Newron Pharmaceuticals - Evenamide validation underway
Newron is developing evenamide (30mg twice per day) as an add-on to treat poorly managed and refractory schizophrenia. A potentially pivotal Phase II/III study is underway and could report by Q422. Newron hopes to partner evenamide for larger indications while selling the product directly to the targeted clozapine-resistant market. H121 results showed Xadago royalties of €2.65m, up 6.5% over H120. The additional Xadago dyskinesia study due to start in Q122 could eventually boost US sales, but there are potential generic challenges currently being legally contested. Newron had June cash plus loan facilities totalling €36.9m plus Xadago royalties to fund it into 2023. Our indicative value of CHF107m has been adjusted for lower Xadago royalty growth, core costs and higher debt.Newron Pharmaceuticals is a clinical stage biopharmaceutical company. Co. is focused on the development of drugs for the treatment of central nervous system disorders and pain. Co.'s pipeline include, Xadago® (safinamide), for the treatment of Parkinson's disease (PD) and PD Levodopa-induced dyskinesia; Sarizotan, for the treatment of Rett syndrome (Orphan drug status); Evenamide (NW-3509), for the treatment of Schizophrenia and Clozapine-treatment-resistant schizophrenia; and Ralfinamide for patients with specific rare pain indications (neuropathic pain).
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