In a March 21 research note, ROTH Capital Partners analyst Jerry Isaacson reported that Matinas BioPharma Holdings Inc. (MTNB:OTC.MKTS) is "positioned for success" following its equity raise, "executed under favorable terms." Expected gross proceeds are $30 million plus any capital generated from the underwriters' option.
This raise is significant, Isaacson highlighted, because Matinas now has the finances it needs to advance its lead omega-3 asset MAT-9001 for severe hypertriglyceridemia through pivotal clinical trials toward a U.S. Food and Drug Administration approval.
To that end, Matinas intends to conduct a Phase 3 trial to evaluate MAT-9001 against a placebo, in which the primary endpoint will be lower triglyceride levels.
The company also aims to prove in the clinic that MAT-9001 stands out from approved and competitive products. "A small Phase 2 trial showed that the bioavailability and overall profile of MAT-9001 may give it a favorable position compared to Amarin's Vascepa," Isaacson noted.
However, Matinas plans to conduct another pharmacokinetic/pharmacodynamic head-to-head study, a larger one, for additional proof of MAT-9001's distinctive properties. "Based on previous Phase 2 data, we believe in the potential for this trial to generate differentiating data for MAT-9001," commented Isaacson.
In other news, Matinas recently added cardiovascular expert Dr. James J. Ferguson to its clinical team as chief medical officer.
ROTH's valuation on Matinas is based on approval in 2023 of MAT-9001 for hypertriglyceridemia in 2023 and pricing to begin at $1,100 per patient, per year. Accordingly, the investment banking firm has a Buy rating and a $4.45 per share target price on Matinas, whose stock is currently trading at around $1.13 per share.[NLINSERT]
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Disclosures from ROTH Capital Partners, Matinas BioPharma Holdings Inc., Company Note, March 21, 2019
Regulation Analyst Certification ("Reg AC"): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.
ROTH makes a market in shares of Matinas BioPharma Holdings, Inc. and as such, buys and sells from customers on a principal basis.
A Research Analyst and/or a member of the Analyst's household own(s) debt or equity securities of Matinas BioPharma Holdings, Inc. stock.
Shares of Matinas BioPharma Holdings, Inc. may be subject to the Securities and Exchange Commission's Penny Stock Rules, which may set forth sales practice requirements for certain low-priced securities.
ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months.