IRLAB Therapeutics - Cautious update on portfolio timelines
IRLAB Therapeutics has provided an update on upcoming development milestones for its central nervous system disease-focused pipeline. While the Phase IIb study of pirepemat in Parkinson’s disease related falls (PD-falls) continues to open new clinical sites in Europe, patient enrolment has been slower than anticipated. The company expects recruitment to be complete by end-2023 with top-line results in H124 (previously H223). We believe IRLAB’s announcement represents a more cautious approach to development in FY23 following the recent disappointing update on mesdopetam and the overall macroeconomic environment. Considering pirepemat has previously demonstrated encouraging preliminary signs of efficacy in a Phase IIa study, we do not expect the adjusted timelines to affect the drug’s potential. Our valuation and forecasts remain under review and we will update them following the FY22 results on 23 February.IRLAB Therapeutics AB is a Sweden-based research and development company. It focuses on illnesses in the central nervous system and primarily on development of drugs to assist patients with Parkinson's disease. The Company possesses a research platform Integrative Screening Process (ISP), which aims to discover and develop drug candidates for the treatment of brain diseases. The Company operates projects on both clinical phase and preclinical phases. The primary projects are IRL790 and IRL752, both on clinical phase. The IRL790 project is a psychomotor stabilizer for the treatment of levodopa (L-dopa) amino acid that dyskinesia induces in Parkinson's Disease (PD-LIDs) and Parkinson Disease psychosis (PD-Psychosis). The IRL752 project aims at cortical enhancement for the treatment of Parkinson Disease Dementia (PD-D) and Behavioral and Psychological Symptoms of Dementia (BPSD).
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