BerGenBio - AXLeration of data catalysts in 2021
BerGenBio (BGBIO) has made steady progress during 2020. Lead asset bemcentinib (oral, once a day, highly selective AXL inhibitor) reported encouraging efficacy data from ongoing Phase II trials. Multiple catalysts expected in 2021 will define BGBIO’s clinical trial strategy in AML/MDS and/or NSCLC. The FY20 operating loss was significantly higher than in FY19 (NOK261.1m vs NOK204.4m) due to higher set-up costs and increased investment in programme expenses. We expect operating expenses to increase significantly across 2021/22 as BGBIO further progresses its innovative AXL-centred pipeline, which includes bemcentinib in oncology (and COVID-19 potential) and the initiation of a Phase Ib/IIa trial to evaluate its AXL antibody tilvestamab in an undisclosed indication. BGBIO remains well funded following net c NOK700m raised in 2020. We value the company at NOK4.72bn or NOK54.1 per share.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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