Report
Jacob Mekhael

Sequana Medical FIRST LOOK: Initial phase 1/2 DSR 2.0 data shows encouraging trends

Sequana reported initial data from the first 2 patients from the non-randomised portion of the phase 1/2a (MOJAVE) study with DSR 2.0 for the treatment of congestive heart failure showing encouraging trends on diuretic response as well as kidney function with no safety concerns. Taking into account the limited sample size of 2, it is worth noting that the results came in above what was previously observed in the RED DESERT and SAHARA trials. With 1 additional patient to be recruited, Sequana is on the right path to pass the DSMB review in 1Q24 and progress toward the randomised portion of the MOJAVE trial aiming to confirm the benefits observed in the RED DESERT and SAHARA studies. With Sequana on track towards its milestones, our case remains unchanged and we reiterate our BUY rating and 7 € TP.
Underlying
Sequana Medical

Sequana Medical NV. Sequana Medical NV is a Belgium-based company, which manufactures medical devices. The Company focuses mainly on the development of treatment solutions for the management of liver disease, heart failure, malignant ascites and other fluid imbalance disorders. Sequana Medical NV provides alfapump, which is an implantable, programmable, wireless-charged and battery-powered system that is CE-marking for the management of refractory ascites due to liver cirrhosis and malignant ascites. Over 650 alfapump systems have been implanted. Apart from the Alfapump, the Company also aims to develop a direct sodium removal (DSR) therapy, which is a propriety approach to the treatment of volume overload in heart failure.

Provider
KBC Securities
KBC Securities

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Analysts
Jacob Mekhael

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