Report
Juan Pedro Serrate

One dose safer than two

Kiadis has announced an update on the second dose Phase II study of ATIR101 in patients with haematological malignancies to investigate whether a second dose could be administered if needed. There were cases of grade III/IV Graft vs Host Disease (GVHD) in some of the six patients who underwent a second dose of the product. Kiadis shares initially dropped 8% on the news, but have since recovered some of the losses. We see no impact on our valuation or forecasts following this news, as the market opportunity we forecast is predicated on a single dose of ATIR101, which will be investigated in the upcoming Phase III trial. Furthermore, safety has already been established for the single dose in previous studies. This second dose trial was purely to see if a second dose strategy could improve patient outcomes. We maintain our valuation of €383.2m.
Underlying
Kiadis Pharma

Kiadis Pharma is a clinical stage biopharmaceutical company focused on research, development and future commercialization of cell-based immunotherapy products for the treatment of blood cancers and inherited blood disorders. Co.' lead product ATIR101 is being tested using a single-dose regimen in patients with blood cancer who have not found a matching donor and where a partially matched (haploidentical) family member is used as donor for HSCT.

Provider
Edison Investment Research
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
Juan Pedro Serrate

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