BerGenBio: AXL-erating towards new opportunities
BerGenBio is focused on developing bemcentinib in oncology, but an unexpected fast route-to-market has presented. Bemcentinib was selected for the UK Government-funded Phase II ACCORD-2 trial for the treatment of COVID-19. Data from the study is expected in Q3/Q4 20 and bemcentinib could advance rapidly into a Phase III study by end-2020. BerGenBio is planning a pivotal Phase IIb/III study in NSCLC with bemcentinib combined with pembrolizumab, and randomised studies in AML. The cash position of c NOK850m is strong, after raising NOK500m (gross) in May, so it now has the financial resources to advance bemcentinib and the rest of its pipeline appropriately. We raise our valuation of BerGenBio to NOK4.43bn (NOK50.3/share).BerGenBio is a clinical stage biopharmaceutical company focused on developing innovative drugs for aggressive, drug resistant cancers. Co.'s lead product, BGB324, is a selective, potent and orally available small molecule AXL inhibitor. It is in Phase II clinical development, as a single agent and in combination with marketed immuno-oncology drugs, in three cancer indications with potential: Acute myeloid leukaemia; Advanced non-small-cell lung cancer and Triple negative breast cancer. Co. is also developing a diversified pre-clinical pipeline of selective AXL inhibitors, including biologics and small molecules.
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