Xbrane Biopharma - Biosimilar focus with Phase III trial about to start
Xbrane now focuses on developing high-margin biosimilar products with Xlucane, its Lucentis biosimilar, as the lead product. After the July 2018 SEK78m upfront deal with STADA, Xbrane is starting the global XPLORE Phase III trial. The primary endpoint reports in mid-2020 and XPLORE completes in February 2021. Xbrane is raising SEK59.3m at SEK30/ share to help fund its 50% share of the XPLORE study. Xbrane sold SEK20m of Spherotide (a triptorelin generic) to Iran in 2018. A partner is needed to progress development in Europe. Our valuation remains at SEK581m.Xbrane Biopharma AB, formerly Xbrane Bioscience AB, is a Sweden-based provider of biotechnology research and development services. It develops biogenerics for injectable slow release drugs and high-yield protein expression technology for the development of biosimilars. The Company's main products are Sperotide, a generic on the originator drug marketed under the trademarks Decapeptyl, Trelstar and Pamorelin, as well as Xlucane, a biosimilar on the originator drug sold under the trademark Lucentis.
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