London, UK, 24 March 2021

AlzeCure Pharma (ALZCUR): Initiation - Well-balanced pipeline for Alzheimer's and pain

AlzeCure is a pure play biotech focused on neurological disorders. The pipeline consists of three small-molecule platforms targeting Alzheimer's disease (AD) and pain. The NeuroRestore platform is focused on novel symptomatic treatment of AD (lead compound ACD856 is in Phase I), although there is a scientific rationale for disease modification potential as well. The Alzstatin platform (preclinical) is specifically aimed at modifying the course of AD and has a differentiated mechanism of action. We find the strategy to target both settings in AD, symptomatic and disease modifying treatments, to be a rational approach given the complex history of drug development in this vast indication. The third Painless platform, with two non-opioid assets for pain (lead ACD440 is in Phase Ib), complements the R&D pipeline well. We value AlzeCure at SEK729m or SEK19.3 per share versus a current share price of SEK7.84.

We value AlzeCure at SEK729m or SEK19.3 per share, based on a risk-adjusted NPV analysis (cash of SEK112m at end Q420). Our valuation includes the two clinical stage assets, ACD856 for symptomatic treatment of AD and ACD440 for neuropathic pain. We currently do not value any other indications or projects in the preclinical stages, but will reconsider them if AlzeCure makes progress. 

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