Focus on the dermatology pipeline
Realm Therapeutics, based in Malvern PA, is an emerging specialty bio-pharmaceutical company developing therapeutic products to treat immune related disorders in adults and children, using its proprietary HOCl - hypochlorous acid based technology. RLM’s lead candidate is a topical gel, PR022 for Atopic Dermatitis (AD).Realm reports that top line results from its Phase II study of PR013 in Allergic Conjunctivitis (AC) failed to show efficacy and that consequently it has decided to cease further development of the topical (HOCl) hypochlorous acid-based ocular solution for AC application.
The Company is continuing to prioritise the ongoing development of its most advanced dermatology programs in Atopic Dermatitis (AD) and Acne Vulgaris. There are distinct inflammatory mechanisms at play in AC as compared to in the dermatology indications. Lead product PR022 in AD is currently in Phase II studies, while RLM plans to file an Investigational New Drug application (IND) for a new program RLM023, in Acne Vulgaris in early Q418.
The timeline for the AD trial data report is for Q318 – and RLM reports that recruitment into the trial is progressing well. As a reminder, the American Academy of Asthma Allergy and Immunology (AAAAI) estimates that the market for treatments in the mild-to-moderate patient pool is valued at c $4bn.
We have revised our sum-of-the-parts valuation – which falls from £128m to £79m – removing AC from our forecasts - but which still stands well above the current market capitalisation of £45m. Our new valuation includes £54.8m for AD, together with $33.9m (£25.5m) of reported end December 2017 cash and cash equivalents, but excludes any value attributed to Acne Vulgaris or any other pipeline candidates.
NB you can meet Realm's CEO at the Investor Forum in London on 28 March, please register here:
https://www.eventbrite.co.uk/e/equity-development-investor-forum-march-2018-tickets-43192146874?ref=elink
Aclaris Therapeutics is a physician-led biopharmaceutical company focused on dermatological and immuno-inflammatory diseases. The company's commercial product, ESKATA (hydrogen peroxide) topical solution, 40% (w/w), or ESKATA, is a proprietary formulation of high-concentration hydrogen peroxide topical solution for raised seborrheic keratosis, a common non-malignant skin tumor. The company has acquired RHOFADE (oxymetazoline hydrochloride) cream, 1%, or RHOFADE, which includes a license to certain intellectual property for RHOFADE, from Allergan Sales, LLC. RHOFADE has been approved for the topical treatment of persistent facial erythema (redness) associated with rosacea in adults.
Realm Therapeutics is a clinical stage biopharmaceutical company focused on utilizing its proprietary immunomodulatory technology. Co. is engaged in the development of prescription treatments for inflammatory diseases including indications in Dermatology and Ophthalmology. Co. has developed proprietary formulations of its technology for initial application in Atopic Dermatitis (PR022) and Allergic Conjunctivitis (PR013). Co.'s first product, PR022, is a proprietary non-alcohol based, topical gel, which has shown therapeutic effect in pre-clinical models of Atopic Dermatitis. Co.'s second product, PR013, a proprietary topical ophthalmic solution for the treatment of Allergic Conjunctivitis.
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