Point Biopharma's Prostate Cancer Therapy Expected To Succeed In Trial: SVB

POINT Biopharma Global

30/11/2022 13:23

** Brokerage SVB Securities initiates coverage of cancer
drug developer POINT Biopharma Global Inc  PNT.O  with
"outperform" rating 
    ** SVB sees promise in co's de-risked lead programs and
expects late-stage trial for PNT2003 in treating
pre-chemotherapy metastatic castration-resistant prostate cancer
(mCRPC) to succeed; Data expected in mid-2023
    ** Believes PNT's pre-chemotherapy mCRPC reduces the
effective development gap vs Novartis AG's  NOVN.S  FDA-approved
Pluvicto; Sets $14 PT on PNT
    ** Prostate cancer market is large enough to sustain both
PNT's and NOVS's products and current radiopharmaceuticals
capacity constraints make it an ideal place for a
second-to-market product to succeed - SVB
    ** SVB sees $670 mln U.S. peak sales for cancer therapies
PNT2002 and PNT2003 with PNT being eligible for 20% royalties on
net sales based on recent commercialization agreement with
Lantheus Holdings  LNTH.O  
    ** Brokerage expects co's cash runway to extend business
activities into Q3 of 2024
    ** YTD PNT down 18.9%, as of Tuesday's close 
 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))