Pitt St Research Report...

The longer version on the Pitt St website has much more detail. Their valuation seems to be based only on PTX100 and CellPryme, with CellPryme valuation limited to smaller specific market... so I see considerable upside from this valuation.

I'd expect a re-rate and for PTX to go beyond their valuation once PTX100 enters phase 2 (hopefully registrational) trial... I look forward to their report once that happens!

GLTAH.

Gav

Prescient Therapeutics Ltd (ASXTX): New T-Cell Lymphoma therapy coming soon

Prescient Therapeutics is a Melbourne-based drug developer focused on cancer, with several platforms and products in its portfolio. Prescient Therapeutics' lead compound is a small molecule called PTX-100, which is potentially a significant future treatment for T-Cell Lymphoma. The company also has two cell therapy platform technologies: OmniCAR, which allows next-generation CAR-T (Chimeric Antigen Receptor T-cell therapy) products to be developed, and CellPryme, which allows enhances adoptive cell therapy performance.

A big payday coming soon with PTX-100

PTX-100, which works as a blocker of the GGTase I enzyme, has Orphan Drug Designation for all T-Cell Lymphomas and is currently in a Phase 1 trial. There is potential for this product to gain FDA approval after Phase 2 given the current lack of treatment options for T-Cell Lymphomas.

CellPryme and OmniCAR are improvements on existing CAR-T technologies

CAR-T has emerged in recent years to be an important part of the cancer world, ever since the successful commercialisation of Kymriah from Novartis and Yescarta from Gilead. CellPryme, with its improvements on existing technologies, potentially represents a way to produce cellular immunotherapies that can overcome a suppressive tumour microenvironment. The CellPryme platforms have the potential to deliver quickly for Prescient given their ability to improve existing cellular therapies. PTX's OmniCAR platform enables controllable T-cell activity and multiantigen targeting with a single cell product. Normally with CAR-T a single cell targets a single antigen, and the T-cell activity, once it is unleashed, is not controllable. OmniCAR allows solutions to both these problems to be created.

Valuation range of 11.6-16.3c per share

We value PTX at 11.6c per share base case and 16.3c per share in an optimistic (or bull) case using a Sum of the Parts/DCF methodology. Please see p.19 for an outline of our valuation rationale and p.21 for the key risks.