Maxim Group raised its price target for TFF Pharmaceuticals (NASDAQ:TFFP) to $18 from $12, citing a new partnership with Union Therapeutics that further validates TFF’s platform potential. The stock closed at $11.55 on Aug. 14.
TFF’s worldwide exclusive license agreement with closely-held Union to develop a dry powder TFF niclosamide into a potential therapy for COVID-19 includes up to $210-million in sales, development and regulatory milestones. “This could also potentially expand to other viral diseases as well,” writes analyst Jason McCarthy.
He said TFF Pharma also is well-capitalized to further develop its pipeline out to 2022, possibly longer, after closing a $25.9-million private placement last week, and weather any COVID-related disruptions.
“We expect additional partnership announcements and non-dilutive financing opportunities in the following quarters,” he said, adding that the company is continuing to explore new compounds that may be ideal for its inhalation platform.
Mr. McCarthy said TFF-VORI (inhaled voriconazole) has completed the single and multiple ascending dose portions of its Phase 1 study. Data are expected in the third quarter of 2020 and a pivotal trial is expected to start by the end of 2020.
In addition, he said TFF-TAC (inhaled tacrolimus) is enrolling patients for a Phase 1 study in Australia, with data expected in late 2020.