Edison Investment Research - Cantargia AB (CANTA) Cantargia - Novartis’s CANOPY-2 trial disappoints

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Edison Investment Research

Sean Conroy

Cantargia - Novartis’s CANOPY-2 trial disappoints

Novartis has reported negative headline data from its Phase III CANOPY-2 trial, investigating canakinumab (anti-IL1beta) with docetaxel for 2nd/3rd-line NSCLC. Cantargia’s lead asset CAN04 (anti-IL1RAP) is a potential competitor. While we acknowledge that Novartis’s data has created negative sentiment, we believe CAN04 is clearly differentiated. Cantargia’s Phase IIa CANFOUR trial investigates CAN04 in a combination with a different chemotherapy (platinum-based as opposed to docetaxel in the Novartis trial) and CAN04 blocks the signalling from both IL-1alpha and IL-1beta (recent interim data from the CANFOUR trial was positive). In addition, CAN04 has been show to effectively induce cancer cell death by an established mechanism ADCC (antibody-dependent cellular cytotoxicity). Ultimately, Novartis’s results will add to the totality of data and help Cantargia define CAN04’s positioning. Near-term catalysts are the readout from Novartis’s Phase III CANOPY-1 trial (H221, front line setting) and updated results from Cantargia’s Phase IIa CANFOUR trial (2021).

10/03/2021 2 EN

Underlying

Cantargia AB

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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SE0006371126 Nasdaq Nordic Stockholm Sweden

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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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Cantargia - Novartis’s CANOPY-2 trial disappoints

Cantargia AB: 5 directors

Cantargia - Encouraging data for nadunolimab in CANFOUR

Cantargia - First patient treated in Phase II part of TRIFOUR

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

AAC Clyde Space - Solid start to the year with further order growth

Tinexta - Typical seasonality in Q124

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