Maxim Positive on ContraVir Pharma (CTRV) Following CMX157 Phase 2a Update

October 13, 2016 7:30 AM EDT
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Maxim affirms ContraVir Pharmaceuticals (Nasdaq: CTRV) at Buy with a price target of $4 after the company reported positive interim data for CMX157, the Company's highly potent prodrug of tenofovir, from its ongoing Phase 2a multiple ascending dose clinical study.

Maxim noted:

  • More favorable safety profile. Patients treated with CMX157 had a much lower level of circulating tenofovir in bloodstream (tenofovir: C Max =2.8ng/mL; AUC = 34ng-h/mL) vs. patients treated with Viread (tenofovir: C Max=340 ng/mL, AUC 1910 ng-h/mL). The results demonstrated CMX157 has lower systemic tenofovir exposure, thus reducing the tenofovir-associated side effects and offering a better safety profile.
  • Next steps. ContraVir plans to continue dose escalation at the 50mg and 100mg levels following completion of the current four-week dosing regimen and independent safety review. The study is expected to complete in 4Q16, with data coming out in early 2017.
  • Conclusion. The interim data validate our belief that CMX157 potentially could be the next backbone regimen against HBV. 99% viral load reduction at only 1/12th the dose of Viread has demonstrated CMX157 as a highly potent and safe component (backbone) element in future anti-virus treatment of HBV.

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