Today, Relmada announced that its pharmacokinetic (PK) study in 30 healthy volunteers for BuTab, its orally ingestible formulation of buprenorphine, was successful and achieved safe and effective blood levels of the drug. As a reminder, currently none of the marketed forms of buprenorphine (which have >$1bn annual sales in the US combined) can be swallowed as they are sublingual, buccal or patch formulations.
Relmada continues to make progress with its emerging pain pipeline, completing a single ascending dose study and receiving clearance to commence a multiple ascending dose study for d-Methadone for neuropathic pain. It has also conducted a 1-for-5 reverse split in preparation for an uplisting to the NASDAQ by the end of 2015. We value the company at $591m or $54.68 per basic share, prior to any dilution from an estimated $110m funding requirement to profitability.
Relmada is making progress with its emerging pain pipeline. The company reported positive results from a Phase I trial of d-Methadone and continues to add cohorts to the study. A pharmacokinetic study comparing its proprietary oral formulations of buprenorphine to marketed sublingual and intravenous versions has also started; these key data will be available in H215. We value Relmada at $596m or $11.10 per basic share.
Relmada has a full pipeline of four programmes that treat all segments of the pain spectrum. The current lead programme, LevoCap ER, which should enter Phase III within the next 12-18 months, is an extended release version of a powerful narcotic and could be used in a large variety of areas. d-Methadone, BuTab ER and MepiGel each have unique qualities that could differentiate them in a crowded pain market. We value Relmada at $601m or $11.56 per basic share.
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