Analysts for Paradigm Capital and Canaccord Genuity in new reports said that Profound Medical’s (NASDAQ:PRFMF; TSX:PRN) inaugural analyst day illustrated a strong case for adoption of the company’s TULSA-PRO device for the treatment of prostate cancer and benign prostatic hyperplasia (BPH).
Six prominent urologists presented their clinical experience using TULSA-PRO to treat prostate cancer, “illustrating a compelling case for adoption of the product when it comes to market, hopefully later this year,” writes Paradigm analyst Rahul Sarugaser.
Specifically, he said low-to-intermediate risk patients, who have limited options of either “active surveillance” or radical prostatectomy/radiation, with its more than 80% chance of erectile dysfunction, now have the potential of a compelling treatment option.
Canaccord analyst Jason Mills agreed. “We come away from the presentations increasingly optimistic on the long-term potential of this early-stage med-tech company, both via its forthcoming opportunity in the U.S. market for the treatment of prostate cancer and BPH with TULSA-PRO.”
He also cited a myriad of long-term potential applications for Sonalleve, “which we think could develop over the next decade.” Sonalleve is Profound’s platform for “outside-in” disease ablation. TULSA-PRO and Sonalleve both are approved for use in Europe.
Last week, Profound reported positive top line results from its pivotal TACT trial with TULSA-PRO for U.S. regulatory approval.
Mr. Mills said that for TULSA-PRO specifically, “we continue to believe the key to the story is the platform’s long-term inherent potential to redefine the treatment of prostate cancer, both along the current PCa treatment spectrum as well as via expansion into salvage and palliative cases.”
Mr. Mills said that together with the platform’s already strong safety profile, compelling hospital economic benefits from the platform’s procedure predictability, and customization capabilities enabling partial- to whole-gland ablation, “we think post- approval, TULSA-PRO is well positioned to penetrate the 5% to 10% of the market that’s currently patient pay.”
Longer term, he expects Profound will look to drive the establishment of favorable reimbursement, with the company in the early stages of designing these studies, “A positive reimbursement decision could potentially expand Profound’s theoretical total addressable market ten-fold,” he added.
