NEW YORK, NY / ACCESSWIRE / June 19, 2017 / SeeThruEquity, a leading independent equity research and corporate access firm focused on small-cap and micro-cap public companies, today announced it has issued an update on Propanc Biopharma, Inc. (OTCQB: PPCB).
The report is available here: PPCH June 2017 Update Note.
Propanc is an Australian-based biotechnology company seeking to develop anti-cancer compounds that target cancer patients suffering from solid tumors such as pancreatic, ovarian and colorectal cancers. Propanc's formulation of anti-cancer compounds utilizes pro-enzyme therapy. Its lead drug candidate, PRP, is a patented formulation consisting of two proenzymes, trypsinogen (T) & chymotrypsinogen (C) from bovine pancreas. PRP targets malignant cancer cells through multiple pathways, which the company believes may create a lasting clinical benefit for the patient. Propanc recently completed pre-clinical work on PRP and is planning a Phase II clinical trial in late 2017 / early 2018. The company has also stated that it is pursuing strategic partners in the industry, likely by way of a strategic or licensing partner.
Additional highlights from the update note are as follows:
Propanc encouraging clinical update, completes toxicity study
On April 27, 2017, Propanc CEO James Nathanielsz announced that the company had completed a significant milestone, with the successful completion of a GLP-compliant, 28-day repeat dose toxicity study for its lead product, PRP. The study was conducted by its contract research partner in Melbourne, Australia, vivoPharm Pty Ltd, and showed no major toxicological findings after the once daily administration of PRP by intravenous injection. PRP is a solution for once daily IV administration of pancreatic proenzymes trypsinogen and chymotrypsinogen. It is designed to target cancer stem cells, while leaving healthy cells alone, and will initially be investigated for pancreatic and ovarian cancers, followed by colorectal and other solid cancers.
Propanc planning Phase 2a trials by end of 2017 / early 2018
In our view the completion of the toxicity study represents a major accomplishment by management. Propanc believes it can now advance towards its first in-human trials, which would transition the company from pre-clinical to clinical stage. Management has stated that it is working with manufacturing partner Q Biologicals to complete GMP compliant product manufacture of PRP. Nathanielszis targeting late 2017 / early 2018 for the commencement of its first in-human studies, a Phase IIa trial expected to take place in the UK for advanced solid tumor cancer patients.
Propanc announces name change; completed reverse split
Propanc has also made progress on the corporate development front. On April 20, 2017, Propanc announced that it had changed its name to Propanc Biopharma, Inc., which management stated was intended to better reflect its stage of growth. Additionally, on April 20, 2017, Propanc completed a 1:250 reverse split. Following the share consolidation, the company had 3.8mn shares outstanding as of the filing of its FY3Q17 10-Q with the SEC on May 8, 2017. In our view the reverse split was necessary as Propanc had too many shares outstanding as a public company of its size. We continue to expect the company to seek to raise external capital or find an industry partner in order to support operations and to fund its upcoming Phase 2a clinical study.
Updating price target to $5.10
We are updating our price target to $5.10 for PPCH following the completion of several corporate events, including a reverse share split, recent results, and the company's move towards its first in-human clinical trial. If achieved the target represents a market capitalization of $19.1mn, which, although a premium to recent prices, seems appropriate given the many years and more than $36mn invested by the company in operating losses developing PRP to the point that it is ready for its first in-human trials, and the large market opportunity for treating solid cancerous tumors.
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About Propanc Biopharma, Inc.
Propanc is developing new cancer treatments for patients suffering from pancreatic, ovarian and colorectal cancers. We have developed a formulation of anti-cancer compounds, which exert a number of effects designed to control or prevent tumors from recurring and spreading throughout the body. Our products involve or employ pancreatic proenzymes, which are inactive precursors of enzymes. In the near term, we intend to target patients with limited remaining therapeutic options for the treatment of solid tumors. In future, we intend to develop our lead product to treat (i) early stage cancer and (ii) pre-cancerous diseases and (iii) as a preventative measure for patients at risk of developing cancer based on genetic screening. www.Propanc.com.
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