Medicus Pharma (TSX-V:MDCX), a healthcare-focused holding company, is making strides in the clinical trial stage by acquiring or partnering with life-science firms, analysts at Zacks Research believe.
In a note initiating coverage of the healthcare stock, Zacks analysts noted that the company's first acquisition, SkinJect, offers a patented transdermal patch for basal cell carcinoma (BCC) treatment.
Analysts are keeping an eye on a Phase II clinical trial protocol, proposing a sample size of up to 60 patients, which was recently submitted to the US FDA.
SkinJect, now a wholly-owned subsidiary, boasts a microneedle array patch infused with doxorubicin for BCC treatment. Management anticipates patient recruitment to commence in the first quarter of 2024 upon FDA protocol approval.
Medicus Pharma (TSX-V:MDCX), listed on the TSX Venture Exchange in October 2023, sees its SkinJect patch as a competitive alternative for non-complex nodular BCC treatment, offering potential cost savings compared to Mohs surgery, a specialized and precise skin cancer treatment technique that involves layer-by-layer removal of tissue, immediate microscopic examination, and mapping to ensure minimal damage to healthy tissue and high cure rates.
With a forecasted acceptance rate, Zacks estimates that the company's discounted cash flow model indicates an indicated value of C$6.04 per share.
Shares of Medicus were trading around C$2 in Toronto on Tuesday.