Unity Biotechnology Inc. (UBX:NASDAQ) is approaching three catalysts expected this year related to its ophthalmic clinical programs, reported ROTH Capital Partners analyst Elmer Piros in a May 12th research note.
Piros relayed the upcoming events. One, slated for mid-2022, is 12-week results from UNITY's Phase 2a BEHOLD trial, in progress, of UBX1325 in patients with diabetic macular edema.
The second event is Unity identifying further potential drug candidates, from its Tie2-VEGF bispecific program and the Tie2 antibody UBX2050, to pursue via clinical trials.
The third, expected in Q4/22, is the first data set, at 16 weeks, from Unity's just launched Phase 2 ENVISION trial, evaluating the biotech's senolytic agent UBX1325 in patients with neovascular age-related macular degeneration. Patients will be evaluated for safety and efficacy every eight weeks. The primary endpoint is visual acuity.
In ENVISION, 46 treatment-refractory patients will receive injections of either 10 micrograms of UNITY's UBX1325 at weeks zero and four or receive standard of care, 2 milligrams of aflibercept every eight weeks for up to 24 weeks.
Piros also reported that ROTH lowered its target price on UNITY to $3 per share from $4 because the biotech is expected to have "diminished cash" down the line. Now, though, the drug developer has sufficient cash for about 12 months of operations, having $79 million at the end of Q1/22.
ROTH Capital Partners maintains its Buy rating on UNITY Biotechnology.
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Disclosures for Roth Capital Partners, UNITY Biotechnology Inc., May 12, 2022
ROTH makes a market in shares of Unity Biotechnology, Inc. and as such, buys and sells from customers on a principal basis. Shares of Unity Biotechnology, 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. The material, information and facts discussed in this report other than the information regarding ROTH Capital Partners, LLC and its affiliates, are from sources believed to be reliable, but are in no way guaranteed to be complete or accurate. This report should not be used as a complete analysis of the company, industry or security discussed in the report. Additional information is available upon request. This is not, however, an offer or solicitation of the securities discussed. Any opinions or estimates in this report are subject to change without notice. An investment in the stock may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Additionally, an investment in the stock may involve a high degree of risk and may not be suitable for all investors. No part of this report may be reproduced in any form without the express written permission of ROTH.
