Vicore – First Drug that Cures IPF – Trading at 1/7 of US listed but worse Pliant

Vicore is trading at 1/7 of its peer Pliant, that shows much worse results than Vicore. On Sunday Vicore published their latest IPF readouts in the most important IPF conference in Washington DC. The data reaffirmed “unprecedented regenerative profile of Vicore´s drug in IPF”

On Sunday Vicore Pharma has announced additional data from the AIR Phase II study, which is investigating its lead candidate C21 for the treatment of idiopathic pulmonary fibrosis (IPF). The readout, which was presented yesterday (21 May) at the American Thoracic Society (ATS) international congress, the most important IPF event of the year. On a larger sample of patients (included data on 51 patients treated for up to 36 weeks) Vicore showed progress that has never been seen by any other drug on the market nor in trials.

To illustrate the strength of the results you can read from three research reports:

Pareto securities 21/5/23:

To date, C21 is the only drug that demonstrated a positive trajectory of FVC increases over time….

Considering the potentially life-extending therapeutic profile of the drug coupled with the multibillion-dollar market (the two marketed drugs selling for over USD 4bn per year despite only slowing progression of the disease), we continue to see VICO as grossly undervalued both on a peer basis (e.g. PLRX) as well as on its DCF value

Carnegie Research 22/5/23:

“We therefore argue that Vicore’s research hypothesis holds up, and that the new findings, confirming that C21 could become the first drug to restore the lung function in IPF, validate C21’s truly transformative potential.”

DNB Research 21/5/23:

With more patients and a longer follow-up, the data is more solid than in the past, but basically shows the same thing: treatment with C21 improves lung function over time in patients with IPF. In our view this data and C21 could fundamentally change the way IPF is treated.

Today news on Vicore:

New C21 US patent granted, possibly doubling market exclusivity
Today, Vicore announced that it has been granted a new US patent of the lead candidate C21 for an improved formulation based on enteric coated compositions.

Carl-Johan Dalsgaard, CEO of Vicore comments 
This is a very important milestone for Vicore. By prolonging protection in the US to at least 2041, it substantially increases the commercial potential of C21 in IPF beyond current assumptions based on orphan drug status and data protection.

We are very pleased that the USPTO has recognized the unique benefits of this technology” says Johan Raud, CSO of Vicore. Importantly, the patent provides protection for C21 in all diseases.”

In an interim analysis of the ongoing phase 2a trial, C21 has shown unmatched effects by increasing lung capacity in patients with IPF, a devastating disease which untreated results in a steady decline in lung capacity and a typical life expectancy of three to five years after diagnosis. C21 acts by preventing the scarring process characteristic of IPF, thereby restoring alveolar integrity and improving lung function.

In IPF alone, the potential value of this critical patent is material considering that the US IPF market represents $2.8 bn in annual sales, despite the limitations of current therapies”, says Carl-Johan Dalsgaard.

Vicore Pharma is very undervalued. We are very bullish on Vicore.

For the whole investment thesis please see previous blog post:

The updated interim analysis will be presented on May 26 08:00 EST/14:00 CET during a webcast hosted by the company.

Link to the presentation:

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The goal of the blog is to provide investment ideas for further research. I/we have a beneficial position in the shares discussed above either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. The article does not represent investment advice. Please do your own research before making any investment action.

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