Antibe Therapeutics (Antibe Therapeutics Stock Quote, Chart TSXV:ATE) may keep trading sideways for a while yet but the drug developer’s ATB-346 naproxen analog drug has the potential to become best-in-class among NSAID drugs targeting chronic pain, says Douglas Loe analyst for Echelon Wealth Partners, who in a client update on Monday reiterated his “Speculative Buy” rating and 12-month target of $1.40.
This morning, Anitbe announced the establishment of a four-person strategic advisory board which the company says will support its business development activities. Loe, who says he’s impressed by the pharma pedigree of the various board members, attests that the aim will be for the board to drive partnership activities for its flagship ATB-346 drug.
“We infer that Antibe’s industry-savvy advisory board sees the value in ATB-346 (and the hydrogen sulfide-releasing portfolio in general) that we do,” says Loe.
“Assembling a new business development advisory panel of course has no direct bearing on development risk for any of Antibe’s pipeline assets but it does signal to us that Antibe is being aggressive with establishing key pharmaceutical industry relationships (both through the advisory board members themselves and through their own network of legacy relationships) while the pipeline is still clinical-stage (ATB-346, specifically),” he says. “And we separately consider Antibe’s ability to identify such high-profile professionals as speaking favorably to the board’s views on partnerability (and/or acquirability) of Antibe’s pipeline, again with specific focus on more advanced ‘346.”
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Loe reports that timelines to commercialization for ATB-346 are dependent on near-term data from a 200-patient Phase II knee osteoarthritis pain trial and a 25-person Phase I PK/metabolite characterization trial, both of which should generate data by mid-C2019. The two studies represent major inflection points in the medium term for Loe’s investment thesis.
The analyst’s $1.40 target represents a projected return of 367 per cent at the time of publication.
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