Polyphor is rapidly delivering on its renewed strategy with a prime focus on phase III drug balixafortide in breast cancer. The Fosun Pharma licensing agreement for balixafortide in China was a major surprise, almost two years ahead of our expectations with excellent terms. Next to first and important product validation by an external partner, the upfront payment cuts our expected funding need by roughly a third to reach profitability in 2022/2023, leading to significantly less dilution to raise the remaining capital in the financial markets. Cash life is now extended well into Q3 2021 and is sufficient to reach the first major value inflection point (ORR results), which should lead to a substantial revaluation.

Key catalysts include:

  1. Start inhaled murepavadin phase I trial (Q4 2020)
  2. Balixafortide pivotal phase III “FORTRESS” ORR results (Q2 2021)
  3. Balixafortide pivotal phase III “FORTRESS” PFS results (Q4 2021)

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