The results from ProMetic Life Science’s (ProMetic Life Sciences Stock Quote, Chart, News: TSXV:PLI) ongoing Phase II trial have been outstanding, says Paradigm Capital analyst Christopher Lam.
This morning, ProMetic released data on an additional nine patients that are enrolled in its BI-4050 phase 2 open-label study in patients suffering from type 2 diabetes and metabolic syndrome. The company said the results confirm the pharmacological activity from the first 11 patients, including a decrease in HbA1c.
“PBI-4050’s reduction of HbA1c in our open-label trial is a very strong efficacy signal that provides us with very valuable insight for the placebo controlled clinical trial design in patients with chronic kidney disease with diabetes and in patients with metabolic syndrome and diabetes,” said CEO Pierre Laurin. “We are very confident about the prospect of PBI-4050’s clinical performance in the other ongoing clinical trials and the placebo-controlled studies we are initiating.”
Lam says the results should bode well for future trials.
“The key take-away is that the three sets of results from this Phase II trial have been outstanding,” says Lam. “The data suggests a clear and significant efficacy signal that indicates the potential effects of PBI-4050 in improving blood glucose control and inflammation in patients with diabetes (and without side effects). This should provide investors with increased confidence ahead of the planned pivotal study in patients with chronic kidney disease and diabetes, and the other Phase II trials where diabetes is involved.
In a research update to clients today, Lam maintained his “Buy” rating and one-year price target of $5.50 on ProMetic Life Sciences, implying a return of 60 per cent at the time of publication, including dividend.