Nanobiotix's (EPA:NANO) successful €28.1mln capital raise in March should mean it can deliver on its new strategy for lead product NBTXR3.
So says research house Edison following the cancer treatment pioneer's posting of first quarter revenue on Monday.
The firm is developing a more potent and targeted form of radiotherapy and NBTXR3, based on NanoXray, is now under clinical development for soft tissue sarcoma and locally advanced head and neck cancer.
Nanobiotix recently refined its strategy to realise value from NBTXR3 with plans to conduct a pivotal STS (soft tissue sarcoma) trial, notes Edison.
"This could start by year end 2014, potentially allowing for first approval (CE mark as a medical device) in 2016 and first self-pay sales in late 2016."
Other key catalysts are the presentation of data from the ongoing pilot STS trial will be presented at the ASCO (American Society of Clinical Oncology) Chicago meeting in June.
"During 2014 we also expect partner PharmaEngine to start clinical development in Asia, we could get initial data from the ongoing pilot head and neck cancer trial, the pivotal STS trial could start, and Nanobiotix could secure a partner for NBTXR3 in the US, although we have limited visibility on the latter," says Edison.
Revenue for the first quarter was €45,343 (Q1, 2013: €46,481). The capital raise in the quarter was completed on March 20 and saw prefential subscription rights of three new shares for every 14 held at €10.60 a share.