Quantum Genomics - Firibastat misses endpoints in Phase III

Quantum Genomics has announced that results from the Phase III FRESH study, investigating the use of firibastat in treatment-resistant hypertension (TRH), are non-significant versus placebo. As a result, the company has terminated a second, longer-term Phase III trial (REFRESH) in TRH and will stop the development of firibastat in cardiology. The company will now focus on the development of new, undisclosed treatments. Management estimates the company will have €11m cash after the full discontinuation of cardiology efforts and has communicated that negotiations with several biotech/medtech companies are ongoing. Quantum Genomics will present full results from the FRESH study at the American Heart Association congress on 4 November. In light of this news, our estimates and valuation for Quantum Genomics are under review.