Kerrisdale Capital Issues Negative Report on Prothena Corporation PLC and Announces Conference Call Schedule
- Kerrisdale believes that Prothena's lead drug NEOD001 will fail in its current Phase 2b and Phase 3 trials
- The cardiac best response endpoint lauded in the drug's Phase 1/2 trials is meaningless because the trial's targeted biomarker fluctuates significantly from month to month, and comparisons with precedent studies show that Prothena's Phase 1/2 results for NEOD001 are in-line with what a placebo group could be expected to achieve in NEOD001's pivotal trials. Prothena switched to exclusively providing this uninformative endpoint after publishing a poster with unfavorable data
- AL amyloidosis is far too heterogeneous not only between patients but even within a single patient for a single antibody to achieve meaningful clinical results. Precedent AL amyloidosis antibodies have completely failed to demonstrate any activity in the heart in particular--the key target in Prothena's current clinical trials
- Prothena has conspicuously refrained from publishing a radioimaging study for NEOD001, which would show whether or not NEOD001 achieved activity in the heart. Such studies have been conducted for other amyloidosis antibodies. Either Prothena saw results it did not like, or anticipated that such a study would show little activity
NEW YORK, Nov. 8, 2017 /PRNewswire/ -- Kerrisdale Capital, a private investment manager, has published a negative report explaining its short position in Prothena Corporation PLC (PRTA), a $2.4 billion development-stage biotechnology company whose valuation is primarily based on lead drug candidate NEOD001, an antibody currently in trials to treat AL amyloidosis. Prothena's stock price has increased over 700% since its spin-off from Elan in 2012 despite no evidence that its principal asset NEOD001 works. Kerrisdale believes that NEOD001 is a poorly-understood drug that will fail its Phase 2b and Phase 3 trials.
The full report can be found at http://kerr.co/prta.
Kerrisdale has a short position in Prothena Corporation PLC and stands to benefit if its share price falls.
Conference Call Schedule
Kerrisdale will host a conference call on Wednesday, November 8 at 10:30am ET to discuss the Prothena report.
To participate in the conference call, dial 888-567-1602 (US and Canada) or 404-267-0373 (international) and reference the Kerrisdale Capital call.
About Kerrisdale Capital
Kerrisdale Capital Management, LLC, is a fundamentally-oriented investment manager that focuses on long-term value investments and event-driven special situations.
Contact
Agnes Cao
Kerrisdale Capital
[email protected]
212-257-4385
Kerrisdale Capital Management, LLC is a member of the Financial Industry Regulatory Authority, CRD number 160804.
SOURCE Kerrisdale Capital Management, LLC
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