Valuations, page-6

Neuren is not the only Phase 3-stage Aussie biotech that seems to be unappreciated by the market.

Here are three other examples:


Opthea (OPT) - (lead asset in wet AMD)

Currently has 1 x Phase 3 asset, 1 x Phase 2b-ready asset and 1 x Phase 1-ready asset.

MST has assumed a potential addressable market value for OPT-302 of ~US$20bn.

MST valued OPT late last year at A$1.47bn, A$4.26ps, based on DCF and supported by review of comparable companies.

Current market cap A$497m, A$1.41ps.


Dimerix (DXB) - (lead asset in FSGS, an orphan renal disease)

Currently has 3 Phase 3 assets - 1 x Phase 3 asset which addresses a US$700m market and has US and EU Orphan Designations + 2 x Phase 3 COVID related assets (trials funded by others; near term readouts; potential for Emergency Use Approval).

Also has Phase 2b asset addressing a US$1.1 bn market.

Current market cap A$47m, A$0.24ps.


MGC Pharmaceuticals (MXC) - (lead asset in COVID; Phase 2b asset in paediatric refractory epilepsy)

Imminent Phase 3 trial + 1 x Phase 2b; 1 x Phase 2a and 2 x Phase 1 trials to commence in H2.

Further 6 preclinical assets.

Already generating revenue - $880,000 in Q1 2021.

Current market cap A$108m, A$0.046ps.