"Antisense Therapeutics (ANP) 10.5c
While Pharmaxis shares vaulted 50 per cent yesterday, investors have chosen to overlook Antisense’s licensing deal with the Swedish incorporated, US-based Cortendo.
This one relates to Antisense’s ATL1103, which has endocrinology applications including a treatment for acromegaly (the abnormal enlargement of face, feet and hands).
The deal sees Cortendo fund further development of ATL1103, while providing upfront cash of $3.7m and $2.5m of equity.
“Additional payments, contingent upon achieving development and commercialisation milestones, may total up to $131m.’’
Relative to Antisense’s $20m market cap, this deal indeed is company making but it looks like investors expected more.
Oddly Antisense commanded a higher valuation a year ago, ahead of US approval for an advanced multiple sclerosis trial.
Just as well the market is a rational beast. Spec buy."
