Noble Financial Capital Markets Initiates Coverage on Cynapsus Therapeutics with a Buy Recommendation - Video Summary of Report on InvestmentPitch.com
Vancouver, British Columbia--(Newsfile Corp. - July 10, 2013) - Noble Financial Capital Markets initiates coverage on Cynapsus Therapeutics (TSXV: CTH) (OTC Pink: CYNAF). Research analyst Nathan Cali gives the company a buy rating and a 12-month target price of $1.75, which would give investors a projected return of 386% from the $0.36 price at the time the report was issued.
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Cynapsus is a specialty pharmaceutical company currently advancing a non-injection delivery of an already approved drug, apomorphine, for the treatment of Parkinson's disease. More than 1 million people in the U.S. and an estimated 5 million people globally suffer from Parkinson's disease, a chronic and progressive neurodegenerative disease that impacts motor activity, and its prevalence is increasing with the aging population. In the U.S. alone, the therapeutic market to treat the symptoms and side effects of Parkinson's disease was $3.6 billion, according to numbers from Symphony Health Solution.
Cynapsus' lead drug candidate, APL-130277, is a reformulation of the approved Apokyn, which is a chronic use, daily therapeutic for mid to advanced stage Parkinson's patients experiencing "off" episodes. It is estimated that between 25% and 50% of patients experience "off" episodes in which they have impaired movement or speaking capabilities.
Currently, Noble Financial believes the global rescue therapy market is substantially under penetrated due to the associated side effects of Apokyn, which often causes significant injection site pain and irritation, in addition to being difficult to deliver.
Combined Apokyn sales in Europe and U.S. were $60 million in 2012. However, in Noble Financial's view, upon approval APL-130277's oral administration delivery will expand the market due to a significantly reduced side effect profile, and a substantially increased convenience from oral administration.
Cynapsus is focused on maximizing the value of APL-130277 by completing pivotal studies in advance of a New Drug Application expected to be submitted in 2015. The company anticipates a trade sale or out-licensing to an appropriate global pharmaceutical partner before such an application is submitted.
The company is trading at $0.38, well below the target price of $1.75, and with 38.9 million shares outstanding is capitalized at $14.8 million.
For more information, please visit the company's website www.cynapsus.ca, or to obtain a copy of this extensive research report contact Anthony Giovinazzo at 416-703-2449 ext 225 or email email@example.com.
For more information about Noble Financial Capital Markets or to obtain additional research, contact them at www.noblefcm.com.
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Barry Morgan, CFO