Arovella Therapeutics - OroMist pipeline development update
Arovella has announced the launch of ZolpiMist (an oromucosal spray for short-term insomnia) by partner STADA in Australia and the cessation by partner Strides Pharma of its development programme ALA-001 (preclinical) for an oral spray formulation of the migraine drug sumatriptan. The drugs are two of Arovella’s five pipeline assets being developed under its legacy OroMist platform, with ZolpiMist its most advanced asset. The termination of the ALA-001 programme will not have any immediate financial implications for Arovella as development was funded by Strides), although it raises uncertainty about future milestone and royalty payments. The commercial launch of ZolpiMist in Australia is the first globally and is a positive for the company. Our valuation does not include a contribution from ALA-001 and is unchanged at A$30.5m or A$0.05/share. We highlight that this also excludes Arovella’s early-stage cell therapy platform/pipeline and note the potential upside on clinical progression.
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