Actinogen Medical - Well-timed XanaHES study saves the day

Actinogen’s share price has experienced a rather volatile period since May 2019, when it decreased c 70% following the disappointing Phase II XanADu trial results, only to rebound in October 2019 almost to per-XanADu levels after preliminary results from another clinical trial XanaHES were reported. XanaHES was designed as a Phase I safety trial to test high doses of Xanamem, but a smart trial design (exploratory cognitive endpoints included) and well-timed initiation led to the right results being reported at the right time. Actinogen will still need to complete its R&D programme and pinpoint further R&D direction. Until then, our updated valuation stands at A$131m or A$0.12/share (vs A$0.17/share previously).