Antisense (Percheron) Therapeutics (ANP)Looking forward to key...

Antisense (Percheron) Therapeutics (ANP)

Looking forward to key DMD efficacy readout in 2024

Our View

Antisense (ANP) is currently enrolling patients in a randomised Phase IIb trial of its lead drug ATL1102 in non-ambulant patients with the fatal inherited muscle wasting disease Duchenne muscular dystrophy (DMD). It expects to report topline data in H2 CY24. Patients treated with ATL1102 in a small Phase IIa study showed encouraging improvement in upper limb function and preservation of muscle mass, in marked contrast to the progressive deterioration that is the hallmark of the disease.

The Phase IIb trial will primarily serve as a signal finding study to determine whether the drug has sufficient efficacy to be an effective treatment for DMD. It is likely to form the basis for discussions with potential partners who could undertake the final steps in clinical development and commercialise the drug. However, if the results of the Phase IIb trial are sufficiently positive, they could potentially be used to support an application for marketing approval of ATL1102.

At the recent AGM shareholders voted to change the company’s name to Percheron Therapeutics. The name change is expected to be implemented in the next few weeks. It is proposed that the ticker will change to ASX.PER.

The company had $19.2m cash on 30 September, which gives it a funding runway beyond the expected release of topline data from the Phase IIb trial in H2 CY24.

We resume coverage with an Outperform recommendation and a valuation of $136m or $0.15/sh.

https://www.antisense.com.au/wp-content/uploads/2023/12/231129-ANP-Taylor-Collison-Reinitiation.pdf