Promis Neurosciences could score with out-licensing deals, says Mackie Research

Promis is a pre-clinical-stage neurodegenerative disease biotech company whose lead drug candidate is PMN310, a potentially best-in-class Alzheimer’s drug.

Leaving aside PMN310 in his report, Uddin points to four groups of potential candidates: (1) PMN’s several anti-SOD1 mAb candidates currently in pre-clinical studies; (2) PMN’s TDP43 program which is currently in the lead candidate selection stage; (3) PMN’s the α- synuclein project, for which the company is currently in the lead candidate selection stage; and (4) the tau protein, for which PMN has identified several areas to target.

Uddin says that a monetization opportunity awaits for Promis.

“We expect PMN to out-license these targets/candidates. Very significant licensing deals have been forged by big pharma for the drug targets PMN is focused on. We expect a licensing deal to be forged in Q2 or Q3 2019 – multiple players are currently at the table – to be conservative, we are not assuming any transaction in our model at this time,” says Uddin on Wednesday.

The analyst is maintaining his “Speculative Buy” rating for PMN with a price target of $0.50, representing a projected 12-month return of 56 per cent at the time of publication.

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