EDISON INVESTMENT RESEARCH LIMITED (LON:KEFI) AdAlta (1AD): Initiation - Targeting IPF with its i-body platform
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Edison Investment Research Limited
London, UK, 22 February 2021
AdAlta (1AD): Initiation - Targeting IPF with its i-body platform AdAlta is a clinical-stage company that uses its proprietary i-body discovery platform to target diseases, with an initial focus on conditions involving fibrosis. Its lead programme is AD-214, a C-X-C chemokine receptor type 4 (CXCR4) inhibitor for the treatment of idiopathic pulmonary fibrosis (IPF), which is in the healthy volunteer portion of a 98-subject Phase I trial. IPF is an orphan progressive lung disease that remains a significant unmet medical need, despite two approved blockbuster therapies, with median survival post-diagnosis of three to five years.
We value AdAlta at A$60m or A$0.25 per basic share using a risk-adjusted net present value (NPV) model. We only attribute value to AD-214 as it is the only programme in human clinical trials. The company had A$8.1m in cash at 31 December 2020 and we estimate will likely need to raise an additional A$11m through the end of FY23, barring additional licensing deals.
All reports published by Edison are available to download free of charge from its website About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached - across institutions, family offices, wealth managers and retail investors - Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings. Having been the first in-market 17 years ago, Edison now has more than 100 analysts covering every economic sector. Headquartered in London, Edison also has offices in New York, Frankfurt, Amsterdam and Tel Aviv and a presence in Athens, Johannesburg and Sydney. Edison is authorised and regulated by the Financial Conduct Authority. Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities. For more information, please contact Edison: Maxim Jacobs, +1 646 653 7027 healthcare@edisongroup.com Nathaniel Calloway, +1 646 653 7036 healthcare@edisongroup.com Learn more at www.edisongroup.com and connect with Edison on: LinkedIn https://www.linkedin.com/company/edison-group-/ Twitter www.twitter.com/Edison_Inv_Res YouTube www.youtube.com/edisonitv
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