Roth Capital Keeps Cerulean Pharma (CERU) at 'Buy' Amid Capital Raise, Key Collaboration with Novartis
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Roth Capital affirms Cerulean Pharma (Nasdaq: CERU) with a Buy rating and $2.50 price target following a new collaboration with Novartis and cash infusion.
The firm commented,
The two events are quite important for CERU, in our belief as it removes the perceived financing overhang for the company and further highlights the NDC platform potential with attractive terms for the early stage nature of the deal. Recall that since the failure of the late stage RCC study, the company will focus on the three remaining pillars of the CRLX101 combination strategy which includes chemotherapy, DNA damage repair, and immunotherapy. To this end a key area of focus will be the ovarian cancer program. The data for the trial of ovarian cancer includes 18 patients and CERU believes that this is enough data to make the decision to move on to a Phase III trial because paclitaxel alone has an ORR of 15-25% whereas CERU is observing a 56% response rate for the combination therapy. Based on the Phase Ib study the FDA gave fast track designation in platinum resistant ovarian cancer. CERU has scheduled an end of Phase II meeting with the FDA for this fall to discuss the design of a pivotal study. It continues to make progress in the collaboration with AstraZeneca and the NCI where it expects to show in 1H17 that CRLX101 in combination with Lynparza is the first clinically relevant PARP/topo inhibitor combination.
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