Remimazolam set for commercialisation in 2019
Paion is well positioned to commercialise Remimazolam in 2019 for procedural sedation (via partner Cosmo Pharmaceuticals in the US) and general anaesthesia (Japan); successful Phase III studies confirmed an excellent safety profile and shorter procedure times than midazolam. Paion is conducting additional Phase I studies to further assess abuse potential of remimazolam, which will guide its scheduling under the Controlled Substances Act in the US. Cosmo has advised that it expects to file for US approval in H218 vs prior guidance of a mid-2018 filing. The recent €8m capital raise has extended the funding runway for current activities to at least H219. We adjust our valuation to €245m (vs €240m) or €4.02/share.Paion is a holding company. Through its subsidiaries, Co. is a biopharmaceutical company focusing on developing and commercializing drugs to be used in out-patient and hospital-based anesthesia, sedation and critical care services. Co.'s key compound is Remimazolam, an intravenous ultra short-acting and controllable anesthetic/sedative drug candidate in advanced stages of development for use in procedural sedation and general anesthesia.
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