Needham & Company Hosts Corium Internation (CORI) For Investor Meetings; Reiterates Buy
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Needham & Company reiterated a Buy rating and $15.00 price target on Corium International (NASDAQ: CORI) after hosting management for investor meetings. The most advanced clinical product candidate in CORI's pipeline is Twirla, Agile Therapeutics' once-weekly hormonal contraceptive patch. An additional ph 3 was initiated in mid-June 2014 and is now nearing completion with data expected in 4Q16. If positive, AGRX plans to complete a CRL response in 1H17.
Analyst Serge Belanger commented, "We hosted CORI's management team for a series of investor meetings in New York earlier this week. The bulk of investor inquiries centered on two broad themes; upcoming catalysts and next steps in the development of CORI's two Corplex transdermal patches for Alzheimer's disease, and the company's strategy to address upcoming financing needs. The next major catalyst for CORI expected in 4Q16 is the ph 3 results from Twirla, the contraceptive patch by Agile Therapeutics. This is a major revenue opportunity for CORI, who is the sole manufacturer of Twirla. Both of CORI's Corplex patches have now received the FDA's OK to be developed via the abbreviated bioequivalence (BE) pathway. The pilot BE study for the donepezil patch is expected to get underway in 4Q16 (results in 1H17), while the memantine patch still has to complete another ph 1 PK study before beginning a pilot BE study in 2017. CORI ended FY3Q16 with ~$48MM in cash, which is expected to last thru mid-2017 and the readout of the pilot BE study for the donepezil patch. While CORI has an untapped ATM facility (~$20MM), we don't expect any major financing activity until the Twirla ph 3 results are announced. We maintain our Buy rating and $15PT."
Shares of Corium International closed at $5.99 yesterday.
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