Corbus Release: Non-Deal Road Show Adds Confidence To Our Bullish Thesis
Boston and Yuval Cohen, CEO and Sean Moran, CFO who updated investors on the
progress of the company’s pipeline; three Phase 2 trials are ongoing in cystic fibrosis,
systemic sclerosis and dermatomyositis; Systemic Lupus Erythematosus (SLE) Phase 2 trial
expected to begin in 1Q17
Open label extension for scleroderma encouraging. Management is encouraged by the FDA approval for one-year open label extension for Resunab Phase 2 clinical trial in scleroderma, as it is unusual to get an open-label extension based on blinded data at the Phase 2 stage when the trial is still ongoing; indicates FDA comfort with Resunab's safety profile and efficacy in our view
Potential to move directly into pivotal trials. Management indicated that based on the outcome of the Phase 2 trial, there is potential to move directly into pivotal trials without the need for doing a Phase 2b trial, which has the potential to considerably decrease the time to market
Looking to diversify pipeline. Management is looking to in-license assets to treat rare inflammatory diseases to diversify the pipeline; management plans to structure potential deals with low upfront payment and in a manner that would be non-dilutive to equity Clinical trial enrollment ongoing as expected. Enrollment for all three Phase 2 trials is ongoing as expected, data from cystic fibrosis Phase 2 trial expected in 4Q16, data from the systemic sclerosis Phase 2 trial expected in 4Q16, and data from the dermatomyositis Phase 2 trial expected in 1Q17
Equity Research
Kumaraguru Raja, PhD, Vice President, Biotechnology Research
(212) 863-3225 kraja@noblelsp.com
Noble Life Science Partners
Trading: (561) 998-5489 Sales: (561) 998-5491
www.noblelsp.com
For full access, please click here.
Open label extension for scleroderma encouraging. Management is encouraged by the FDA approval for one-year open label extension for Resunab Phase 2 clinical trial in scleroderma, as it is unusual to get an open-label extension based on blinded data at the Phase 2 stage when the trial is still ongoing; indicates FDA comfort with Resunab's safety profile and efficacy in our view
Potential to move directly into pivotal trials. Management indicated that based on the outcome of the Phase 2 trial, there is potential to move directly into pivotal trials without the need for doing a Phase 2b trial, which has the potential to considerably decrease the time to market
Looking to diversify pipeline. Management is looking to in-license assets to treat rare inflammatory diseases to diversify the pipeline; management plans to structure potential deals with low upfront payment and in a manner that would be non-dilutive to equity Clinical trial enrollment ongoing as expected. Enrollment for all three Phase 2 trials is ongoing as expected, data from cystic fibrosis Phase 2 trial expected in 4Q16, data from the systemic sclerosis Phase 2 trial expected in 4Q16, and data from the dermatomyositis Phase 2 trial expected in 1Q17
Equity Research
Kumaraguru Raja, PhD, Vice President, Biotechnology Research
(212) 863-3225 kraja@noblelsp.com
Noble Life Science Partners
Trading: (561) 998-5489 Sales: (561) 998-5491
www.noblelsp.com
For full access, please click here.