IP Group — Examining Istesso’s Phase IIb trial results

Istesso, IP Group’s largest private life sciences holding (c 11% of end-June 2024 portfolio value), has announced the results of its Phase IIb clinical trial of leramistat in rheumatoid arthritis (RA). Leramistat demonstrated a statistically significant reduction in bone erosion, the key secondary endpoint, as well as improvements in disability and fatigue. As a result, Istesso plans to evaluate the drug’s potential to promote adaptive tissue repair in RA in combination with existing disease-modifying anti-rheumatic drugs (DMARDs), as well as for other chronic diseases. It highlighted that it is sufficiently funded to conduct these studies. That said, the study failed to meet its primary endpoint of improvements in ACR20 response versus placebo. IP Group will provide an update on Istesso and its (possibly reduced) valuation upon releasing its FY24 results in March.