Original-Research: Vidac Pharma Holding Plc (von Sphene Capital GmbH): Buy

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Original-Research: Vidac Pharma Holding Plc - from Sphene Capital GmbH

20.11.2024 / 09:15 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

Group AG.

The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

invitation to conclude certain stock exchange transactions.

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Classification of Sphene Capital GmbH to Vidac Pharma Holding Plc

Company Name: Vidac Pharma Holding Plc

ISIN: GB00BM9XQ619

Reason for the research: Update Report

Recommendation: Buy

from: 20.11.2024

Target price: EUR 4.90 (unchanged)

Target price on sight of: 36 months

Last rating change: -

Analyst: Peter Thilo Hasler

Important patent protection granted by the USPTO

The positive news flow of Vidac Pharma continues. Vidac Pharma has been

granted a patent by the USPTO that-in our view-fully protects the company's

efforts to bring its entirely new class of cancer products to market. As of

our knowledge, Vidac Pharma is the only company in the world whose products

are aimed at reversing the altered metabolism of cancer cells (known as

Warburg effect), and now holds an exclusive patent for this promising mode

of action in the US market. After the strong share price performance since

our initiation of coverage (+194.4% vs. DAX 2.4%), we confirm our Buy rating

and our three-stage discounted cash flow entity model based share price

target of EUR 4.90 (base case scenario). Our price target is based on the

assumption that Vidac Pharma receives 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.

Vidac Pharma has been granted a broad and exclusive patent by the United

States Patent and Trademark Office (USPTO) that provides comprehensive

protection for the mode of action of its two oncology and onco-dermatology

therapeutic candidates VDA-1275 and VDA-1102 (phase 2b clinical trial for AK

and phase 2 trial for cutaneous T-cell lymphoma). The patent protects the

use of Vidac Pharma's novel chemical entities that prevent the enzyme

hexokinase-2 (HK2) from attaching to the mitochondrial VDAC channels, in

order to reverse the malignant metabolism of cancer cells and to restore

normal cell functioning-as of Vidac's clinical studies the drug candidates

have the potential to stop cancer cell proliferation, re-instate programmed

cell death (apoptosis), and suppress the immunosuppressive properties of the

tumour microenvironment. Vidac Pharma is thus (1) to our knowledge the only

company in the world with products designed to reverse the altered

metabolism of cancer cells and (2) now holds an exclusive patent for this

mode of action in the US market.

Vidac Pharma also received additional capital of more than EUR 0.6mn from

existing investors and management to accelerate the development of its

products. Vidac Pharma will use the funds to advance a number of clinical

trials, including a second phase 2b clinical trial for its lead candidate

VDA-1102 in patients with advanced actinic keratosis (AK), a potentially

premalignant disease of the skin with high estimated global prevalence.

According to the company, VDA-1102 has also been shown to be safe and

effective in the treatment of cutaneous T-cell lymphoma; Vidac Pharma has

completed a phase 2a proof-of-concept study, the results of which are

expected to be published shortly. VDA-1275, meanwhile, is also in advanced

preclinical studies.

You can download the research here: http://www.more-ir.de/d/31381.pdf

Contact for questions:

Peter Thilo Hasler, CEFA

+49 (152) 31764553

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2034157 20.11.2024 CET/CEST

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