Investment summary

Wilex reported fiscal first-quarter gross cash and equivalents of €7.9m, up from €3.4m three months earlier, largely thanks to its recently completed rights issue, which raised €9.8m including costs. We have made small changes to our model, which continues to forecast sufficient cash until the end of fiscal 2013 assuming receipt of a $20m guaranteed payment from Prometheus (Nestlé). Near-term catalysts include the results of an FDA advisory panel on Redectane, Phase II progression-free survival data with Mesupron, final disease-free survival results from the ARISER trial of Rencarex, and the first Phase Ib/II data with oral WX-554.

Last updated on 23/04/2012

Industry outlook

Rencarex is targeted at adjuvant treatment of non-metastatic renal cancer following surgical removal of the kidney in patients with a high risk of recurrence, and is the most advanced product in development for this specific indication, for which no drugs are currently approved. Wilex is also developing Redectane, a radio-labelled version of the same antibody used in Rencarex, which could become a companion diagnostic.

Last updated on 23/04/2012