IRLAB Therapeutics - Clinical pipeline is tip of the iceberg
While clinical results from the mesdopetam (Phase IIb) and pirepemat (Phase IIb) trials are the near-term value drivers for IRLAB, in our view a growing preclinical/discovery pipeline and a robust screening platform offer the potential for long-term value. Additionally, we believe that a recent management change (appointing Richard Godfrey as CEO, with previous CEO Nicholas Waters moving to become executive vice president and head of R&D) demonstrates the company’s dedication to drug discovery and development. We reinstate our underlying assumptions and reintroduce our previous estimates for FY22 unchanged. We value IRLAB at SEK6.13bn or SEK118.5 per share (previously SEK5.5bn or SEK106/share).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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