Sphene Capital GmbH: Vidac Pharma Holding Plc | Rating: Buy

Classification of Sphene Capital GmbH to Vidac Pharma Holding Plc

Promising results of a VDA-1275 study

Vidac Pharma published promising results of its study with the active ingredient VDA-1275 in multiple mouse cancer and human cellular organoid models of solid tumours in a paper submitted to peer-review. The study shows that VDA-1275—which is being developed by Vidac Pharma as a systemic drug for the treatment of solid tumours—exhibited statistically significant efficacy as a monotherapy and synergistic effects in combination with two standard cancer therapies and also elicited an immunological response. We thereby confirm our Buy rating and our three-stage discounted cash flow entity model based price target of EUR 4.90 (base case scenario), which is based on the assumption that Vidac Pharma will get approval for its current core product VDA-1102-AK. Monte Carlo scenario values range between EUR 4.04 (10% quantile) and EUR 5.40 (90% quantile) per share.