Quantum Genomics — QGC001 clinical results

Quantum Genomics (PAR: ALQGC)

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Research: Healthcare

Quantum Genomics — QGC001 clinical results

Quantum Genomics announced the results from the 34-patient Phase IIa study of QGC001 for the treatment of mild to moderate arterial hypertension. It showed a 2.7 mmHg placebo-adjusted reduction in the primary endpoint of ambulatory systolic blood pressure (SBP, p=0.16) and a 4.7 mmHg reduction in in-office SBP (p=0.15). The p value improved to p=0.06 using a multivariate analysis, which is encouraging given the trial size, albeit slightly non-significant. Data from this study will be used in the design of the US-based Phase IIb hypertension trial, starting in H217.

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Healthcare

Quantum Genomics

QGC001 clinical results

Clinical update

Pharma & biotech

27 June 2017

Price

€4.81

Market cap

€42m

$1.12/€

Net cash (€m) at 31 December 2016

11.2

Shares in issue

8.4m

Free float

51.3%

Code

ALQGC

Primary exchange

Alternext Paris

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(32.5)

(5.1)

(0.8)

Rel (local)

(32.2)

(10.8)

(23.6)

52-week high/low

€8.1

€4.3

Business description

Quantum Genomics is a biopharmaceutical company developing QGC001, a brain aminopeptidase A inhibitor for the treatment of hypertension and heart failure. Its mechanism is implicated in the 25% of patients resistant to treatment.

Next events

Hypertension Phase IIb start

H217

Heart failure Phase IIa data

H118

Analysts

Maxim Jacobs

+1 646 653 7027

Nathaniel Calloway

+1 646 653 7036

Quantum Genomics is a research client of Edison Investment Research Limited

Quantum Genomics announced the results from the 34-patient Phase IIa study of QGC001 for the treatment of mild to moderate arterial hypertension. It showed a 2.7 mmHg placebo-adjusted reduction in the primary endpoint of ambulatory systolic blood pressure (SBP, p=0.16) and a 4.7 mmHg reduction in in-office SBP (p=0.15). The p value improved to p=0.06 using a multivariate analysis, which is encouraging given the trial size, albeit slightly non-significant. Data from this study will be used in the design of the US-based Phase IIb hypertension trial, starting in H217.

Year end

Revenue (€m)

PBT*
(€m)

EPS*
(€)

DPS
(€)

P/E
(x)

Yield
(%)

12/15

0.1

(4.5)

(0.55)

0.0

N/A

N/A

12/16

0.0

(6.2)

(0.60)

0.0

N/A

N/A

12/17e

0.0

(7.2)

(0.69)

0.0

N/A

N/A

12/18e

0.0

(12.5)

(1.15)

0.0

N/A

N/A

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Potential signal of efficacy despite suboptimal design

Although it is based on historical data and not head-to-head comparisons, the effect sizes seen in this clinical study were relatively low compared to those reported for approved hypertension medications, which produce placebo-adjusted changes in SBP in the range of 9-14 mmHg. However, the data on QGC001 are suggestive of activity and could potentially be improved with a more optimised clinical trial design.

Positive correlation with disease severity

Multivariate analysis of the trial data identified baseline hypertension as the strongest contributing factor to efficacy (p=0.01), suggesting that patients with more severe disease respond more strongly to treatment. The upcoming 250-person Phase IIb hypertension trial will enrol patients with “complicated hypertension” or those with elevated cardiac risk, and these criteria may improve effect size.

Potential to focus on patients with the highest need

One of the core premises of QGC001 is that it targets the brain renin-angiotensin system, which is specifically implicated in certain forms of resistant primary hypertension. One such class is the so-called low renin subtype, which is present in 25% of American hypertensive patients and 52% of hypertensive African Americans. The Phase IIb trial will have the potential to select exclusively for these patients who are expected to respond and have the highest unmet medical need.

Valuation: €180m or €20.61 per share

We are maintaining our valuation of €180m or €20.61 per share. We believe the lack of statistical significance seen in this trial can be addressed in the Phase IIb, with improved clinical trial design, including enrichment of low renin sub-type patients and those with higher baseline blood pressure levels. We expect to update our valuation with the release of data from the Phase IIa heart failure trial in H118.

QGC001 Phase IIa results at long last

In June 2017, Quantum Genomics reported the results from the Phase IIa pilot study of QGC001 for the treatment of patients with mild to moderate essential hypertension. QGC001 is a brain aminopeptidase A inhibitor (BAPAI), a novel class of potential anti-hypertensives targeting the brain renin-angiotensin pathway. The study was previously completed in mid-2016, however the results were released as part of a presentation of the study’s lead investigator at the 27th annual European Meeting on Hypertension and Cardiovascular Protection.

The trial was a randomised, double-blind, crossover study that measured the change in systolic blood pressure (SBP) in 34 patients over four weeks. Patients were dosed with 250mg of QGC001 twice a day for a one-week lead-in period, followed by 500mg per day. The primary outcome of the study was the reduction in ambulatory SBP measured over daytime hours using a blood pressure monitor. Patients showed a 2.7 mmHg improvement in this measure when compared to placebo, although the difference fell short of statistical significance (p=0.16). The patient’s supine in-office blood pressure, measured by a clinician, improved more compared to placebo at 4.7 mmHg, although this measure also failed to reach significance (p=0.15). Other blood pressure measurements, including diastolic blood pressure (DBP) were generally insignificant (Exhibit 1).

Exhibit 1: Effect of QGC001 on different blood pressure measurements.

Measurement

Period

Placebo adjusted change (mmHg)

SBP

p

DBP

p

Ambulatory

Daytime

-2.70

0.16

-1.80

0.24

Night-time

-0.51

0.85

0.64

0.67

24h

-2.00

0.31

-1.04

0.48

Office

-4.65

0.15

-0.71

0.75

Source: Quantum Genomics

The study was small for a blood pressure study at only 34 patients (which can often reach into the thousands). It is therefore unfortunate, but not necessarily surprising, that statistical significance was missed. Also, approved blood pressure medications typically show an improvement in SBP (after placebo adjustment) from 9-14 mmHg. This effect size is seen across a range of classes treating patients with similar baseline SBP (Exhibit 2). We should note that there is potential for the treatment effect to increase with increased treatment duration, and this effect has been shown for instance with Diovan (valsartan).

Exhibit 2: Improvement in SBP from a selection of drugs*

Drug

Class

Measurement

Duration

Baseline SBP (mmHg)

Reduction in SBP, placebo adjusted** (mmHg)

QGC001

BAPAI

Daytime ambulatory

4 weeks

150

2.7

QGC001

BAPAI

Supine

4 weeks

148

4.7

Vasotec (enalapril)

ACE inhibitor

Seated

4 weeks

147

14

Norvasc (amlodipine)

Calcium channel blocker

Standing

24 hours

N/R

12

Diovan (valsartan)

ARB

Supine or Seated

8 weeks

151

9

Tekturna (aliskiren)

Renin inhibitor

Seated

8 weeks

151

12

Source: Quantum Genomics, FDA labels, FDA review documents. Note: *For illustrative purposes using historical data and not head-to-head comparisons. **Maximum effective dose reported. BAPAI = brain aminopeptidase A inhibitor. ARB = angiotensin receptor blocker. ACE = angiotensin converting enzyme. N/R = not reported in available documents.

Quantum Genomics did a multi-variate analysis that gives some insight into the variables contributing to drug response. The variable with the highest significance was the patient’s baseline daytime SBP prior to entering treatment (p=0.01), because patients with the highest blood pressure when entering the study had the highest response. This is consistent with previous data in rats and humans that suggests that the response correlates with disease severity. In previous studies, the drug had no effect on subjects with normal blood pressure.

The second most significant variable was the difference between patients during treatment and while on placebo at p=0.06, which is much better than in the more naive primary analysis. This suggests that other confounding imbalances between patients worsened the significance of the primary outcome. These issues can at least in part be addressed through future trial design, in particular a larger patient sample size enabling better randomisation.

The adverse event profile was similar between QGC001 and placebo and largely benign (Exhibit 3). Two patients discontinued from the trial due to adverse events, and one withdrew (during the placebo portion) due to severe hypertension. Importantly, the company also did bloodwork on participants and demonstrated that the treatment did not affect any hormones implicated in hypertension (such as renin or aldosterone, among others), suggesting that the drug’s effect is the on-target action on BAPA.

Exhibit 3: QGC001 adverse events

Source: Quantum Genomics

The next clinical step for the company is to initiate its planned Phase IIb hypertension study in the US, which is slated to begin in autumn 2017. The trial will build on the findings of this study and include 250 patients with so-called “complicated hypertension,” or those with increased cardiovascular risk. There is potential for the company to enrich the study population for patients with low renin forms of hypertension. These patients are typically unresponsive to angiotensin receptor blockers (ARBs) and angiotensin converting enzyme (ACE) inhibitors, but are expected to respond to BAPAIs like QGC001. The company was previously unable to selectively enrol patients with this disease subtype due to restrictions on racial bias in clinical studies in France. Approximately 25% of hypertensive Americans have a low renin form, and up to 52% of the African American community. The company has stated that it will release the full details of the trial design on 27 June 2017. We currently forecast the trial costing between €5m and €6m, although we may adjust this based on these details. The company is also currently enrolling a European Phase IIa heart failure study, with a primary completion date around the end of 2017 and data expected in H118.

Valuation

We are maintaining our valuation of €180m or €20.61 per share. We believe the lack of statistical significance seen in this trial can be addressed in the Phase IIb trial, with improved clinical trial design, including enrichment of low renin sub-type patients and those with higher baseline blood pressure levels. We expect to update our valuation with the release of data from the Phase IIa heart failure trial in H118.

Exhibit 4: Quantum Genomics valuation

Product

Main Indication

Local

Status

Prob. of success

Launch
year

Peak sales ($m)

Patent protection

rNPV
(€m)

QGC001

HT

US

Phase Ila complete

15%

2023

1,110

2031

105.13

QGC001

HT

Europe

Phase Ila complete

15%

2023

959

2031

89.18

QGC001

Development costs

 

 

 

 

(110.90)

QGC101

HF

US

Phase IIa

15%

2023

574

2031

66.91

QGC101

HF

Europe

Phase IIa

15%

2023

687

2031

79.39

QGC101

Development costs

(60.64)

Total

 

 

 

 

 

 

 

169.07

Cash and cash equivalents (YE16) (€m)

11.20

Total firm value (€m)

180.26

Total shares (m)

8.75

Value per basic share (€)

20.61

Source: Edison Investment Research, Quantum Genomics reports

Financials

We are not making significant updates our financial forecasts at this time, but have made small adjustments to the timing of items on the balance sheet. We expect that the company will need €20m in additional financing to complete the Phase II trials for both programmes, at which time we expect the company to out-license the programme for further development. We may adjust our financing schedule with more details of the Phase IIb US hypertension study, if the scope of the trial exceeds our current estimates.

Exhibit 5: Financial summary

€000s

2014

2015

2016

2017e

2018e

Year end 31 December

IFRS

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

324

144

0

0

0

Cost of Sales

0

(0)

0

0

0

Gross Profit

324

144

0

0

0

EBITDA

 

 

(2,418)

(4,310)

(6,216)

(7,172)

(10,948)

Operating Profit (before GW and except.)

 

(2,418)

(4,310)

(6,216)

(7,172)

(10,948)

Intangible Amortisation

0

0

0

0

0

Other

0

0

1

0

0

Exceptionals

0

0

0

0

0

Operating Profit

(2,418)

(4,310)

(6,216)

(7,172)

(10,948)

Net Interest

(20)

(222)

0

(2)

(1,601)

Other

(105)

54

18

0

0

Profit Before Tax (norm)

 

 

(2,537)

(4,503)

(6,216)

(7,174)

(12,549)

Profit Before Tax (FRS 3)

 

 

(2,542)

(4,479)

(6,198)

(7,174)

(12,549)

Tax

335

714

958

933

1,631

Deferred tax

0

0

0

0

0

Profit After Tax (norm)

(2,202)

(3,789)

(5,258)

(6,241)

(10,917)

Profit After Tax (FRS 3)

(2,207)

(3,765)

(5,240)

(6,241)

(10,917)

Average Number of Shares Outstanding (m)

4.8

6.9

8.7

9.1

9.5

EPS - normalised (€)

 

 

(0.46)

(0.55)

(0.60)

(0.69)

(1.15)

EPS - FRS 3 (€)

 

 

(0.46)

(0.54)

(0.60)

(0.69)

(1.15)

Dividend per share (€)

0.0

0.0

0.0

0.0

0.0

BALANCE SHEET

Fixed Assets

 

 

623

520

701

711

719

Intangible Assets

66

108

142

142

142

Tangible Assets

32

54

60

70

78

Other

525

358

500

500

500

Current Assets

 

 

4,129

10,020

13,809

7,558

16,633

Stocks

0

14

1,011

1,011

1,011

Debtors

811

1,354

1,599

1,599

1,599

Cash

3,318

8,652

11,198

4,946

14,021

Other

0

0

1

1

1

Current Liabilities

 

 

(4,604)

(2,128)

(3,481)

(3,481)

(3,481)

Creditors

(1,296)

(2,128)

(3,480)

(3,480)

(3,480)

Short term borrowings

(3,308)

(1)

(1)

(1)

(1)

Long Term Liabilities

 

 

(279)

(390)

(506)

(506)

(20,506)

Long term borrowings

(6)

(78)

(18)

(18)

(20,018)

Other long term liabilities

(273)

(312)

(488)

(488)

(488)

Net Assets

 

 

(130)

8,022

10,524

4,282

(6,635)

CASH FLOW

Operating Cash Flow

 

 

(2,791)

(3,142)

(5,531)

(6,227)

(10,901)

Net Interest

0

0

0

0

0

Tax

0

0

0

0

0

Capex

(304)

(72)

(66)

(25)

(25)

Acquisitions/disposals

0

0

0

0

0

Financing

3,699

12,150

7,744

0

0

Dividends

0

0

0

0

0

Other

116

(296)

399

0

0

Net Cash Flow

719

8,640

2,546

(6,252)

(10,925)

Opening net debt/(cash)

 

 

(724)

(5)

(8,573)

(11,179)

(4,927)

HP finance leases initiated

0

0

0

0

0

Exchange rate movements

0

0

0

0

0

Other

(1438)

(71)

60

0

0

Closing net debt/(cash)

 

 

(5)

(8,573)

(11,179)

(4,927)

5,998

Source: Edison Investment Research, Quantum Genomics reports

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Quantum Genomics and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Quantum Genomics and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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Research: Investment Companies

ScotGems — Focused portfolio with initial Asia ex-Japan/EM tilt

ScotGems (SGEM) has commenced dealing on the London Stock Exchange today, having raised £50.3m via an initial placing and offer for subscription. A new global smaller companies investment trust, managed by Ashish Swarup and Tom Allen at Stewart Investors, SGEM will seek capital growth from a concentrated portfolio of 20-30 stocks with market capitalisations below $2.5bn, initially at least with a bias towards Asia-Pacific and emerging markets. Stewart Investors focuses on stewardship and seeks to invest in small-cap companies with strong franchises and balance sheets. The investment manager is known for closely managing capacity in its investment strategies, with many of its popular funds closed to new investment. A placing programme will allow SGEM to issue up to a further 49.7m shares at a premium to NAV, giving maximum total assets of c £100m at the IPO price.

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