Bioshares report written 23 December 2019. Pharmaxis is one of their top biotech stock picks of 2020 !
Pharmaxis (PXS: $0.145)LOXL2 Deal a 2020 Driver
Pharmaxis suffered a setback last week when Boehringer Ingelheim decided to not continue
with the development of BI 1467335 (formerly PXS 4728A) for the treatment of
NASH, although it will continue to investigate its application in diabetic retinopathy.
Boehringer Ingelheim based its decision on drug interaction effects observed in one of
the eight Phase I studies. In a higher dose of BI 1467335, it was observed to have an effect
on the activity of other drugs, particularly antidepressants, that interact with an enzyme
involved with dopamine metabolism, monoamine oxidase B (MOA-B).
Boehringer Ingelheim is continuing with a single dose, Phase II proof-of-clinical-principle
study in 100 patients with diabetic retinopathy. In this indication, it is BI 146735's antiinflammatory
properties that are being exploited, in patients with moderately severe nonproliferative
disease. The primary endpoint of the trial is the proportion of patients with
any ocular adverse event. The secondary endpoint is the proportion of patients with at
least two steps improvement in the Diabetic Retinopathy Severity Scale (DRSS). The trial
is expected to be completed in Q1 2020, with results available the following quarter.
Diabetic retinopathy is the biggest cause of irreversible blindness for people with Type 2
diabetes. The estimated prevalence of diabetic retinopathy in diabetics aged over 40 is
28%, according to Zhang et al (JAMA 2010). Blindness imposes high costs to the healthcare
systems. Limiting progression to blindness could be a higher benefit that could outweigh
the risks relating to interactions with antidepressants.
Pharmaxis is a Top Six Stock Pick for 2020 because the company is moving closer tosigning a deal (or deals) for its LOXL2 inhibitor program. This transaction has been an
ongoing process since 2018. However, a deal on favourable terms will inject confidence
back into the stock and the company's business model.
Other drivers of Pharmaxis share price in 2020 will be the completion of a Phase I multiple
ascending dose study of the Pan-LOX inhibitor PXS5505A, followed by its entry into
other clinical studies, most likely the orphan drug indication myelofibrosis, and then in
H2 the receipt of a US$10 million milestone payment by partner Chiesi Farmaceutica on
the launch of Bronchitol in the USA
Pharmaxis is capitalised at $59 million.
Bioshares recommendation: Speculative Buy Class A
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