Cytodyn Inc (CYDY)

[z_smith]

Let's not forget that the owner of Ibalizumab (IZ), TaiMed, has a market cap of USD$2.2B. And their retail sales partner, Theratechnologies Inc, has a market cap of 697.287M.

Their drug (IZ) is currently approved and roughly equivalent in terms of market size as PRO-140. Their label requires 3 Drug MDR vs 2 Drug MDR for PRO-140.

Please recall that IZ is for 3-drug MDR patients while PRO-140 is for 2-drug MDR patients. Therefore, PRO-140 could be used earlier in the treatment cycle for Combo (aka Adjunct therapy), thereby preventing some patients from transitioning into 3-class MDR. And there are ~50% more patients in 2-class MDR than 3-class MDR, which would be offset by the R5 vs dual-mix (the degree to which I don’t know at that stage of the disease).

Also, TaiMed is working on a new formulation of IZ (possibly b/c the current formula requires IV administration). The current IZ is 355 and they are working on 365. It appears that they are leaving 355 for the salvage market (no reasonable options for the patient) and expecting 365 to be the preferred drug for the long-term future. However, that would be far into the future.

Bottom-line: Pro-140 Combo valuation by itself should be benchmarked against IZ -- IMO.

Ibalizumab (IZ)
MDR = multi-drug resistant