CAPS Capstone Therapeutics Corporation (QB)

EDISON EQUITY RESEARCH: CAPSTONE THERAPEUTICS - INITIAL PROOF-OF-CONCEPT ESTABLISHED

AEM-28 has demonstrated significant reductions in both VLDL and triglycerides in the Phase I/II programme. This reinforces prior lipid biomarker trends observed in healthy volunteers. These data provide initial proof-of-concept for AEM-28, and more broadly for follow-on products within Capstone’s Apo-E mimetic pipeline including AEM-28-02, supporting progression into further trials, although additional funding will be needed. Future development could include an orphan indication, requiring only small trials for approval, in addition to potential in major CV disorders.

Capstone had $3.3m net cash at end-September, suggesting an EV of c $6.8m; $0.1m cash is allocated to LipimetiX Development, a joint venture for AEM-28 in which Capstone has 60% ownership. Progression into further clinical trials will require additional funding, which these data could now facilitate.

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