Key venous leg ulcer Phase IIb underway
Factor Therapeutics expects to report top-line results before the end of the year from its randomised Phase IIb trial of VF-001 in venous leg ulcer (VLU) patients. The trial has been designed to recruit patients with VLU with moderate severity, the subgroup that responded best to VF-001 in a previous Phase II trial. Positive results would enable submission for CE mark approval in Europe and clear the way to pivotal Phase III studies in the US. We roll our risked NPV model forward following release of H117 results, which lifts our valuation to A$108m or A$0.15 per share.Factor Therapeutics is engaged in the development and commercialization of its proprietary intellectual property in wound care. Co.'s lead program, VF-0013 is a biologic product for wound care that harnesses a targeted growth factor approach to accelerate the healing process. This is a platform technology with multiple clinical applications and is being developed to treat chronic wounds that can persist for months or even years. Co. has undertaken a U.S.-centric development program, and is on the cusp of initiating a Phase II trial of its lead program in the U.S., subject to FDA approval. This Phase II program is designed to deliver the initial treatment indication of venous leg ulcers.
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