Scotia maintains BUY recommendation
Tuesday, April 26, 2016, Pre-market
ProMetic Releases Additional Efficacy Data for PBI-4050 in Type 2 Diabetes
OUR TAKE: The additional data released from ProMetic's phase 2 open-label study in patients suffering from type 2 diabetes and metabolic syndrome increases the size of the total data set to 20 patients and increases our confidence that PBI-4050 is having a positive impact on diabetic patient's glucose levels. As a result we continue to believe that the PBI-4050 development program, which is currently moving forward into four randomized phase 2 studies in fibrosis diseases (diabetic kidney disease, idiopathic pulmonary fibrosis, scleroderma, and cystic fibrosis related diabetes), has a reasonable chance of success and that the company should be able to partner the drug at some point between now and having to begin a phase 3 program. PLI remains a preferred name in our coverage universe and we believe investors should be buying the shares.