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Original-Research: Cardiol Therapeutics Inc - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to Cardiol Therapeutics Inc
First Berlin Equity Research has published a research update on Cardiol Therapeutics Inc. (ISIN: CA14161Y2006). Analyst Christian Orquera reiterated his BUY rating and maintained his USD 8.50 price target. Abstract: Cardiol Therapeutics (Cardiol) has announced the initiation of a phase II/III clinical trial within its development programme CardiolRx for the treatment of recurrent pericarditis (RP). The new pivotal study, MAVERIC-2, will target a subset of RP patients, those who discontinue interleukin-1 (IL-1) blocker therapy (i.e. third-line therapy with ARCALYST/rilonacept or KINERET/anakinra). MAVERIC-2 will target the growing proportion of patients who experience a recurrence of pericarditis after discontinuation of IL-1 blockers (up to 75% recurrence rate). CardiolRx represents a potentially effective, more patient-friendly and cost-effective treatment alternative for patients with dependence on IL-1 blockers. Given the high unmet medical need in this population, MAVERIC-2 could offer a potentially faster route to approval. Importantly, MAVERIC-2 will run concurrently with Cardiol's planned MAVERIC-3 without negatively impacting trial timelines and has the potential to expand the addressable market from second-line only (MAVERIC-3) to second- and third-line therapy. The company recently completed a capital increase of USD15.5m to fund the new trial and ongoing operations. The next major catalyst will be the presentation of full clinical data from the MAVERIC-Pilot phase II study in an oral presentation at the American Heart Association Scientific Sessions on 18 November 2024. We have updated our SOTP valuation model, which still yields a price target of USD8.50. We reiterate our Buy recommendation. First Berlin Equity Research hat ein Research Update zu Cardiol Therapeutics Inc. (ISIN: CA14161Y2006) veröffentlicht. Analyst Christian Orquera bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von USD 8,50. Zusammenfassung: Cardiol Therapeutics (Cardiol) hat den Beginn einer klinischen Studie der Phase II/III zu seinem Entwicklungsprogramm CardiolRx für die Behandlung von rezidivierender Perikarditis (RP) bekannt gegeben. Die neue zulassungsrelevante Studie, MAVERIC-2, zielt auf eine Untergruppe von RP-Patienten ab, die eine Interleukin-1 (IL-1)-Blocker-Therapie (d. h. eine Drittlinientherapie mit ARCALYST/Rilonacept oder KINERET/Anakinra) abgesetzt haben. MAVERIC-2 zielt auf den wachsenden Anteil der Patienten ab, bei denen es nach Absetzen der IL-1-Blocker zu einem Wiederauftreten der Perikarditis kommt (bis zu 75 % Wiederauftretensrate). CardiolRx stellt eine potenziell wirksame, patientenfreundlichere und kostengünstige Behandlungsalternative für diese Patienten dar, die eine Abhängigkeit von IL-1-Blockern aufweisen. Angesichts des hohen ungedeckten medizinischen Bedarfs in dieser Patientengruppe könnte MAVERIC-2 einen potenziell schnelleren Weg zur Zulassung bieten. Wichtig ist, dass MAVERIC-2 gleichzeitig mit der von Cardiol geplanten MAVERIC-3-Studie durchgeführt wird, ohne dass sich dies negativ auf den Zeitplan der Studie auswirkt, und dass die Studie das Potenzial hat, den adressierbaren Markt von einer reinen Zweitlinienbehandlung (MAVERIC-3) auf eine Zweit- und Drittlinientherapie zu erweitern. Das Unternehmen hat vor kurzem eine Kapitalerhöhung von USD 15,5 Mio. abgeschlossen, um die neue Studie und den laufenden Geschäftsbetrieb zu finanzieren. Der nächste wichtige Meilenstein wird die Präsentation der vollständigen klinischen Daten aus der Phase-II-Studie MAVERIC-Pilot im Rahmen einer mündlichen Präsentation auf der American Heart Association Scientific Sessions am 18. November 2024 sein. Wir haben unser SOTP-Bewertungsmodell aktualisiert, das weiterhin ein Kursziel von USD 8,50 ergibt. Wir bekräftigen unsere Kaufempfehlung. Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: http://www.more-ir.de/d/31129.pdf Contact for questions: First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com
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2017491 28.10.2024 CET/CEST
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