Bio-Path Holdings Inc. (BPTH:NASDAQ) recently completed the first safety cohort of a Phase 1/1b trial evaluating the developmental drug BP1002 in acute myeloid leukemia (AML), noted Roth MKM analyst Dr. Jonathan Aschoff in a December 14 research note.
One cohort showed no dose-limiting toxicity, clearing the way for further dose escalation in relapsed/refractory patients.
BP1002 targets Bcl-2 to potentially overcome venetoclax-resistance. With venetoclax use rising, the addressable population resistant to that therapy may expand over time. BP1002 inhibits Bcl-2 via a distinct mechanism from venetoclax while aiming to rescue refractory patients.
As first doses often have limited efficacy, Roth analyst Jonathan Aschoff expects improved outcomes in subsequent higher-dose cohorts. To date, Bio-Path's pipeline demonstrates a "highly favorable safety profile" across evaluated dose levels.
Upon completing the Phase 1 monotherapy segment, Bio-Path will initiate a Phase 1b portion combining BP1002 with decitabine. This regimen will be evaluated in the same AML population.
Valuation and Upside
Roth maintains a Buy rating and US$12 price target on Bio-Path based on discounted cash flow projections. This target implies over 2,300% upside from current levels, around US$0.49.
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Disclosures for Roth MKM, Bio-Path Holdings Inc., December 14, 2023
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.
Disclosures: Within the last twelve months, ROTH Capital Partners, or an affiliate to ROTH Capital Partners, has received compensation for investment banking services from Bio-Path Holdings, Inc. ROTH makes a market in shares of Bio-Path Holdings, Inc and as such, buys and sells from customers on a principal basis. Shares of Bio-Path 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.
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