Edison Investment Research - Acer Therapeutics Inc (OPXA) Initiation: Personalized immunotherapy for MS

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Edison Investment Research

Initiation: Personalized immunotherapy for MS

Opexaâ€™s Tcelna immunotherapy is advancing in Phase IIb studies in secondary progressive MS (SPMS), with data expected in H216. The firm is fully funded to Phase II data which, if positive, could sharply increase investor and stakeholder interest. Merck KGaA has an option to in-license Tcelna in MS. Opexa is also developing OPX-212 in neuromyelitis optica (NMO), a rare autoimmune disorder leading to vision loss and paralysis. Opexa plans to file an IND and start a Phase I/II study in H116. Our rNPV-derived equity valuation is $51m.

30/11/2015 12 EN

Underlying

Acer Therapeutics Inc

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US68372T3014 United States

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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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Edison Investment Research

Update: Moving closer towards Abili-T data in SPMS

The Abili-T Phase IIb study evaluating Opexaâ€™s Tcelna immunotherapy as a treatment for secondary progressive MS (SPMS) is nearing completion. The firm is fully funded to Phase IIb data, which are expected in early Q416 and, if positive, could sharply increase investor and stakeholder interest. Merck, the marketer of MS drug Rebif (interferon beta-1a), has an option to in-license Tcelna in MS. Our rNPV is $37.7m (vs $35.1m previously); after including $7.0m Q216 net cash, this gives an equity valuation of $44.8m.

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Update: Restructuring sharpens focus on Tcelna data

On 2 March Opexa announced it has embarked on a restructuring initiative to prioritize its spending towards completing the ongoing 190-patient Abili-T Phase II study of lead candidate Tcelna in secondary progressive multiple sclerosis (SPMS). The company has reduced its overall headcount by about 30%, but this does not affect the Abili-T study timelines, for which data are expected in early Q416. The restructuring lengthens the companyâ€™s financial runway into Q117 (vs prior guidance of Q416), providing added flexibility around the timing of Tcelna data. Our rNPV is $35.1m, which after includ...

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Update: Restructuring sharpens focus on Tcelna data

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Initiation: Personalized immunotherapy for MS

Update: Moving closer towards Abili-T data in SPMS

Update: Restructuring sharpens focus on Tcelna data

Update: Restructuring sharpens focus on Tcelna data

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

AAC Clyde Space - Solid start to the year with further order growth

Tinexta - Typical seasonality in Q124

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