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Alzecure: Well-balanced pipeline for Alzheimer’s and pain - Edison

AlzeCure is a pure play biotech focused on neurological disorders. The pipeline consists of three small-molecule platforms targeting Alzheimer's disease (AD) and pain. The NeuroRestore platform is focused on novel symptomatic treatment of AD (lead compound ACD856 is in Phase I), although there is a scientific rationale for disease modification potential as well. The Alzstatin platform (preclinical) is specifically aimed at modifying the course of AD and has a differentiated mechanism of action.

We find the strategy to target both settings in AD, symptomatic and disease modifying treatments, to be a rational approach given the complex history of drug development in this vast indication. The third Painless platform, with two non-opioid assets for pain (lead ACD440 is in Phase Ib), complements the R&D pipeline well.

We value AlzeCure at SEK729m or SEK19.3 per share.
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