Cantargia - Great equity story underpins large share issue
In February 2020, Cantargia raised SEK410m gross. This is an impressive amount of capital for a pure-play European biotech with assets in early- to mid-stage development, and is underpinned by the successful progression of its R&D pipeline. In recent months, the company reported positive interim data from the ongoing Phase IIa trial with lead asset CAN04, an anti-IL1RAP antibody, announced the first clinical trial in the US (IND accepted) and introduced CAN10, a preclinical project in inflammation (Phase I study start likely in 2022). Tailwinds in the industry include Novartis initiating multiple Phase I–III trials with its canakinumab (anti-IL-1beta) in oncology after a surprising discovery in a large cardiovascular outcomes study and deals involving assets targeting the IL-1 pathway (in cancer and inflammation). Our valuation post the share issue is SEK3.48bn or SEK38.2 per share.Cantargia AB is a Sweden-based company engaged in development of antibody therapeutics for the treatment of leukemia. The Company is engaged in the development of a therapy for the treatment of cancer by targeting a cell-surface receptor on malignant stem cells, through the development of antibody therapeutics for eradication of malignant stem cells. Cantargia AB uses the Interleukin-1 receptor accessory protein (IL1RAP), as the target for development of a novel antibody-based therapy for leukemia.
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