Cipher pharmaceuticals

[Whatsitworth]

Cipher pharmaceuticals (TSX:CPH)
Cipher Pharmaceuticals is a specialty pharmaceutical company with a robust and diversified portfolio of commercial and early to late-stage products. Cipher acquires products that fulfill unmet medical needs, manages the required clinical development and regulatory approval process, and currently markets those products either directly in Canada or indirectly through partners in Canada, the U.S., and South America.

Market cap $230m
$40m cash
No debt

Their big pipe line drug is MOB-015 which cures nail fungus.
They say…In ten months Moberg Pharma ("Moberg") expects topline results from its Phase 3 Study in January 2025. Cipher holds the exclusive Canadian rights to this novel product in treating nail fungus where there is a large unmet need. In Canada, the total prescription market for Onychomycosis was approximately CDN$91 million at December 31, 2023 according to IQVIA, with a single product having over 95% market share.

That single product is taken orally which cannot be taken with certain medications and can cause unwanted side effects.

On July 5, 2023, the Company announced that its partner, Moberg obtained European Union approval for MOB-015, a new topical treatment of Onychomycosis (nail fungus), as a result of demonstrating superior levels of mycological cure (76% vs. 42% for comparators) and a significantly better complete cure rate. MOB-015 has been recommended for national approval in 13 European countries with planned commercialization through partners such as Bayer and Allderma AB

On February 7, 2024, Moberg announced that its partner, Allderma AB launched MOB-015 under the Terclara® brand in Sweden, with significant interest for the product in the local market.

The approval of the product (if it happens) in North America is not currently reflected in the price in my opinion.