Healthcare

• A high disease burden, high demand for chronic treatment, and an ageing population makes China an excellent opportunity for an established pharma company.
• A transition period following the inclusion of four large drugs in the NDRL creates an opportunity following a big de-rating.
• With 1/3 of the market cap in cash, a healthy payout ratio, and a FPE of under 8, CMS is one of the bargain beneficiaries in the Chinese healthcare space.

The European Commission has selected Oryzon to support a new healthcare initiative furthering innovation in the region. As an associated partner of the recently announced Med4Cure initiative, Oryzon will focus on the validation of experimental epigenetic agents under a project termed VANDAM. We view this as another external endorsement of Oryzon’s robust position in epigenetics, seeking to address areas of unmet need. This collaboration opens up the potential for Oryzon along with the other two dozen selected participants to potentially access more than €6bn in funding and follows on the heels of several other notable collaborations, including the CRADA agreement with the National Cancer Institute for SCLC, the NET trial with the Fox Chase Cancer Center and the EVOLUTION trial with the Spanish Ministry of Science and Innovation.

• On May 14, 2024, Satellos Biosciences Inc. (MSCLF) announced financial results for the first quarter of 2024 and provided a business update.
• Satellos is on track to initiate a Phase 1 first-in-human clinical trial of its lead development asset SAT-3247 in mid-2024.
• The company has completed manufacturing bulk quantities of the drug and formulated the first tablets for use in the trial.

• The declining appeal of the separator business prompts SK to seek buyers for SKIET through block deals amid financial pressures. The first deal is anticipated despite recent stock price drops.
• SK Ecoplant looks to sell its 37.6% stake in SK Oceanplant. Negotiations stall over the former major shareholder’s 20% stake, prompting consideration of a block deal.
• SK Bioscience, under SK Discovery, faces possible sale amid SK’s bio company reshuffle. SK Chemicals may bring SK Biopharm under its wing to help SK Inc focus on semiconductors/batteries.

• QuantumPharm (QUP HK) (Xtalpi) is looking to raise US$200m in its upcoming Hong Kong IPO.
• QuantumPharm is a R&D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&D solutions.
• In our previous note we looked at the company’s past performance. In this note, we discuss QuantumPharm’s PHIP updates.

• Having completed an analysis of data from its terminated ORA-D-013-1 Phase 3 trial, Oramed is optimistic about prospects for ORMD-0801, particularly for certain subpopulations of patients with specific parameters that match those of study participants who responded well to oral insulin.
• ORMP has initiated discussions with the FDA and plans to launch a Phase 3 oral insulin trial in the U.S. under a differentiated protocol aligned with the positive data.
• Separately, a recent licensing agreement with Genomma Lab could provide attractive royalty revenue, if Genomma can commercialize an OTC hemorrhoids treatment & other products for which ORMP had acquired the rights.

• Singapore-based startup Thrixen, which develops a diagnostics platform for infectious diseases, has secured funding, its co-founder and CEO Shavit Clein announced in a LinkedInpost.
• The investors are 22Health Ventures, an early-stage healthtech investment firm and biotech company Aldevron’s co-founder John Ballantyne.
• The development was first reported by The Business Times, which pegged the funding amount at US$7 million. The capital will be used to advance the development of its diagnostic technology platform.

• Disputable Phase III result of Akeso’s (9926 HK) flagship pipeline Ivonescimab (AK112) caused Akeso’s share price to drop 28% in three days, reaching the bottom of a year-long trading range;
• The fundamental difference of opinions is around Ivonescimab’s global prospects against (1) Merck’s Keytruda, (2) J&J’s Rybrevant, (3) Kelun’s SKB264 and domestic prospect against (4) Innovent’s IBI305;
• Some answers are clear while others are now. What can provide answers are (1) SKB264‘s Phase III data, and to a lesser degree (2) AK112’s head-to-head trial against Keytruda.

• Lengthening order lead times impacting revenue recognition – Q1-3 FY6/24 results were behind expectations in our view, with sales declining 27.6% YoY.
• Whilst a negative optic, the reason stems from lengthening lead times for shipment, given customer demands for more high-end and exacting technical requirements for custom-made products requiring more time for delivery.
• We believe this highlights the value-added technical expertise of the company and delays in revenue recognition. 

• The imagination space and good stories for Sichuan Kelun-Biotech Biopharm (6990 HK) at this stage mainly come from SKB264. The market has higher expectations for SKB264’s clinical data on NSCLC/TNBC. 
• The better the clinical results of SKB264 +PD1/L1, the greater the negative impact on AK112’s future expectations/market space in NSCLC. ADC +PD-1 seems more “convincing” than the logic of BsAb.
• This July, restricted shares of major shareholders will be lifted, which may lead to big share price fluctuation if they reduce their shareholdings. Investors need not rush to be long.

• Considering the dominant position of medical imaging centers in public hospitals and challenges from other players, future development space of Rimag would be squeezed,and even will soon encounter growth bottlenecks.
• Although Rimag turned losses into profits, we still have doubts about its future profitability due to increasing costs and potential price decline.This business may fail to bring investors decent profits.
• Rimag’s post-investment valuation after last round financing isn’t cheap.Given the uncertainty of future revenue growth prospects and the real market space, P/S of below 3 is a more comfortable range.

• On May 15, 2024, Abeona Therapeutics, Inc. (ABEO) announced financial results for the first quarter of 2024 and provided a business update.
• The company is planning to resubmit the Biologics License Application (BLA) for pz-cel for the treatment of patients with recessive dystrophic epidermolysis bullosa (RDEB) in the second half of 2024 following the receipt of a Complete Response Letter (CRL) in April 2024.
• The CRL did not identify any deficiencies related to the clinical efficacy or clinical safety data but did request additional CMC information.

• On May 10, 2024, Edesa Biotech, Inc. (EDSA) announced financial results for the second quarter of fiscal year 2024 that ended March 31, 2024 and provided a business update.
• Edesa is planning to seek regulatory approval for a Phase 2 trial of its anti-CXCL10 mAb in patients with moderate-to-severe nonsegmental vitiligo.
• For EB05, the company has expanded site selection activities for the Phase 3 study in acute respiratory distress syndrome (ARDS) caused by COVID-19 and has begun transitioning the day-to-day management of the trial to a new clinical research organization (CRO).

• On May 22, 2024, NeuroBo Pharmaceuticals, Inc. (NRBO) announced that preclinical data of DA-1241 in combination with semaglutide in mouse models of metabolic dysfunction-associated steatohepatitis (MASH) will be presented at the EASL Congress 2024 on Thursday, June 6, 2024.
• Two abstracts will be presented: one using the GAN diet-induced obese and biopsy-confirmed mouse model of MASH and one using the CCl4 induced liver fibrosis model.
• The company shared some of the results that showed an additive effect on different parameters of liver health in both models, with the posters being available following the presentations.

• On May 14, 2024, ESSA Pharma Inc. (EPIX) announced financial results for the second quarter of fiscal year 2024 that ended March 31, 2024 and provided a business update.
• ESSA is currently studying its lead compound, masofaniten (EPI-7386), in two clinical trials: EPI-7386-CS-001 and EPI-7386-CS-010.
• The -001 trial consists of Part A monotherapy treatment and Part B combination therapy of masofaniten plus abiraterone acetate/prednisone (Cohort 1 mHSPC or mCRPC) or with apalutamide following 12 weeks of monotherapy therapy (Cohort 2 nmCRPC).

• The Samsung KODEX Top5Plus Total Return ETF (315930 KS) tracks the FnGuide Top 5 Plus Index and has an AUM of KRW 1,357bn (~US$1bn).
• We currently see a high probability of Celltrion Inc (068270 KS) replacing KT&G Corporation (033780 KS) in the index at the June rebalance.
• There is between 1-2 days of ADV to trade on the potential add and delete and smaller flows on the other index members due to capping and funding changes.

• Telix Pharmaceuticals (TLX AU) aims to raise at least US$100m in its US ADS listing. The bookrunners on the deal are Jefferies, Morgan Stanley, Truist Securities, and William Blair.
• TLX is a commercial-stage biopharmaceutical company focused on the development and commercialization of therapeutic and diagnostic radiopharmaceuticals. 
• In this note, we talk about the deal dynamics and the listing impact.

• We saw the collapse of Akeso’s share price after the Company released the clinical data of AK112 on ASCO. Judging from the market reaction, there are indeed“something unsatisfactory” about AK112.
• Akeso’s high valuation mainly comes from the expectation that it would be a player that can compete on international stage. But investors’ confidence in AK112’s future commercialization has been shaken.
• We advise investors to remain patient and “let the bullets fly”. It’s not yet time for the final result.But, if you want to bet, you need to pay the price.

• HLB expects Jiangsu Hengrui to receive another CRL from the FDA, but specifics on CMC issues remain unclear. Due to the lack of clarity, it’s advisable to avoid trading HLB.
• HLB IR stated they’ll apply for KOSPI transfer listing after FDA approval when asked by local media, suggesting it’s currently not under consideration.
• We should instead consider short-term trading opportunities in HLB Life Science. Anticipate a surge in forfeited shares from Day 1, reminiscent of last year’s CJ CGV rights offer event.

• There are many rumors about Henlius’s trading halt, but Fosun Pharma had applied for the resumption of trading in H Shares, which makes us confused whether this is really privatization.
• Henlius is in “an awkward position” in capital market. Fosun is to blame for Henlius’s low valuation. The high debt problem makes the profits generated from drug sales meaningless.
• If Henlius cannot break away from the system controlled by Fosun, the complexity of corporate governance brought about by the relationship between Henlius and Fosun would inevitably affect investment judgment.

• The NHSA issued a Notice on “improving the quality and expanding the scope of VBP”. The trend of full coverage of VBP of conventional drugs/consumables is determined.TCM is under pressure.
• We analyzed the potential demand growth rate of the glove industry, which is already better than most cyclical stocks. Therefore, we see no need to remain pessimistic about this industry.
• Holding platform companies have valuation discounts.HK$50-60 billion is reasonable market value for China Resources Pharmaceutical.Better to go long when share price is below HK$5 and then hold to receive dividends.

• Jiangxi Rimag Group, China’s largest medical group with focus on medical imaging services, updated its PHIP and may enter the public market in June.
• Terms of an IPO have not yet been set. The expected price range and the size of the offering were not disclosed in the company’s filings. 
• I’m positive on Jiangxi Rimag Group given the fast-growing TAM: third-party medical imaging center market accounts only for ~1% of the PRC medical imaging service market today.

• Murakami-San now owns far more in Mitsui Matsushima (1518 JP) than he can easily get out of other than by corporate action. Murakami-san is not a dumb guy. He knows this.
• The unique investigative shareholder register confirms what has been long rumoured about a certain shareholder activist in L’Occitane (973 HK). It is also informative for what isn’t present.
• Prosus (PRX NA)‘s discount to NAV and implied stub widened after Fabricio Bloisi’s CEO appointment the previous week. But the sell-down of Tencent (700 HK) to buy-back Prosus will continue.

• Legend Biotech Corporation is a biotech company specializing in CAR-T cell therapy for the treatment of multiple myeloma.
• In Quarter 1 2024, two major approvals by the US Food and Drug Administration (FDA) and European Commission for the company’s CARVYKTI therapy for second line relapsed or refractory multiple myeloma have solidified its position in the industry.
• This historical quarterly update positions Legend Biotech’s CARVYKTI on the path to transforming the treatment landscape for thousands of patients suffering from multiple myeloma.

• Within the first quarter of 2024, Royalty Pharma displayed impressive performance, managing 14% growth in royalty receipts, thereby underlining the benefits of its diversified portfolio encompassing over 35 commercial products.
• However, it is important to note a decline for milestones and other contractual payments, which were mainly affected by a high base of the year-ago quarter due to a single nonrecurring Biohaven-related payment.
• Portfolio Receipts, as a result, decreased to $717 million, aligning with the company’s expectations.

• In the first quarter of 2024, Merck & Co. demonstrated a strong start with robust growth across its business.
• This was mainly led by the oncology and vaccines segments, where sales of KEYTRUDA and GARDASIL respectively saw significant increases.
• Merck’s first quarter results reflect the robust demand for its innovative portfolio, which has led to the company updating their full year guidance.

• Viatris Inc. released its Q1 2024 earnings and demonstrated consistent execution against core business fundamentals.
• These include maintaining base business stability, driving new product revenue, and focusing on key strategic initiatives that spur future growth.
• Viatris announced its successful acquisition of Idorsia and its strategic R&D plans for the recent acquisitions – selatogrel and cenerimod.

• Sciclone Pharmaceuticals (6600 HK)‘s scheme document is out, and the court meeting is scheduled for 19 June. The IFA considers the HK$18.80 per share offer fair and reasonable. 
• The key condition is approval by at least 75% of disinterested shareholders (<10% of all disinterested shareholders rejection). No independent shareholder holds a blocking stake.
• This is a done deal. At the last close and for the 12 July payment, the gross and annualised spread is 2.2% and 17.3%, respectively.

• Exact Sciences Corporation’s first quarter 2024 earnings. The quarter demonstrated robust performance with first quarter revenue growing by 6% to $638 million. Particularly noteworthy was the 7% increase in screening revenue to $475 million, which is attributed to the company’s successful optimization of billing and patient compliance systems. However, Exact Sciences faces a tough comparison base, as its growth in the previous year was buoyed by enhancements to billing and patient compliance systems and a weak flu season. The expansion of Precision Oncology revenue by 5% to $163 million also contributed to the company’s growth. Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology. In this report, we have carried out a fundamental analysis of the historical financial statements of the company. We have added reasonable forecasts of the annualized income statement and cash flows and carried out a DCF valuation of the company using its Weighted Average Cost of Capital (WACC) to determine a forecasted share price. We have further incorporated a sensitivity analysis/ scenario analysis to understand how changes in key assumptions could impact the valuation under 3 scenarios – a base case, a bull case, and a bear case. These additional layers of analysis serve to provide a comprehensive and robust valuation, giving investors a nuanced understanding of the inherent risks and opportunities.

• Insulet Corporation reported an excellent first quarter of 2024 that has exceeded expectations. The demand for Omnipod 5 continues to rise, the leading insulin delivery system, fueling a robust revenue growth. Performance-wise, the company achieved an overall Omnipod revenue growth of 21%, including a US growth of 23% and an international growth of 15%.
• The Omnipod 5 has brought significant success to Insulet in both the US and international markets, thanks to its simplicity and affordability. This offering has assisted in driving market growth, as demonstrated by the fact that during the quarter, approximately 85% of new starts came from people previously utilizing multiple daily injections. This pattern of new starts is encouraging because these new starters originated from Insulet’s target market. Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology. In this report, we have carried out a fundamental analysis of the historical financial statements of the company. We have added reasonable forecasts of the annualized income statement and cash flows and carried out a DCF valuation of the company using its Weighted Average Cost of Capital (WACC) to determine a forecasted share price. We have further incorporated a sensitivity analysis/ scenario analysis to understand how changes in key assumptions could impact the valuation under 3 scenarios – a base case, a bull case, and a bear case. These additional layers of analysis serve to provide a comprehensive and robust valuation, giving investors a nuanced understanding of the inherent risks and opportunities.

• Mettler-Toledo International reported Q1 2021 earnings results that exceeded expectations due to superior execution across most product categories and geographies. The firm successfully recovered from delayed product shipments experienced in Q4 2020, shipping nearly all of their delayed orders earlier than anticipated. Quarter sales for Mettler-Toledo International were $926 million, largely unchanged from prior year levels in both USD and local currencies, positively impacted by approximately 6% from recovering nearly all of their previously disclosed delayed product shipments. Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology. In this report, we have carried out a fundamental analysis of the historical financial statements of the company. We have added reasonable forecasts of the annualized income statement and cash flows and carried out a DCF valuation of the company using its Weighted Average Cost of Capital (WACC) to determine a forecasted share price. We have further incorporated a sensitivity analysis/ scenario analysis to understand how changes in key assumptions could impact the valuation under 3 scenarios – a base case, a bull case, and a bear case. These additional layers of analysis serve to provide a comprehensive and robust valuation, giving investors a nuanced understanding of the inherent risks and opportunities.

• For a company that strives to improve people’s lives, investors in EOFlow (294090 KS) shares have mostly faced a world of pain over the past year. 
• After Insulet Corp (PODD US) filed a lawsuit on the 8th August 2023, accusing EOFlow of misappropriating trade secrets, patent infringement, and trademark dilution, shares declined ~88% by year-end.
• Earlier this month, the courts quashed Insulet’s preliminary injunction. EOFlow is up 200%. Insulet is up 3% (?).  And Medtronic (MDT US), EOFlow’s prior suitor, is no doubt weighing options.

• Biopharmaceutical outfit Shanghai Henlius Biotech (2696 HK) is currently suspended pursuant to the Takeovers Code.
• Shanghai Fosun Pharmaceutical (Group) (2196 HK) holds ~60% in Henlius, mostly via domestic shares. Co-founders and Qatar Authority hold ~28% and 8% the H shares respectively.
• IF an Offer were to unfold, it would be the third in this space in the past two months, after Offers for Sciclone (6600 HK) and Yichang HEC (1558 HK),

• Shanghai Henlius Biotech (2696 HK) entered a trading halt “pending the release of an announcement pursuant to the Code on Takeovers and Mergers.” The likely bidder is Fosun Pharma.
• A merger by absorption would require approval by at least 75% independent H Shareholders (<10% of all independent H Shareholders rejection). There could also be a 90% minimum acceptance condition. 
• The shares are 62% below the IPO price. However, shareholders with blocking stakes would welcome an offer suggesting a 30-40% takeover premium would be sufficient.

• Terumo Corp (4543 JP) reported 18% revenue growth in Q4FY24, driven by C&V and TBCT businesses. With the steady progress in profit improvement measures, operating profit rose 45%.
• For FY25, the company expects revenue of ¥980B (up 6% YoY), operating profit of ¥165B (up 18% YoY), and net profit of ¥122B (up 15% YoY).
• The company remains cautious and provided a conservative FY25 guidance. Improvement in any its assumptions provides room for upward revision of the guidance.

• On the 28th March, Li Zhenfu (SciClone (6600 HK)‘s NED), Assicurazioni Generali (G IM), and concert parties (collectively controlling 36.61%), made an Offer at $18.80/share, a 33.9% premium to undisturbed. 
• The Offer price is bang in line with SciClone’s March 2021 IPO price. Terms were declared final. This is a clean deal.
• The Scheme Document is now out. The Court Meeting will be held on the 19th June. Expected payment on or before the 12 July. FWIW: IFA says fair & reasonable.

• Shield is a commercial-stage pharma company delivering specialty products that address patients’ unmet medical needs, with an initial focus on iron deficiency (ID).
• Since its US launch in July 2021, Shield and its partner, Viatris, have increased physician awareness of the differentiating characteristics of Accrufer® as an oral ID drug, in order to ramp up prescriptions (Rxs) and generate sales traction.
• Positive Rx momentum in 2022 and 2023, is expected to accelerate in 2024 and 2025 with the revised aim of becoming cashflow positive in 2H’25.

OSE Immunotherapeutics has announced a considerable expansion of its partnership with Boehringer Ingelheim (BI), including the start of two new projects. The first project aims to broaden the scope of BI 765063 and BI 770371 (two immuno-oncology anti-SIRPα monoclonal antibodies (mAbs) being evaluated as part of the initial collaboration and licence agreement), by investigating the candidates in cardiovascular-renal-metabolic (CRM) diseases. The second project will be a new preclinical program to develop immune-cell activating treatments based on OSE’s cis-targeting anti-PD1/cytokine platform. Under the new collaboration terms, OSE will receive an initial payment of €38.8m, comprising a one-time partial royalty buy-out of €25.3m for the BI 765063 and BI 770371 programs, and a €13.5m upfront payment for the new preclinical program. Additionally, OSE could also receive a €17.5m near-term milestone payment for the new preclinical project. We view the announced expansion as especially encouraging in light of the challenging funding environment. OSE’s share price increased by c 15% on 22 May following the announcement.

• BrainStorm Cell Therapeutics Inc. (Nasdaq: BCLI) is a biotechnology company focused on developing autologous mesenchymal stem cell (MSC) therapies for the treatment of neurodegenerative diseases – BCLI’s primary target is the fatal amyotrophic lateral sclerosis (ALS/MND/Lou Gehrig’s).
• BCLI’s’s proprietary technology platform, NurOwnTM, stimulates Mesenchymal Stem Cells to emit neurotrophic factors (MSC-NTF), which promote the survival of neurons across multiple disease states.

• On May 8, 2024, Kamada Ltd. (KMDA) announced financial results for the first quarter of 2024.
• Revenues for the first quarter of 2024 were $37.7 million, which was a 23% increase compared to the first quarter of 2023.
• Adjusted EBITDA was $7.5 million, which was a 96% increase from the $3.8 million in the first quarter of 2023.

• Top Glove, Medtecs International, UG HealthCare and Riverstone have averaged 24% returns in the month-to-date, partially attributed to the Biden administration announcing higher tariff rates for certain imports from China including PPE items such as respirators and face masks, in addition to rubber medical and surgical gloves.
• This month, Top Glove ADT has surged more than 5-fold from the preceding 4 months.
• As maintained by Top Glove Corporation, gloves have evolved from basic protective gear to sophisticated, technologically advanced products that cater to a wide range of applications.

• Kalbe Farma had a tough year in 2023, with high raw material prices and product mix impacting margins but these headwinds have abated in 1Q2024 with promising growth ahead. 
• Distribution & Logistics and the pharmaceutical segment led growth in 1Q2024, with growth in the latter driven by more specialty drugs and unbranded generics.
• Consumer health and nutritionals give Kalbe a consumer edge, with price rises in 1Q2024 and new products helping to drive profitability. Valuations look reasonable versus history with lustre around profits. 

• The biggest problem of cell therapy in China is the uncertain prospect of commercialization. Medical practitioners also have reservations regarding the usefulness of cryopreserved cells for clinical application.
• Shanghai Cell Therapy could be in a long-term loss making state, and both of its R&D and commercialization capabilities need to be verified. Then, how would investors obtain expected returns?
• Post-Investment valuation already reached above RMB7.1 billion after Series D financing. However, market value of comparable companies are quite low, which makes us worry about stock price performance after IPO.

• Medical Facilities Corp. is undervalued with strong cash flow and positive changes in capital allocation and corporate strategy
• Trading at an attractive valuation of 7x P/FCF and 4.9x EV/EBITDA, the company has a large stock buyback program and is looking to sell its facilities, potentially increasing its value significantly
• The company owns 4 surgical hospitals in the US with a history of paying large dividends, traded on the Canadian stock market, and shares could potentially reach $20 CAD in a more optimistic scenario

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• The in vitro testing examined the removal of EVs directly from plasma & was reviewed and examined by an independent 3rd party commercial lab & by NAMSA, AEMD’s CRO for its planned Australian oncology study.
• The data is a critical element enabling the company to move the Hemopurifier forward in clinical oncology studies towards potential regulatory approval and commercialization.
• The next step is for AEMD to add the data to its Clinical Investigator Brochure, which it will then submit to the Ethics Committees at clinical sites interested in participating in the planned trials in Australia and India.

• Between cash on hand and a recent arrangement for an equity line of credit for up to $8M, management believes that through its measures, it has extended its cash to maintain activities into late 2025.
• This is expected to enable Quoin to continue moving QRX003 ahead through NS clinical trials and recent FDA clearance to recruit subjects 14 and older also allows Quoin to broaden the pool of people eligible to participate in the studies and thereby facilitate recruitment efforts.
• Expanding the number of participants to an aggregate of 50 NS subjects also is expected to contribute to a more robust database to present for potential regulatory approval.

• Reviva is a research and development pharmaceutical company with two portfolio compounds targeting nine indications.
• The candidates address multiple related mental disorders, rare diseases & other categories of un met need.
• Reviva’s lead indication in schizophrenia with brilaroxazine (RP5063) completed its 1st Phase III trial & began its 2nd in 2Q:24.

• MIRA Pharmaceuticals is a preclinical-stage pharmaceutical company focused on the development and commercialization of new molecular synthetic cannabinoid analog for the treatment of adult patients with neuropathic pain as well as anxiety and cognitive decline typically associated with early-stage dementia.
• The company announced it is in advanced discussions with a top cancer hospital to study Ketamir-2 for the treatment of cancer-related pain and depression.

• Kneat Solutions initially served the life sciences industry but is now expanding to other industries
• The company has significant growth potential due to addressing a critical need for efficient validation processes in highly regulated industries
• Investors should be cautious of limited trading volume and potential volatility associated with microcap stocks

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• In Q4FY24, Cipla Ltd (CIPLA IN) posted 10% YoY revenue growth to INR61.6B. Despite surging R&D expenditure, EBITDA increased 13% YoY to INR13B, leading to 54bps margin expansion to 21.4%.
• New launches in U.S. and outperformance in the domestic market driven by chronic portfolio should drive the growth. For FY25, the company has guided for EBITDA margin of 24.5–25.5%.
• Cipla shares soared 15% YTD. Last week, the promoters, Hamied family sold 2.5% stake in the company for ~INR26B, igniting a rally in share price.

• Mindray’s 2023 growth just hit the low end of our forecast.The good story that “recovery of routine diagnosis/treatment after COVID-19 would drive the growth of MI/IVD businesses” doesn’t hold water.
• Mindray may fail to get back to 20%+ revenue growth in 2024 based on current situation.The Company has to continue to “buy revenue” so as to reverse the declining trend.
• The valuation of about 25-30 PE is reasonable for Mindray, not undervalued. If PE falls to the range of 20-25, we think it is a good place to go long.

• CEL-SCI is developing two platforms: Multikine and LEAPS. Multikine has completed a Phase 3 trial for head and neck cancer while LEAPS is conducting preclinical studies for RA, Pandemic Flu and breast cancer.
• In June 2021, CEL-SCI reported selected data from its IT-MATTERS trial demonstrating a benefit in the non-chemotherapy population.
• CEL-SCI plans to submit applications in the US, EU, UK and Canada.