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Biotech Announces Positive Topline Data in Tourette Syndrome
Research Report

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Francois Brisebois, a Laidlaw & Co. analyst, reviewed the recently released study results and upcoming catalysts.

An April 10 research note issued by Laidlaw & Co. reported that Therapix Biosciences Ltd.'s (TRPX:NASDAQ; THXBY:TASE) TXH-110 "significantly (p=0.002) improved symptoms over time" in patients with refractory Tourette syndrome, wrote analyst Francois Brisebois. "The entourage effect passes with flying colors." THX-100 is comprised of dronabinol, a biosynthetic THC, and palmitoylethanolamide, or PEA.

Specifically, data from this investigator-initiated Phase 2a study, showed that with THX-100, the occurrence of tic symptoms in patients dropped to 7.9 from a baseline of 38.4, using the Yale Global Tic Severity-Total Tic Score. Six of 16 patients experienced a score reduction of greater than 25%. "We are especially encouraged as most of these patients (n=16) had severe, refractory Tourette syndrome and hadn't responded to any other treatment (antipsychotics, alpha-2 agonists, behavioral therapy) or other investigational compounds," Brisebois noted.

Another encouraging factor, Brisebois pointed out, is THX-100's safety profile. Only two patients curtailed treatment early due to feeling sedated and not experiencing improvement in tic symptoms. "We also see as a significant positive the fact that 12 of 16 patients chose to continue into a 24-week extension," he added.

As for upcoming catalysts, several are on the horizon for Therapix this year, Brisebois indicated. First, results from this Phase 2a trial in Tourette syndrome will be presented in full at the 2018 European Society for the Study of Tourette Syndrome meeting in June.

Late in Q2/18, a subsequent Phase 2b randomized, double-blind, placebo-controlled study of THX-100 in Tourette syndrome will begin. Data from it are expected in 2019.

Toward Q4/18, results are expected from Phase 2a trials of THX-100 in obstructive sleep apnea and chronic lower back pain.

Laidlaw maintains its Buy rating and $18 per share price target on Therapix, whose stock is currently trading at $4.93 per share.

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Disclosures from Laidlaw & Co., Therapix Biosciences, Company Report, April 10, 2018

ANALYST CERTIFICATION The analyst responsible for the content of this report hereby certifies that the views expressed regarding the company or companies and their securities accurately represent his personal views and that no direct or indirect compensation is to be received by the analyst for any specific recommendation or views contained in this report. Neither the author of this report nor any member of his immediate family or household maintains a position in the securities mentioned in this report.

Laidlaw & Company has received compensation from the subject company for investment banking services in the past 12 months and expects to receive or intends to seek compensation for investment banking services from the company in the next three months.

As of the date of this report, neither the author of this report nor any member of his immediate family or household maintains an ownership position in the securities of the company (ies) mentioned in this report.

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