Phase IIb XanaMIA study

Actinogen Medical - Pressing forward with Xanamem

Tinexta - Typical seasonality in Q124

Dentsu Group - FY24 prospects weighted to H2

Record - AUME momentum and a sharper focus

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