(MENAFN- ProactiveInvestors) City broker Oriel Securities hiked its valuation of (EPA:NANO) following a fundraise that will allow it to expand its current research base as well as initiating a US clinical programme.
The potential positive impact of this push into America prompted the change in ‘fair value’ of the stock which rises to €25.50 from €23 previously.
The shares are currently changing hands for €17.73 valuing the business at €238mln.
Last week completed a stock placing with Capital Ventures International will raise an initial €10.4mln while the warrants attached to the shares could bring in a further €14.1mln between now and June 2016.
There may also be the opportunity to sell an additional €10mln tranche of equity between November next year and March 2016.
has developed NBTXR3 a liquid containing nano-particles injected into the tumour that allows radiotherapy to be administered in a very targeted and effective way.
The new treatment is able to destroy more of the tumour improving the quality of surgery that follows the course of treatment thus enabling a more complete removal of the cancer.
It is currently being tested in cancers found in muscle or fat - a condition called soft tissue sarcoma (STS).
The clinical development plan for Europe and the US now includes a larger number of therapeutic indications including head and neck liver and prostate cancers.
Interestingly has opted to push into pivotal trials under its own steam in the States rather than partnering as it has in Asia.
This way it can retain much more of the value it creates in the world’s largest healthcare market.
Oriel said a US pilot study of NBTXR3 in the treatment of prostate cancer is planned for the second half of next year with results possible in the first half of 2017.
“We continue to believe that the main driver of investor sentiment will be the results from the pivotal soft tissue sarcoma trial which will run until the end of 2016” said Oriel analyst Michael King.
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