PROMO

Promore Pharma

Market Cap 280.3M

Promore Pharma (Promore, the Company) is a rarity in the Nordic Life Science sector: a biotech company with two first-in-category late-stage clinical programs. The company is an old player in a new uniform, having started as a collection of projects under Karolinska Development’s umbrella but transcended into a separate company and IPO’d in July 2017 on Nasdaq First North. Promore focuses on the development of peptide drugs and have sifted through its collection of programs and chosen PXL01 and LL-37 as their main focus. Both drugs are geared towards underserved markets where good data would make Promore the market leader. PXL01 is set to enter a Phase III program with two separate studies being conducted in EU/India and US/Canada. LL-37 is entering Phase IIb for venous leg ulcers (VLU) and could also be studied in diabetic foot ulcers (DFU). In practice, Promore is a virtual company, outsourcing both production and the clinical development. In order to complete the clinical program Promore has signed partnering deals for the production and clinical development of PXL01 in Europe and India, as well as for the development and commercialization of PXL01 in North America. Promore does not generate any revenues today but future income can materialize in the form of milestone payments and product sales.

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