Carnegie Investment Bank
Spago Nanomedical
Date Title Alternative
2023-08-23 Standing out from the crowd Show Close
Research | 23 Aug 2023 | Spago Nanomedical

Standing out from the crowd

 

All eyes on Tumorad

After years of development, it is now time for the evaluation of Tumorad in patients. The project stands out from the majority of cancer treatments under development thanks to its unique profile and approach. What makes the current situation especially interesting is that we see the possibility for an indication of safety and efficacy in patients relatively early on in the upcoming clinical trial. In this, the study programme differs from other cancer treatments, and positive results could prompt considerable risk reduction within six to 12 months.

Market dynamics moving in right direction

We note that the pharmaceutical industry’s interest in the field of cancer in recent years has moved in a direction that well suits the company’s main project, Tumorad. This is reflected in renewed interest by investors and the industry in projects with an intrinsic toxic effect on cancer cells but with minimal adverse effects on normal tissue. Early clinical data showing positive signs that Tumorad can have an effect at an acceptable level of safety should motivate industry stakeholders and support the company’s future financing.

 

Short-termism driving the share

Based on our valuation and how similar companies are valued, we see Spago’s actual stock market valuation as uncoupled from the fundamentals. In our view, the share is currently hindered by uncertainty about the company’s financing, but for those investors prepared to take a closer look and see beyond this, we consider this an interesting case potentially offering rich rewards if developments remain positive. The risk level is very high, but so is the potential for returns that live up to good sector risk/reward.

 

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