Replies to post #210515 on Biotech Values

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ACRS > JMP notes...

The NDA for A-101 treatment of SK has been accepted for review with a PDUFA date of December 24, 2017. We expect approval of A-101 and launch by 1H18. ACRS will also submit an MAA in the EU in 2H17 for A-101. The company will initiate two Ph.2 trials for A-101 in warts in mid-2017 and a Ph.2 dose-ranging trial with ATI-50001 for alopecia totalis and alopecia universalis in 2H17 and a Ph.2 dose-ranging study for ATI-50002 for alopecia areata in 2H17. Aclaris recently published positive Ph.1 results for ATI-50001. It finished 1Q17 with $161M in cash and is expected to burn $65-70M in 2017. Our $39 PT is based on a specialty pharma average PEG ratio of 0.4x on our 2020 risk-adjusted, fully-taxed EPS estimate of $2.72.