IRLAB Therapeutics - Don’t count mesdopetam out
IRLAB Therapeutics has reported its full-year results for 2022, providing both a financial and an operational update of its active clinical and preclinical assets. The Phase IIb study of lead clinical asset, mesdopetam, in Parkinson’s disease levodopa-induced dyskinesias (PD-LIDs) has now concluded, with IRLAB’s licensing partner, Ipsen, assuming control of the drug’s development. IRLAB’s near-term catalysts for the company include the initiation of Phase I studies for IRL757 and IRL942 (Phase I ready in H223 and H124, respectively), and top-line readouts for pirepemat in the Phase IIb study in PD-Falls in H124. At end-Q422, IRLAB had net cash of SEK252.8m, which, at our estimated cash burn rates, we expect will fund operations into H224. Considering the recent results of the mesdopetam Phase IIb study, which failed to meet the primary endpoint, we have adjusted our valuation of IRLAB to SEK4.84bn or SEK93.3/share (previously SEK6.72bn or SEK129.8/share), although the valuation per share would reduce to SEK35.9 assuming our projected financing needs (SEK750m) are met via a share issuance at the current market price.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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