Trinity Delta Lighthouse: BerGenBio
Trinity Delta view: The fresh funds allow BerGenBio to accelerate its commercial planning materially. Bemcentinib’s selection as the first programme in the UK’s flagship COVID-19 programme provides significant validation of BerGenBio’s development work and raises its global profile. The potential of the AXL receptor as an oncology target is increasingly recognised and validated. Recent preclinical insights from the University of Iowa also suggest that bemcentinib could be effective in early COVID-19 (SARS-CoV-2 coronavirus) infection. Its potential utility in treating coronavirus infection, especially its mechanism of action and oral administration, suggests that bemcentinib has an ideal profile for use in the community setting (pre-hospitalisation). The fund raise prompts us to suspend our valuation, with the aim of reinstating it as soon as practicable. For context, our prior valuation was NOK3.54bn ($339m) or NOK48.31/share, excluding any contribution for bemcentinib’s potential in treating COVID-19.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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