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Aandeel ProQR Therapeutics NV OTC:PRQR.Q, NL0010872495

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Analisten , rapporten etc

100 Posts
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  1. [verwijderd] 6 september 2018 08:35
    Uit andere degelijke bron (geeft in 'Jip & Janneke taal' weer waar het over gaat)

    What happened:
    • ProQR released positive interim results from its Phase 1/2 trial of QR-110 for Leber congenital amaurosis type 10 (LCA10). While the trial was not powered for any statistical significance, QR-110 demonstrated a remarkable improvement in vision for the majority of subjects such that these results have prompted ProQR to announce its intent to start a Phase 2/3 pivotal trial in 1H19 despite only having results from 10 patients dosed at relatively low doses for 3 months.
    • The ongoing Phase 1/2 trial is a safety and proof of concept trial, with multiple exploratory efficacy outcomes. Though the minimum treatment period is 12 months, ProQR moved up the interim analysis to 3 months due to positive emerging data from just the first two dose cohorts. 62.5% (5 of 8) of patients showed improvement in best corrected visual acuity (BCVA) (improvement of greater than -0.3 LogMAR from baseline) and in the ability to navigate a customized mobility course. There was a meaningful improvement in full field stimulus test (FST) and nystagmus tracking (ocular instability; OCI).
    • At this point in the trial, QR-110 has proven to be safe and well-tolerated, with no serious adverse events (SAEs) related to the treatment or injection procedure. There were some mild local adverse events at the injection site, but there was no evidence of inflammation and no patients have discontinued treatment early.
    Our take:
    • BCVA as measured by logarithm of the minimum angle of resolution (logMAR) is the most important registrational endpoint for ophthalmic therapies, with the traditional clinically meaningful threshold being -0.3 logMAR (3 lines on an eye chart). At interim analysis, patients experienced an improvement of -0.67 logMAR in their treated eye versus 0.02 logMAR in their untreated eye. Though the sample size was small (n=8) and the trial was not powered for statistical significance, the improvement in mean logMAR was nevertheless statistically significant (p=0.011).
    • The data included results from 3 pediatric patients and 5 adults. There was a clear correlation between baseline visual acuity and likelihood to respond to therapy, and the two non-responders were adults that started with very low baseline visual acuity. ProQR has not confirmed what patient population will be used for the pivotal trial, but since younger patients are more likely to be significant responders, we expect to see this reflected in the enrollment of the Phase 2/3 trial.
    • ProQR’s drug candidates are unified by the fact that they are all RNA-based molecules that exert their effects on mutated mRNA such that a wild-type or at least functionally correct protein can be made from the corrected mRNA. ProQR’s drugs have either been shown clinically, or are expected, to have a highly favorable safety profile. ProQR circumvents the historical problem of RNA-based drugs being difficult to usefully give systemically by focusing solely on diseases that can be addressed with local drug administration. This is exemplified by ProQR’s focus on ophthalmic diseases that can be treated with injections directly into the eye, which delivers the drug to the target area and minimizes the chances for systemic toxicity. We believe that today’s results will further increase ProQR’s focus on its ophthalmic franchise.
  2. [verwijderd] 20 september 2018 09:59
    PROQR THERAPEUTICS N.V.
    PRQR | $21.60
    OUTPERFORM | TARGET PRICE: $35.00
    Initiating Coverage
    Josh Schimmer
    310-473-2942
    josh.schimmer@evercoreisi.com
    Maneka Mirchandaney
    212-497-0881
    maneka.mirchandaney@evercoreisi.com
    Shenstone Huang
    212-446-9436
    shenstone.huang@evercoreisi.com
    Amy Liu
    212-497-0825
    amy.liu@evercoreisi.com

    Initiating Coverage At Outperform With
    $35PT
    And At Last I See The Light
    We are initiating coverage on PRQR with an OP rating and $35 price
    target. The company's recent clinical data for QR-110 for treatment of
    LCA-10 (congenital cause of blindness) has transformed the outlook for
    the company. The striking results not only appear to establish proof of
    concept for the lead program, it also helps de-risk the company's broader
    platform.
    ¦ A whole new PRQR world: Some still associate PRQR with its
    initial mRNA targeting program for cystic fibrosis, which has failed to
    resonate with the investor community. But the company has steadily
    re-positioned its platform to focus on other topical indications such
    as ophthalmology and dermatology. With QR-110 off to the races
    and validating its strategy, we can turn our attention to the rest of its
    pipeline.
    ¦ Eye to eye: Clinical data for QR-110 far surpassed our
    expectations with a number of LCA-10 patients experiencing dramatic
    improvements in vision. Given ONCE's Luxturna's ability to navigate
    development/regulatory hurdles to reach commercialization for LCARPE65,
    we believe the trail has been blazed for QR-110 to advance
    rapidly to market. The price of '110 will depend on whether or not the
    rest of the pipeline bears fruit, so we believe peak (2024) sales could
    range from $150-$225M. As such, this program alone could justify
    upside to the current valuation (assuming 4-5x peak revenue).
    ¦ More to potentially come: QR-110 validated mRNA targeting
    therapeutics for retina diseases, and so did Vitravene back in the
    day for CMV retinitis. Other RNAi/ASO companies have pursued
    target organs like liver and CNS, leaving PRQR a niche in eye
    and skin, where local delivery obviates need for systemic exposure/
    risks. Watch for clinical results from QR-313 (Exon 73 skipper) for
    Dystrophic Epidermolysis Bullosa in 2H18 (a potential $100M+ oppy)
    and QR-421a (Exon 13 skipper) for Usher Syndrome in mid-2019
    (potential $400M+ oppy).
    ¦ So much more than a dream: We are in the midst of a wave of
    DNA/mRNA targeting therapies. One of the most exciting aspects of
    these is their modularity. Once proof of concept in a target organ is
    established for one genetic disease, the targeting sequence can be
    swapped out to address another disease while keeping everything
    else the same. Initial success with QR-110 bodes extremely well
    for the rest of PRQR's locally administered pipeline-- both disclosed
    programs as well as undisclosed ones in even earlier pre-clinical
    stages.
    ¦ Key risks: Traditional development, regulatory, commercial (inc
    pricing) and competitive (from other platforms/companies inc EDIT
    and WVE) risks for an emerging platform in the gene targeting field
    apply to PRQR's portfolio.

    zie verder!: evercore.na.bdvision.ipreo.com/NSight...
  3. [verwijderd] 14 november 2018 12:00
    cantor2.bluematrix.com/sellside/Email...

    (hier is 2e oogprogramma mee in opgenomen)

    ProQR Therapeutics N.V. (PRQR- $18.51)
    Rating: Overweight
    Price Target: $40.00
    Usher-ing in upside with data in Usher Syndrome in 2019; Initiate at Overweight, $40 PT
    REV
    1Q
    2Q
    3Q
    4Q
    2017A
    0.0A
    0.0A
    0.0A
    1.0A
    2018E
    0.0A
    1.0A
    3.0A
    0.0E
    2019E
    0.0E
    0.0E
    0.0E
    0.0E
    EPS
    1Q
    2Q
    3Q
    4Q
    2017A
    (0.45)A
    (0.47)A
    (0.42)A
    (0.39)A
    2018E
    (0.34)A
    (0.23)A
    (0.18)A
    (0.24)E
    2019E
    (0.25)E
    (0.27)E
    (0.28)E
    (0.29)E
    FY
    2017A
    2018E
    2019E
    REV
    1.0A
    4.4E
    0.0E
    EPS
    (1.72)A
    (0.96)E
    (1.09)E
    REV?in?€M;?EPS?in?€/sh
    Investment Summary. Initiating at OW and $40 12-month PT.
    ProQR is
    a European RNA-based platform technology company focused on developing
    therapeutics for inherited blindness. Although shares are up close to 500% YTD (vs.
    XBI down 9%) after positive proof of concept in first ophthalmology drug QR-110,
    we think this could be just the beginning of a major turning point for the company’s
    platform. In September, ProQR established the first proof of concept for its RNA
    platform in inherited ophthalmology with lead asset QR-110. We think QR-110 could
    be just the tip of the iceberg in terms of PRQR’s platform potential in inherited forms
    of blindness. In this report, we are focused on the company’s next clinical program in
    Usher’s Syndrome which represents a larger opportunity than QR-110 (we estimate
    $1.1B peak vs. $300M peak) and is guided to have clinical data in 2019.
    n
    We think LCA10 data provided not only positive data but also gives us
    increased confidence in platform capability and the next drug in clinic,
    QR-421a.
    Lead asset, QR-110, is targeting an ultra-rare genetic eye disease
    called Leber’s congenital amaurosis type-10 (LCA10). We believe that QR-110's
    proof-of-concept study provided compelling evidence of efficacy and we
    estimate peak sales of $300M. Almost as important as the compelling LCA10
    data, we think that this proof-of-concept data gave us reason to believe that
    Usher’s Syndrome and other ophthalmology indications may be successful using
    this platform technology. Key reasons we discuss in this report: 1) same delivery,
    chemistry, safety and PK/PD profile as QR-110, 2) both programs target proteins
    in the cilia in the retina, 3) USH2A patients have more retinal cells intact than
    LCA10 patients.
    n
    USH2A clinical data in '19 could be a major value driver. We think it
    is underappreciated by investors making risk/reward attractive into the
    readout:
    Shares could trade +150-225% (to ~$47-$62) vs. -30-60% ($8-$13/sh).
    Mutations in the USH2A gene lead to blindness due to lack of a protein called
    usherin. QR-421a is an exon skipping approach that could lead to increased
    truncated usherin. QR-421a is moving into patients by early '19 and we expect
    initial data in mid to 2H2019. If QR-421a is successful, we think it could sell
    $1.1B+ at peak which is a nearly a ~4x larger opportunity than QR-110 ($300M).
    n
    Inherited ophthalmology diseases where PRQR’s platform is focused
    represent a very large opportunity.
    We estimate $4.5B+ in peak unadjusted
    sales across PRQR’s disclosed clinical and preclinical targets. ProQR will have
    two programs in clinical development by early '19 and is guiding for more to
    enter the clinic over the next 12-18 months. At ~$750M in cap, we think current
    levels give credit for the LCA10 opportunity, but not the platform’s potential
    including QR-421a which is guided to have proof of concept data in 2019.
    Current Statistics
    Market Cap ($Mil)
    $714
    Avg. Daily Trading Volume (3 mo.) :
    482,576
    Shares Out (Mil) :
    38.5
    52 Wk. Range
    $24.00 - $2.75
    The Disclosure Section may be found on pages 96 - 99.
  4. [verwijderd] 15 november 2018 19:44
    See Appendix A-1 for Analyst Certification, Important Disclosures and non-US research analyst disclosures.
    Citi Research is a division of Citigroup Global Markets Inc. (the "Firm"), which does and seeks to do business with companies covered in its research reports. As a
    result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only
    a single factor in making their investment decision. Certain products (not inconsistent with the author's published research) are available only on Citi's portals.
    15 Nov 2018 00:05:00 ET
    ¦
    49 pages
    Biotechnology
    North America
    ¦
    United States
    ProQR Therapeutics (PRQR)
    RNA Therapeutics Platform for Rare Disease; Init w/ Buy, TP $32
    ?
    Initiating coverage of ProQR with Buy/High Risk, $32 TP.
    ProQR is developing
    RNA-based therapeutics for severe rare diseases lacking approved therapies, with
    a focus on ophthalmologic disorders.
    ?
    Lead program for Leber Congenital Amaurosis 10 (LCA10), a severe eye
    disease leading to childhood blindness with ~2,000 addressable pts (p.C998X
    mutation) in US/EU, has achieved proof-of-concept.
    There are no available
    therapies for LCA10 and ~1/3 of children have no light perception. ProQR’s drug
    QR-110 is an intraocular injection that works by correcting a mutation (extra RNA
    splice site) in the CEP290 gene in a component of our retinas (photoreceptors)
    critical to vision. ~85% of LCA10 pts have the mutation QR-110 targets. Recent
    interim Ph1/2 data (Sept. ‘18) have demonstrated very good proof-of-concept in
    restoring vision to patients who entered the trial with only light perception (stock up
    ~130% on this). We think the QR-110 data reflected a degree of visual benefit
    arguably better than what Spark’s Luxturna showed in the related disease LCA2.
    ProQR will start a Ph2/3 in 1H19 with data 2H20. We assume a ~50% prob. of
    success (PoS) with peak WW risk-adj. revs of ~$240M. The key competitor is
    Editas’ gene-editing drug EDIT-101 (IND filed last month).
    ?
    Next in the pipeline is Usher Syndrome Type 2A, another disease of blindness
    with ~14K addressable pts (exon 13 mutations) in US/EU, also with no
    approved therapies.
    ProQR’s drug QR-421a is another intra-ocular injection
    targeting defective photoreceptors. QR-421a works by forcing cells to skip the
    defect (exon 13) in the USH2A gene that causes the disease. A Ph1/2 trial is
    expected to start by 4Q18/1Q19 with initial data mid-19. Ahead of the data, we
    believe that achieving proof-of-concept using a similar delivery approach for LCA10
    provides some risk-mitigation. We assume a ~20% PoS with peak WW risk-adj.
    revs of ~$550M.
    ?
    Recently acquired QR-1123 (in-licensed WW rights from Ionis) for autosomal
    dominant Retinitis Pigmentosa (adRP) with ~6k US/EU addressable pts (P23H
    mutation).
    RP typically leads to blindness by middle age, and there are no
    approved therapies. A Ph1/2 is starting 2019. We assume ~15% PoS with risk-
    adjusted revs of ~$185M.

    ProQR Investment Thesis
    We rate PRQR Buy/High Risk with a $32 target price.
    ProQR is a Leiden, Netherlands based clinical staged biotechnology company
    focused on developing novel RNA therapeutics for rare diseases. ProQR expects to
    advance its lead clinical candidate, QR-110 for Leber Congenital Amaurosis 10
    (LCA10), into a Ph2/3 (IILUMINATE) trial in 1H19. Recently reported (September
    2018) topline Ph1/2 data for QR-110 in LCA10 demonstrated very good proof-of-
    concept for vision restoration in a small number of patients. The company expects
    to advance their second clinical ophthalmology asset QR-421a for Usher Syndrome
    Type 2A (USH2A) into a Ph1/2 (STELLAR) trial by 4Q18/1Q19. In October 2018,
    ProQR, in-licensed worldwide rights to QR-1123 (from Ionis Pharmaceuticals) for
    autosomal dominant retinitis pigmentosa (adRP), which is expected to enter a Ph1/2
    clinical trial in 2019. ProQR's dermatologic clinical asset, QR-313 for Dystrophic
    Epidermolysis Bullosa (DEB), is currently enrolling pts in a Ph1/2 (WINGS) trial with
    topline data expected in 4Q18/1Q19.
    Key Aspects of Our Thesis
    ?
    Solid rationale for targeting rare ophthalmologic and skin diseases with no
    approved therapies
    – LCA10 (a severe eye disease leading to childhood
    blindness), USH2A (leading cause of combined deafness and blindness), RP
    (leading to blindness in middle age), and DEB (severe blistering from birth) are
    diseases with very high unmet needs and no approved therapies. Importantly,
    the ophthalmological indications are not crowded (although Editas is developing
    an intravitreal gene editing therapies for LCA10 and USH2A). DEB is more
    crowded market with several different approaches being taken, but notably none
    have been successful thus far.
    ?
    Good proof-of-concept established in LCA10
    – In September 2018, ProQR
    presented interim data from their Ph1/2 trial. QR-110 treatment resulted in
    clinically meaningful improvements in two clinical endpoints at three months: best
    corrected visual acuity (BCVA) and a mobility test. Both of these endpoints could
    be used as primary endpoints in the pivotal Ph2/3 (ILLUMINATE) trial for LCA10
    which ProQR plans on initiating in 1H19, although the trial design has not yet
    been finalized.
    ?
    ProQR has three additional assets in the clinic or entering the clinic within
    the next year
    – A Ph1/2 (WINGS) trial for QR-313 in DEB is currently enrolling
    patients, with initial data expected in 4Q18/1Q19. A Ph1/2 (STELLAR) trial for
    QR-421a in USH2A is expected to initiate in 4Q18/1Q19. A Ph1/2 for QR-1123 in
    adRP is expected to initiate in 2019.
  5. [verwijderd] 15 november 2018 19:46
    RNA Therapeutics – A Novel Class of Drugs
    Designed to Function At The RNA Level

    The central dogma of molecular biology states that the flow of genetic information
    begins with DNA, is transcribed into RNA, and is ultimately translated into proteins
    that carry out most cellular functions. This provides multiple different points upon
    which therapeutics could impinge, although to date development efforts have largely
    focused on drugs designed to function at the protein level. However, recent
    advances have allowed drug development to shift towards targeting DNA via gene
    therapy/editing and RNA via splice correction, exon skipping, and mRNA
    degradation (
    Figure 3).
    ProQR is developing RNA therapies that function by modulating endogenous pre-
    mRNA transcripts that carry a pathogenic mutation. The therapies are designed to
    correct extra splice sites introduced by mutations (i.e. splice correction;
    Figure 4) or
    to remove entire exons that harbor pathogenic mutations (i.e. exon skipping;
    Figure
    5). Through these mechanisms, ProQR's therapies are designed to produce a
    corrected mRNA transcript that can be translated into an operational (although
    smaller in the case of exon skipping) protein that is able to function normally. In
    contrast, other types of antisense oligonucleotides and RNAi function by mediating
    mRNA degradation through the recruitment of endogenous protein machinery
    (RNase H and RISC, respectively).
    ProQR's RNA therapies are also differentiated from mRNA therapies, which
    function by delivering an exogenous
    in vitro
    transcribed mRNA into target cells,
    rather than corrected the mutated endogenous pre-mRNA.
    ProQR's lead clinical candidate, QR-110, is designed to function through a splice
    correction mechanism for patients with LCA10 that harbor the Cys998X mutation
    (
    Figure 4). The Cys998X mutation results in an aberrant (i.e. extra) splice site prior
    to exon 27 in the
    CEP290
    gene, which results in the inclusion of a pseudo-exon in
    the
    CEP290
    mRNA. Unfortunately, the pseudo-exon carries a stop codon, which
    results in the premature truncation and loss-of-function of the CEP290 protein.
    Treatment with QR-110 is able to block the aberrant splice site, which results in the
    correct removal of the pseudo-exon and allows the translation of a full-length,
    function CEP290 protein.
    ProQR's QR-421a and QR-313, both antisense oligonucleotides, are designed to
    function through an exon skipping mechanism for patients with USH2A who harbor
    a mutation in exon 13 in the
    USH2A
    gene and patients with DEB that harbor a
    mutation in exon 73 of the
    COL7A1
    gene, respectively (
    Figure 5). Both drugs block
    splicing factors, which results in the removal of the exon carrying the pathogenic
    mutations.
    ProQR’s QR-1123, licensed from Ionis Pharmaceuticals, is a gapmer (a type of
    oligonucleotide) with an allele–specific knockdown mechanism. This means that
    QR-1123 specifically knocks-down the mutant allele (in this case a P23H mutation
    in the
    RHO
    gene causing adRP) while sparing the wild-type allele.
    ProQR has also developed an RNA editing platform called Axiomer. The technology
    functions by having a specially designed RNA editing oligonucleotide bind to a
    target RNA, which then recruits a protein called ADAR (adenosine deaminase
    acting on RNA). ADAR then facilitates an A-to-G conversion at the target location.
    Given that there are more than ~20,000 disease caused by G-to-A mutations, this
    platform has the potential to become a useful therapeutic approach. While none of
    ProQR's lead assets were developed utilizing the Axiomer platform, ProQR has
    partnered with Galapagos to work on targets in fibrosis using this technology.
  6. [verwijderd] 15 november 2018 19:50
    RNA Therapeutics Have Several Benefits
    Over Gene Therapy

    Genetic diseases caused by mutations in a single gene that result in loss-of-function
    recessive phenotypes (such as LCA10, recessive DEB, and USH2A), are often
    good candidates for gene therapy. However, an RNA therapy approach provides
    several benefits over gene therapy, including:
    1.
    Not limited by the size of the gene being targeted –
    Gene therapy is
    currently limited by the size of the gene product that can be delivered.
    For
    example, some genes (such as CEP290, which harbors mutations that cause
    LCA10) are too large to be enclosed within currently used viral vectors. In
    contrast, RNA therapy does not require the delivery of an exogenous genomic
    sequence, and therefore is into limited by the size of the target mRNA.
    2.
    Unlikely to result in target protein overexpression –
    RNA therapies function
    by repairing endogenously expressed RNA transcripts. Even if the therapy
    were 100% efficient, it is unlikely to result in target protein expression greater
    than physiological levels. On the other hand, gene therapy introduces an
    exogenous DNA sequence which runs the risk of inducing target protein
    expression at levels higher than normal. This risk becomes especially important
    when considering proteins associated with cellular toxicity when
    overexpressed.
    3.
    Lower risk of permanent off-target effects –
    RNA therapies require patients
    to be dosed repeatedly in order to maintain a therapeutic benefit. Therefore,
    RNA treatment can be halted if complications arise, which could potentially
    allow for a reversal of adverse effects. In contrast, the goal of gene therapy is a
    permanent genetic change after a single administration, which carries the
    potential for not only harmful on-target effects, but also potentially serious off-
    target effects that cannot be reversed.

    Leber Congenital Amaurosis
    Leber Congenital Amaurosis (LCA) is a genetic disease characterized by
    progressive vision loss typically beginning early in life. Vision loss is mediated by a
    disruption of a process called phototransduction, which occurs in specialized retinal
    cells called photoreceptors. For most types of LCA, both types of photoreceptors,
    rods (responsible for low-light & black-and-white vision) and cones (responsible for
    color perception) are affected, which results in progressive blindness. The
    prevalence of LCA is estimated to be about 1 in 60,000 worldwide.
    Leber Congenital Amaurosis 10
    There are at least 16 different subtypes of LCA. One of the most common is LCA10,
    which is caused by autosomal recessive loss-of-function mutations in the
    CEP290
    gene. This protein plays a role in cilium function (cilia are cellular organelles that
    protrude outside of the cell and play an important role interacting with the
    extracellular environment), which is particularly important for photoreceptor cell
    function. LCA10 is considered one of the more severe forms of LCA and is
    generally characterized by preserved cone vision and severely impaired rod vision
    (although both types of photoreceptor cells are affected at later stages of the
    disease). This subtype is estimated to affect about 15-20% of LCA patients (
    Figure
    6).

    Diagnosis and Management of LCA10
    LCA10 diagnosis can typically be made on clinical examination: patients first
    present by failing a vision screening test at an early age, with additional symptoms
    such as eye rubbing and involuntary eye movements providing diagnostic clues.
    While an LCA10 diagnosis is confirmable through genetic testing, not all patients
    are provided this option given the lack of disease modifying therapies available for treatment. In other words, there has historically been no benefit for clinicians or
    insurance companies knowing a patient's specific genotype. Importantly, there has
    been a recent push for LCA genotyping since the approval of Luxturna (gene
    therapy; Spark Therapeutics) for LCA2, as well as the increased interest in
    development of therapies for other LCA subtypes, such as QR-110 (ProQR's lead
    clinical candidate) and EDIT-101 (gene therapy in preclinical development; Editas)
    for LCA10.
    Currently, there are no approved therapies for LCA10. Most patients receive only
    supportive care, which is primarily focused on visual aids such as glasses and
    magnifying glasses. Unfortunately, many of these patients are unable to work and
    maintain careers given their profound loss of vision.
    QR-110 Is Being Developed for Most Common
    LCA10 Mutation
    ProQR is developing their lead therapeutic, QR-110, for the treatment of LCA10.
    QR-110 is designed to target a specific mutation in
    CEP290
    : p.Cys998X (meaning
    the insertion of a premature stop codon at position 998). This mutation results from
    the genetic change c.2991+1655A>G (meaning that an A was changed to a G at
    1655bp from the 5

    end of the intron immediately downstream of the
    CEP290
    exon
    ending at position 2991). This genetic change creates a novel cryptic splice site

    a
    splice site which is not normally present

    that gives rise to a truncated protein that
    is not functional. While minimal amounts of wild-type protein (i.e. functional) are still
    occasionally produced in some patients, it is often not sufficient to compensate for
    the loss-of-function resulting from the truncated protein. QR-110 is designed to
    "mask" this cryptic splice site, thereby preventing truncation of the CEP290 protein
    and shifting the ratio of mutant to wild-type transcript in favor of the wild-type
    transcript. Although there have been a number of other CEP290 mutations that
    have been implicated in LCA10, Cys998X is the most common.
    ~2,000 LCA10 Patients Could Benefit from QR-
    110
    QR-110 is designed to only treat LCA10 patients carrying a p.Cys998X mutation.
    The p.Cys998X mutation is relatively common with about 85% of LCA10 patients
    carrying at least one allele (~10-20% of these patients are homozygotes and
    =
    75%
    are heterozygotes). We estimate the addressable market for QR-110 is about 2,000
    LCA10 Cys998X patients in the Western World (US and EU).
    Preclinical Data Demonstrates QR-110 Can
    Modulate CEP290 Cys998X Mutations
    ProQR has shown that QR-110 corrects disease-causing RNA in patient cells
    in-
    vitro
    , resulting in increased CEP290 protein levels and improvements in cilia
    function.
    In-vivo
    , the company has shown that QR-110 makes it to the outer nuclear
    layer which houses the photoreceptor cells underlying LCA10 pathophysiology.
    QR-110
    In-Vitro
    Proof-of-Concept Demonstrates Molecular
    Mechanism Is Working
    In patient-derived fibroblasts, ProQR has shown that treatment with QR-110 (25
    µM)
    is sufficient to correct
    CEP290
    transcripts and increase CEP290 protein levels
  7. [verwijderd] 15 november 2018 19:52
    This provides evidence that the QR-110 is working as
    expected and is converting mutant transcripts into wild-type (i.e. functional)
    transcripts. However, this model has its limitations given that fibroblast cells, even
    though they carry disease-causing patient mutations, are not directly linked to
    LCA10 disease progression
    ProQR has used an optic cup model in which patient-derived fibroblasts are
    reprogrammed to iPS cells, which are then differentiated to retinal pigmented
    epithelium cells and neural retinal cells. This organoid model is highly relevant since
    it contains not only patient-derived mutations, but also utilizes cells resembling
    those involved in LCA10. Using this model, ProQR has demonstrated that treatment
    with QR-110 (10
    µM)
    is sufficient to significantly increase CEP290 wild-type
    transcript levels and decrease CEP290 mutant transcript levels (
    Figure 7, right
    panel). Furthermore, there an improvement in cilium function was observed, as
    indicated by an increase in the percentage of ciliated cells and the length of cilia,
    which suggests the drug is exerting an on-target effect.

    etc. etc. het is een wat te lijvig rapport om helemaal hier neer te zetten..zal kijken of ik iets van highlights tegenkom.
  8. [verwijderd] 15 november 2018 20:00
    Prevalence of Patients Who Might Benefit from
    QR-313
    The subset of DEB patients who have mutations in exon 73 is about 15%. We
    calculate an addressable patient population of about 400 patients in the Western
    World.
    QR-313 Preclinical Data Is Positive
    In patient-derived fibroblasts, ProQR has shown that treatment with QR-313 (100
    µM)
    is sufficient to increase COL7A1 protein levels (
    Figure 16, left panel). These
    cells carry disease-causing patient mutations making them a relevant model. This
    work is an important proof-of-concept demonstrating that QR-313 is having the
    desired molecular effect.
    QR-313 is formulated as a topical cream which will be applied to patient skin
    wounds. ProQR has demonstrated that QR-313 reaches the relevant cells of the
    epidermis and dermis in a minipig wounded skin model (
    Figure 16, right panel). In
    contrast, QR-313 does not penetrate intact skin.

    Upcoming Milestones for QR-313
    The upcoming milestones for QR-313 in DEB with mutations in exon 73 are:
    1)
    interim data from Phase 1/2 (WINGS; NCT03605069) in 4Q18/1Q19 and
    2)
    complete readout of the trial in 2019.
    Competition in DEB
    A number of different companies are working on DEB, taking approaches such as
    topical peptides, gene therapy, and autologous cell therapy combined with gene
    therapy. In 2017, Amicus Therapeutics stopped development of SD-101, an anti-
    inflammatory for EB, when it failed to meet primary and secondary endpoints in a
    Ph3 trial.

    Probability of Success
    We model QR-110 with a 50% probability of success (PoS), QR-421a with a 20%
    PoS, QR-1123 with a 15% PoS, and QR-313 with a 15% PoS. We assign a 50%
    PoS for QR-110 given the recent positive Ph1/2 proof-of-concept data. We assign a
    slightly higher PoS for QR-421a in USH2A based on the positive read-through from
    clinical data in LCA10. A recent publication that analyzed over 400K clinical trials
    found the probability of a Ph1 asset gaining regulatory approval was 13.8%.
    1
    Based
    on this we assign a 15% PoS for QR-313 and QR-1123.
    Our bull case assumes an 80% PoS for QR-110 in LCA10, a 30% PoS for QR-421a
    in USH2A, and a 25% PoS for QR-313 in DEB. Our bear case assumes ProQR
    trades at cash.
    Assumptions for QR-110 in LCA10
    We assume QR-110 will be approved for use in LCA10. We estimate a peak
    addressable population of 900/1,300 in the US/EU in 2032. We assume a peak
    market share of 60%/50% in 2032, which implies a peak population of LCA10
    patients treated with QR-110 of 460/540 in the US/EU.

    etc. etc. uiteraard met bijbehorende disclaimers, grafieken, cijfers, modellen, foto´s etc.
  9. [verwijderd] 1 oktober 2019 16:34
    ProQR Therapeutics Enters Oversold Territory
    Zacks
    Zacks Equity Research
    ,Zacks•October 1, 2019

    ProQR Therapeutics Enters Oversold Territory
    More
    ProQR Therapeutics N.V. PRQR has been on a bit of a cold streak lately, but there might be light at the end of the tunnel for this overlooked stock. And for technical investors there is some hope when looking at PRQR given that, according to its RSI reading of 22.62, it is now in oversold territory.

    What is RSI?

    RSI stands for ‘Relative Strength Index’ and it is a popular indicator used by technically focused investors. It compares the average of gains in days that closed up to the average of losses in days that closed down; readings above 70 suggest an asset is overbought, while an RSI below 30 suggests undervalued conditions are present.

    Other Factors

    Yet, PRQR’s low RSI value isn’t the only reason to have some optimism over a coming turnaround, as there has been plenty of positive earnings estimate revision activity as of late. This is especially true when investors take a deep dive into some of these estimate revision stats and recent changes to ProQR Therapeutics’ earnings consensus.

    Over the past two months, investors have seen 2 earnings estimate revision move higher, compared with none lower, at least when looking at the key current year time frame. And the consensus estimate for PRQR has also been on an upward trend over the past 60 days, as estimates have risen 9.7% over the last two months.

    If this wasn’t enough, ProQR Therapeutics also has a Zacks Rank #1 (Strong Buy) which puts it into rare company among its peers. So, given all of these factors, investors may want to consider getting in on this stock now (or holding on), as there are some favorable trends that could bubble up for this stock before long. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

    Free: Zacks’ Single Best Stock Set to Double

    Today you are invited to download our just-released Special Report that reveals 5 stocks with the most potential to gain +100% or more in 2020. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.

    This pioneering tech ticker had soared to all-time highs and then subsided to a price that is irresistible. Now a pending acquisition could super-charge the company’s drive past competitors in the development of true Artificial Intelligence. The earlier you get in to this stock, the greater your potential gain.

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    ProQR Therapeutics N.V. (PRQR) : Free Stock Analysis Report

    finance.yahoo.com/news/proqr-present-...
  10. [verwijderd] 6 november 2019 13:43
    ProQR Announces Recent Progress and Financial Results for the Third Quarter of 2019

    • Encouraging clinical data reported from Phase 1/2 trial of sepofarsen for LCA10
    • Initial clinical data from Phase 1/2 trial of QR-421a for Usher syndrome type 2 on track for Q1 2020
    • QR-1123 Investigational New Drug application active for autosomal dominant retinitis pigmentosa
    • €49.3 million net proceeds from public offering extends cash runway into 2022
    LEIDEN, Netherlands & CAMBRIDGE, Mass., Nov. 06, 2019 (GLOBE NEWSWIRE) -- ProQR Therapeutics N.V. (Nasdaq: PRQR) (the “Company”), a company dedicated to changing lives through the creation of transformative RNA medicines for severe genetic rare diseases, today announced results for the third quarter of 2019.
    “During the third quarter we made great progress towards our mission to bring novel RNA therapies to patients and we recently strengthened our capital position,” said Daniel A. de Boer, chief executive officer of ProQR. “In October we announced that LCA10 patients experienced a significant improvement in vision after treatment with sepofarsen in a Phase 1/2 trial. These results strengthen our confidence in the design of the ongoing pivotal Illuminate Phase 2/3 trial and our broader inherited retinal diseases pipeline. The Phase 1/2 trial of QR-421a in Usher syndrome is on track to deliver first clinical data in Q1 2020 and we are about to dose a first patient in a Phase 1/2 trial of QR-1123 for adRP. We strengthened our financial position with a public offering in October that will allow us to fund operations into 2022, well beyond the expected top-line readout of Illuminate.”
    Corporate Highlights and Business Update
    Sepofarsen (QR-110) for Leber’s congenital amaurosis 10 (LCA10)
    • Presented positive top-line results from the Phase 1/2 clinical trial. In the trial, sepofarsen was observed to be well tolerated with rapid, significant and durable improvements in vision observed at month twelve. The target registration dose for the ongoing Phase 2/3 Illuminate trial showed a favorable benefit/risk profile in the Phase 1/2 trial.
    • The top-line results from the Phase 1/2 trial support confidence in the design of the ongoing Phase 2/3 Illuminate trial that could be the sole registration trial for the program. Top-line data from Illuminate are expected during the first half of 2021.
    • Received Rare Pediatric Disease designation from the Food and Drug Administration (FDA) for the treatment of LCA10.
    QR-421a for Usher syndrome type 2
    • The Phase 1/2 Stellar trial of QR-421a in patients with Usher syndrome type 2 is ongoing and on track to deliver interim data during the first quarter of 2020.
    QR-1123 for autosomal dominant retinitis pigmentosa (adRP)
    • The FDA cleared the Investigational New Drug (IND) application to start a first-in-human clinical trial in patients with adRP. ProQR plans to start enrolling patients in the Phase 1/2 Aurora trial in 2019.
    • Received Fast Track designation from the FDA.
    Business Updates
    • Closed an underwritten public offering of 9,090,909 ordinary shares on October 18, 2019 at a price of $5.50 per share with full exercise of underwriters’ option to purchase 1,363,636 additional ordinary shares. Net proceeds totaled approximately €49.3 million. With the addition of this capital ProQR’s operations are funded into 2022.
  11. [verwijderd] 6 november 2019 13:44
    Financial Highlights
    At September 30, 2019, prior to the offering on October 18th, ProQR held cash and cash equivalents of €74.8 million, compared to €105.6 million at December 31, 2018. The cash balance at September 30, 2019 excludes the net proceeds of €49.3 million from the underwritten offering of ordinary shares in October 2019. Net cash used in operating activities during the three-month period ended September 30, 2019 was €8.8 million, compared to €4.3 million for the same period last year.
    Research and development costs increased to €11.1 million for the quarter ended September 30, 2019 compared to €6.3 million for the same period last year due to increased clinical trial activity.
    General and administrative costs increased to €2.9 million for the quarter ended September 30, 2019 compared to €2.6 million for the same period last year.
    Net loss for the three-month period ended September 30, 2019 was €12.2 million or €0.31 per share, compared to a €6.0 million loss or €0.18 per share for the same period last year.
    In October 2019 the Company sold an aggregate of 10.5 million ordinary shares, with net proceeds to the Company of €49.3 million.
    For further financial information for the period ended September 30, 2019, please refer to the financial statements appearing at the end of this release.
    About Sepofarsen
    Sepofarsen (QR-110) is a first-in-class investigational RNA-based oligonucleotide designed to address the underlying cause of Leber’s congenital amaurosis 10 due to the p.Cys998X mutation (also known as the c.2991+1655A>G mutation) in the CEP290 gene. The p.Cys998X mutation leads to aberrant splicing of the mRNA and non-functional CEP290 protein. Sepofarsen is designed to enable normal splicing, resulting in restoration of normal (wild type) CEP290 mRNA and subsequent production of functional CEP290 protein. Sepofarsen is intended to be administered through intravitreal injections in the eye and has been granted orphan drug designation in the United States and the European Union and received fast-track designation and rare pediatric disease designation from the FDA as well as access to the PRIME scheme by the EMA.
    About QR-421a
    QR-421a is a first-in-class investigational RNA-based oligonucleotide designed to address the underlying cause of vision loss in Usher syndrome type 2 and non-syndromic retinitis pigmentosa (RP) due to mutations in exon 13 of the USH2A gene. QR-421a is designed to restore functional Usherin protein by using an exon skipping approach with the aim to stop or reverse vision loss in patients. QR-421a is intended to be administered through intravitreal injections in the eye and has been granted orphan drug designation in the United States and the European Union and received fast-track designation from the FDA.
    About QR-1123
    QR-1123 is a first-in-class investigational RNA-based oligonucleotide that was discovered and developed by Ionis Pharmaceuticals using Ionis’ proprietary antisense technology for the treatment of adRP due to the P23H mutation in the RHO gene. The therapy aims to inhibit the formation of the mutated toxic version of the rhodopsin protein by specifically binding the mutated RHO mRNA. Binding of QR-1123 causes allele specific knockdown of the mutant mRNA by a mechanism called RNase H mediated cleavage without affecting the normal RHO mRNA. QR-1123 is intended to be administered through intravitreal injections in the eye and received IND clearance in August 2019.
    About ProQR
    ProQR Therapeutics is dedicated to changing lives through the creation of transformative RNA medicines for the treatment of severe genetic rare diseases such as Leber’s congenital amaurosis 10, Usher syndrome and autosomal dominant retinitis pigmentosa. Based on our unique proprietary RNA repair platform technologies we are growing our pipeline with patients and loved ones in mind.
    *Since 2012*
    FORWARD-LOOKING STATEMENTS
    This press release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as "anticipate," "believe," "could," "estimate," "expect," "goal," "intend," "look forward to", "may," "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions. Such forward-looking statements include, but are not limited to, statements regarding sepofarsen (QR-110) and the clinical development and the therapeutic potential thereof, statements regarding our pipeline of programs targeting inherited retinal dystrophies, statements regarding QR-421a, and the clinical development and the therapeutic potential thereof, statements regarding QR-1123 and the clinical development and therapeutic potential thereof, and our financial position and cash runway. Forward-looking statements are based on management's beliefs and assumptions and on information available to management only as of the date of this press release. Our actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including, without limitation, the risks, uncertainties and other factors in our filings made with the Securities and Exchange Commission, including certain sections of our annual report filed on Form 20-F. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements, and we assume no obligation to update these forward-looking statements, even if new information becomes available in the future, except as required by law.
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