Teva to pay $27.6m to settle fraud charges
Morgan Joseph analysts Dr. Raghuram Selvaraju and Dr. Yi Chen say that the recent fall in Prolor's share price was overdone.
Morgan Joseph TriArtisan has reiterated its "Buy" recommendation for Prolor Biotech Inc. (AMEX: PBTH; TASE: PBTH) with a target price of $16 - 340% above yesterday's close on the American Stock Exchange, citing the company's recent achievements and the continuing progress of its pipeline
Morgan Joseph analysts Dr. Raghuram Selvaraju and Dr. Yi Chen say that the recent fall in Prolor's share price was overdone. On the basis of a meeting with Prolor director of preclinical development Dr. Gili Hart, they say that they are "enthused by the firm's scientific excellence and focus on expanding its product candidate portfolio by concentrating on compelling commercial opportunities."
The analysts believe that 2012 "should be a transformational year for Prolor" with one Phase III clinical trial, two Phase II trials, and one Phase 1 trial moving forward simultaneously. The company has enough cash to finance its operations through 2012, prompting them to lower their 2012 loss per share estimate to $0.30 from $0.37.
The analysts note that Prolor's human growth hormone (hGHCTP) program reported groundbreaking Phase II data, which showed the advantages of its technology platform. A one-year Phase II trial in 52-56 pediatric patients is due to begin by the end of 2011. Height increase velocity will probably be the primary efficacy endpoint. They expect the company to file for a Phase III clinical trial on 120-150 adult patients in the second half of 2012, with results due by mid-2014. Since the drug is based on a drug already on the market, they do not think that multiple Phase III trial will be necessary for approval.
Selvaraju and Chen also point to two Prolor drug candidates for treating hemophilia - a high-value market. "We believe that Prolor's Factor IXCTP and Factor VIIa-CTP candidates could enjoy an abbreviated path to market and potentially premium pricing. These agents are slated to enter Phase II development in 2012.
Prolor's share price fell 1.4% on AMEX yesterday to $3.59, giving a market cap of $196 million, but rose 11.5% by midday on the TASE today to NIS 15.
Published by Globes [online], Israel business news - www.globes-online.com - on November 30, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011
You comment was recieved and soon will be published.
Load more comments
The company does not admit to charges of paying a psychiatrist to prescribe Clozapine.
Dermatology co Foamix mulls Nasdaq IPO
The developer of foam-based dermatology treatments is seeking underwriters.
Can-Fite Biopharma raises $5m
The proceeds will finance clinical trials for psoriasis, glaucoma, and liver cancer treatments.
Teva switching Copaxone users to new dosage
"Bloomberg": Teva has switched 8.7% of Copaxone's multiple sclerosis patients to the 40 milligram dosage.
Immune Pharmaceuticals raises $11.7m on Nasdaq
The money raised will fund a Phase II trial of ulcerative colitis drug bertilmumab.
XTL Biopharma files to raise $40m on Nasdaq
XTL plans to initiate a large Phase IIb clinical trial for the treatment of Lupus.
Teva launches generic cancer drug
Brand Xeloda, made by Genentech, had $754 million in US sales in 2013.
Yelin Lapidot takes stake in Brainsway
Brainsway raised NIS 41 million in the private placement.
Barclays upgrades Teva
Barclays raised its recommendation to "Overweight" and its target price to $65.
BiolineRX raises $24m in Nasdaq offering
Three months ago, the company announced promising preliminary clinical trial results.
Teva VP Ika Abravanel resigns
Abravanel's is the first senior departure from Teva since Erez Vigodman became CEO.
FDA approves Pluristem cell production facility
Pluristem's Haifa plant can produce 150,000 doses of PLX cells annually.
Desheh: Splitting Teva will not create value
Teva CFO Eyal Desheh says Teva's tight integration means that a split makes no sense.
InsuLine expanding in Europe
24Care will distribute the company's InsuPad product in the Netherlands and Belgium.
Teva launches generic breast cancer, osteoporosis drug
Teva has 180 days of marketing exclusivity for generic Evista, which had 2013 US sales of $824 million.
BiolineRX raising $21m in Nasdaq secondary offering
The company will use the proceeds to develop leukemia and celiac disease drugs.
MediWound sets terms for $92m Nasdaq IPO
The burns and wounds treatment developer's offering is at a value of $350-370 million.
Opko losses triple
CEO Phillip Frost: From an R&D perspective, all our programs are progressing.
D-Pharm doubles on good interim stroke study results
The Phase IIa trial interim results found the company's drug was safe for cerebral strokes.
Perrigo selling OTC drugs through Amazon
Perrigo: It is also a platform for obtaining good information about consumer behavior.
Teva launches bipolar, schizophrenia treatment
Adasuve is the first orally inhaled medicine for the acute treatment of agitation in schizophrenia and bipolar I disorder.
Perrigo acquires Aspen Global products for $51m
Perrigo bought value-brand OTC products sold in Australia and New Zealand.
Galmed updates $30m Nasdaq IPO prospectus
The liver disease drug developer will issue shares at a company value of $132 million.
Enzymotec shareholders raise $131m in offer to sell
Kibbutz Ma'anit's Galam reportedly sold shares for $46 million.
Compugen raises $63m, Magic $51m
The two companies held secondary offerings on Nasdaq on the basis of shelf prospectuses.
If Rose Fostanes played basketball
Reforms in regulations for foreign caregivers are welcome, but don't go far enough.
Private treatment kills public healthcare
If the German Committee validates private healthcare, it will be the last nail in public healthcare's coffin, argues Prof Dani Filc.
Reducing the number of polyps that colonoscopies miss
EndoChoice's Israel development center has devised an endoscope with a 330-degree arc.
Neopharm moves into orphan drugs
The company, better known for marketing others' products, has been quietly building up its innovative capacity, as VP Tal Fuhrer relates..
Merck Serono Israel incubator nurtures early stage projects
Merck Germany head of pharmaceuticals Dr. Stefan Oschmann says R&D is enjoying a renaissance at big pharma companies.