Hybridan updateInteresting part in the Hybridan note.
Source: Hybridan LLP Valuation Model
Whilst PBI-4050 is in our opinion a riskier candidate than the many
candidates being generated by Prometic’s Plasma Purification
platform, recent positive pre-clinical data and the emergence of a
clear clinical pathway are exciting developments. Phase 1 trials
last year suggested a robust safety profile. Should efficacy in
humans in any of its multiple indications be demonstrated
(possibly this year), we see scope to significantly raise the value
of this element of our sum of the parts valuation. Small molecule
therapeutics currently underpins 37% of our C$3.37/share base
case indicative valuation and 29% of our C$6.35 upside scenario.