Business progressing on multiple fronts
Allium Medical has made significant progress across business lines. The safety monitoring board has recommended continuing the study of Gardia’s embolic protection device; clinical data will be reported by end Q317. A clinical trial of its urological stents in the local population will not be necessary for approval in China; this is in line with our expectations. We expect sales to start in 2018 via a NIS58m eight-year distribution agreement. Following positive preclinical data, Allevetix is on track to start a clinical trial by year-end 2017. We forecast revenue CAGR of 41% in 2016-20e and expect the company to break even in 2020. Our valuation is NIS1.95-2.08/share.
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