A 16% jump in Nordic Nanovector shares will be welcomed by long-suffering investors, who have seen the stock lose two thirds of its value since the end of 2016 on a series of delays to the company’s lead project, Betalutin. This radionucleotide is in a third-line, follicular lymphoma phase IIb trial, on which the company hopes to file. An update from the first stage of the study, showing lengthening duration of responses, prompted the share uptick today. However, there is a sting in the tail here: longer timelines mean that Nordic Nano does not have enough money to finish the trial. Little has been said about how or when fresh funds will be raised; an interim readout due early next year could serve as a trigger, but presumably the company needs to act sooner, as current cash will only last until mid-2020. Recruitment is expected to complete in the second half of next year, with readouts in early 2021 – 18 months later than was initially intended. Delays have cost the company a chief executive as well as investor support, and in the meantime the competitive environment has stiffened. Today’s share price rise could be short lived.
Selected late-line follicular lymphoma projects | ||||
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Project | Company | Mechanism | Details | Consensus for lymphoma sales in 2024 ($m)* |
Aliqopa | Bayer | Pan-PI3K inhibitor | Acclerated approval based on 59% ORR (N=104) | 115 |
Zydelig | Gilead | PI3K delta inhibitor | Acclerated approval based on 54% ORR (N=72) | 83 |
Copiktra | Verastem | PI3K delta & gamma inhibitor | Acclerated approval based on 42% ORR (N=83) | 88 |
Tazemetostat | Epizyme | EZH2 inhibitor | Filed on 77% ORR (N=43) | 538 |
ME-401 | MEI Pharma | PI3K delta inhibitor | ORR of 75% in phase Ib (N=30); pivotal phase II recruiting | 188 |
Betalutin | Nordic Nanovector | CD37-targeting radionucleotide | ORR of 70% in phase I (N=37); pivotal phase II recruiting | 107 |
REGN1979 | Regeneron | CD20-CD3 bispecific | ORR of 93% in phase I (N=21); pivotal phase II recruiting | N/A |
INCB50465 (parsaclisib) | Incyte | PI3K delta inhibitor | ORR of 71% in phase I (N=4); pivotal phase II recruiting | n/a |
*Estimates based on all sales in non-Hodgkin lymphoma, of which follicular lymphoma is only one subtype. Source: EvaluatePharma & Nordic Nanovector presentation. |