UPDATE: Maxim Group Starts Kiora Pharmaceuticals (KPRX) at Buy
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Maxim Group analyst Michael Okunewitch initiates coverage on Kiora Pharmaceuticals (NASDAQ: KPRX) with a Buy rating and a price target of $2.50.
- Kiora Pharmaceuticals is developing multiple assets in the ophthalmic medicine space: KIO-101 in dry eye disease, KIO-201 in photorefractive keratectomy (PRK) surgery recovery, and KIO-301 in retinitis pigmentosa (RP).
- KIO-201 is the most advanced candidate, having completed a P3 study. FDA interactions in 1H22 should clarify the need for a P3b. Though relatively modest, the near-term path to revenue could offset burn on the pipeline.
- KIO-301 is a molecular photoswitch that reversibly turns on and off retinal ganglion cells (RGCs) in the presence/absence of light. It is being developed as a vision restoring therapy, initially targeting RP (P1 planned for 2H22 with interim data before YE22).
- KIO-101 is a DHODH inhibitor eye-drop being developed for dry eye disease. Recent P1 data demonstrated initial signals of efficacy on FDA validated pivotal sign endpoints. Next step is a P2.
- Conclusion. Kiora Pharmaceuticals has an attractive strategy, in our view, with KIO-201 as a potential near-term path to revenue to offset the costs of developing its pipeline compounds KIO-101 and KIO-301. We see a company with a diversified pipeline in the high value ophthalmic medicines space, catalysts ahead in 2022, and at a market cap of ~$10M, a compelling valuation.
Shares of Kiora Pharmaceuticals closed at $0.80 yesterday.
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