Actinogen Medical - Getting ready for the next Alzheimer’s study

Actinogen is on track to start US recruitment in Q2 CY23 for the six-month, placebo-controlled Phase IIb portion of the XanaMIA study. The study portion is designed to assess Xanamem in a population of patients with mild cognitive impairment (CI) and/or mild Alzheimer’s disease (AD), who at baseline will have been confirmed as biomarker-positive for progressive AD. We believe market participants will be keen to observe whether this study portion will confirm the positive efficacy findings shown in a subset biomarker analysis from the earlier XanADu study. We expect the next material clinical data milestone for the company over the next 12 months will be the XanaCIDD study results, due in late CY23 or early CY24. This study aims to demonstrate whether Xanamem can show efficacy signals in patients with CI associated with major depressive disorder (MDD). After rolling our model forward and adjusting for forex, we now obtain an rNPV valuation of A$702m (vs A$651m previously).