Approaching an inflection point for Xanamem

Actinogen Medical recently began the open-label extension (OLE) phase of its XanaMIA Phase IIb/III study of lead candidate Xanamem (emestedastat) in patients with mild-to-moderate Alzheimer’s disease (AD). This milestone follows the company’s reporting in January that an interim analysis of the randomised portion of this study surpassed interim futility thresholds. The next major catalyst will be the top-line efficacy readout expected in November. We expect that Actinogen’s current cash runway (to mid-CY27) should provide the company with ample flexibility to evaluate strategic or licensing options after the XanaMIA study readout. We now value Actinogen at A$768.9m or A$0.21 per share.