Phillip Securities Research Re-Initiates Coverage on iX Biopharma with BUY and S$1.00 Target Price
iX Biopharma was featured in a research report by Phillip Securities Group, which reinitiated coverage with a BUY recommendation and a S$1.00 target price.
Titled “Year of the Unicorn”, the report highlights iX Biopharma’s US$41 million funding award from the US Department of Defense (“DoD”) to support the Phase 3 clinical development of Wafermine®, its ketamine-based sublingual wafer for pain management. Phillip Securities views the award as an important external validation of the Group’s proprietary WaferiX® drug delivery technology, while allowing iX Biopharma to retain full ownership and control of Wafermine®.
The research house also identified the potential Emergency Use Authorization (“EUA”) pathway as an important opportunity for Wafermine®, alongside its longer-term potential following full US FDA approval. Phillip Securities highlighted three potential pathways to monetisation: full commercialisation, out-licensing, or an outright sale of Wafermine®.
Beyond Wafermine®, the report also highlighted iX Biopharma’s expansion into the US compounding pharmacy market and the broader potential of its pipeline of pharmaceutical and nutraceutical products leveraging its proprietary sublingual drug-delivery platform.