Suda Pharmaceuticals Ltd (ASX:SUD) is focused on reformulating established drugs into oro-mucosal spray formulations for better bioavailability. The company's shares are currently trading at 3.1 cents per share.
Edison Investment Research has initiated coverage on SUDA at a valuation of $18 million or 13 cents per basic share (9 cents per diluted share) using a risk-adjusted NPV model focusing strictly on the ZolpiMist program.
The research house attributes a 70% chance of success to ZolpiMist as it has already been approved in the US by the FDA, one of the most stringent regulators in the world.
The following is an extract from Edisons research report:
Suda's lead commercial product is ZolpiMist, an oro-mucosal spray version of Ambien for the treatment of insomnia that is partnered in certain regions with Teva and Mitsubishi Tanabe. SUDA is also working on formulating an oromucosal version of anagrelide for the treatment of solid tumours in patients who have high platelet counts. Anagrelide is currently used as an anti-thrombotic agent to reduce elevated levels of platelets in essential thrombocythemia.
Commercialising ZolpiMist globally[hhmc]
ZolpiMist is an oro-mucosal spray version of Ambien that has a faster onset than the pill form. SUDA has the rights outside of North America and has out-licensed rights in Mexico, Brazil and Chile to Teva, and in Singapore, Malaysia, the Philippines and Korea to Mitsubishi Tanabe. Royalties are typically double digit and include a handling fee.
Reducing anagrelide cardiotoxicity[hhmc]
Anagrelide is an effective agent used to reduce elevated levels of platelets in essential thrombocythemia but use has been limited by cardiotoxicity. SUDA believes that an oro-mucosal spray version could minimise these issues by reducing first-pass generation of a highly potent cardio-excitatory metabolite of the drug in the liver, 3-hydroxy anagrelide.
Additional shots on goal[hhmc]
Besides ZolpiMist and anagrelide, SUDA is also using its technolRead More – Source
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