Edison Investment Research - Pharma Mar SA (PHMMF) Update: Aplidin Phase III success

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Edison Investment Research

Update: Aplidin Phase III success

Positive results from PharmaMarâ€™s ADMYRE Phase III trial of Aplidin in multiple myeloma clear the path for a potential approval in Europe in H217. Separately, PharmaMar continues to accelerate clinical development of PM1183, a follow-on to its marketed anticancer drug Yondelis: a Phase III trial of PM1183 in small cell lung cancer planned for mid-year will add to the ongoing CORAIL Phase III in ovarian cancer (an interim futility analysis after 210 ovarian patients is expected to report in H216). Our valuation increases to â‚¬1.09bn (was â‚¬1.07bn previously) or â‚¬4.91 per share (â‚¬4.82), but a successful self-commercialisation of PM1183 in the US (if approved) could lift valuation by 14% compared to our base case.

05/05/2016 7 EN

Underlying

Pharma Mar SA

Pharma Mar SA is a Spain-based company engaged in the bio therapeutic drugs manufacture. The Company focuses on research, development and marketing of bio-active principles, primarily from marine origin, for application in human diseases treatment, including antitumour, antiviral and immunomodulation, as well as tropical diseases areas. It manufactures and sells Yondelis, a synthetically modified antitumor agent, which is derived from sea squirts and is implemented in the treatment of soft tissue sarcomas and relapsed ovarian cancer. Furthermore, the Company's products pipeline comprises drug candidates and agents for cancer treatment, such as Aplidin, PM01183 and PM060184. The Company operates through subsidiaries in Italy, Germany, France, and the United States, among others.

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ES0169501030 Pink OTC Markets Spain

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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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Update: Aplidin Phase III success

Pharma Mar SA: 1 director

For PHARMA MAR SA, the environment deterioration entails a downgrade to Neutral

PharmaMar - Zepsyre misses in Ovarian, SCLC still promising

Intralot - Continuing improvement in Q324

Picton Property Income - Delivering on key initiatives

1Spatial - Wins in the utilities sector for AI-supported apps

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