Quantum Genomics jumped 12.7% to 5.815 euros for its resumption of listing. The title of biotech was suspended from the opening last Friday at 5.16 euros pending scientific results unveiled a few hours later at the ESC (European Society of Cardiology) congress. Results from Quorum, the Phase IIb Study Show that Firibastat, the treatment from Quantum Genomics, achieves the same benefits as the global gold standard treatment for heart failure (Ramipril) but is the only treatment without the side effect on blood pressure.
According to the biotech, these results completely change its status because after having demonstrated promising results in arterial hypertension (phase IIB study conducted 2 years ago and of which phase III is in progress), its Firibastat treatment confirms with the ‘heart failure. All of Firibastat’s potential indications thus represent billions of potential annual sales from 2023 and this double indication opens the way to major partnerships with large European or American laboratories in the short term, underlined the biotech. In a note published at the end of May, Oddo BHF estimated that the results of this Quorum study were not vital for the group but that if these results are positive, the M&A spectrum would be most credible. The broker had specified that phase III would be too expensive for the group and that a partnership would be necessary to carry out phase III. In the end, the broker began monitoring the security with an Outperformance opinion and a price target of 12 euros.
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Asked by AOF, Jean-Philippe Milon, CEO of Quantum Genomics, confirmed that the treatment was as effective as the reference drug against heart failure (Ramipril), but that he was not hypotensive. It can thus provide patients with hypotension, unlike Ramipril. Regarding the financing of phase III, the manager is confident in the discussions that will begin with the multinationals. If successful, he discounts, against his molecule, an initial payment, milestone payments and finally royalties on double-digit sales.
Phase I: testing of the molecule on a small scale in humans to evaluate its safety, tolerance, metabolic and pharmacological properties. Phase II: evaluation of tolerance and efficacy on several hundred patients to identify side effects. Phase III: evaluation of the overall benefit / risk ratio in several thousand patients.
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