Bildkälla: Stockfoto

Fluoguide: FG001 burns cancer and fuels high pricing - SEB

FluoGuide announced that it has acquired exclusive rights to a patent to use FG001 for photothermal therapy, an extension of photodynamic therapy that kills cancer cells with heat. The press release referenced strong preclinical data, and the application is important to justify our drug cost assumptions. The patent extends FluoGuide's IP to 2039 from 2034, materially extending peak sales and cash flows.

We raised the prospect of using FG001 for photodynamic therapy in our initiation report, noting that it could enable FG001 to kill residual cancer cells at the tumour margin, while sparing healthy tissue, taking advantage of the deep tissue penetration of near-infrared light. The difference here is that the newly announced method would use light-induced heat production, rather than free radicals, to kill cancer cells. There is a theoretical rationale for arguing that this method would produce superior outcomes, but in our view, it is largely academic, and the main thing is that the killing of residual cancer cells by FG001 would improve surgical outcomes versus fluorescence-guided surgery alone.

Based on the extension of patent protection from 2034 to 2039 and hence both the duration of peak sales and the number of years of cash flow in our forecast, we increase our valuation range to SEK 114-150 (SEK 83-110).

Finwire / Börsvärlden

Publicerad 10 March 2021, 08:00

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