Edison issues initiation on Auris Medical Holding (EARS)
GLOBENEWSWIRE 9:00 AM ET 11/1/2018
Symbol Last Price Change
EARS 0.869up +0.232 (+36.42%)
QUOTES AS OF 03:36:29 PM ET 11/01/2018
LONDON, Nov. 01, 2018 (GLOBE NEWSWIRE) -- Auris Medical(EARS) is a clinical-stage biopharmaceutical company developing pharmacotherapies for neurologic disorders of the inner ear. The company’s primary focus is on the development of intranasal betahistine for the treatment of acute vertigo. Oral betahistine dihydrochloride has been prescribed in Europe for decades for all types of vertigo, with an average 26% market share. We initiate at $117.6m or $4.89 per basic share based on a risk-adjusted NPV analysis of these two programs.
We arrive at an initial valuation of $117.6m or $4.89 per basic share ($3.20 per diluted share) based on a risk-adjusted NPV analysis of Auris’s two Phase I clinical programs in the US and European markets. Accordingly, we forecast significant financing needs (CHF65m) to bring both programs from Phase I through to commercialization.
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