On Thursday, Canaccord Genuity initiated coverage on TriSalus Life Sciences, Inc. (NASDAQ:TLSI) stock with a Buy rating and set a price target of $12.00.
The coverage highlights TriSalus as a company with significant growth potential, bolstered by its dual presence in the commercial Med-Tech business and the development of a drug program.
TriSalus's main product, TriNav, has been recognized for its innovative approach to delivering oncology treatments to the liver and pancreas.
The FDA 510(k) cleared device stands out for its SmartValve technology, which is designed to navigate the high-pressure tumor environment and improve the delivery of treatments through better catheter positioning in the artery.
The company is also advancing its drug program with the development of nelitolimod, an oncology drug that is treatment agnostic.
This means that nelitolimod can be used in conjunction with various types of cancer treatments, providing a versatile approach to oncology care.
Canaccord Genuity's report emphasizes that TriSalus's business strategy is well-positioned, focusing on interventional radiology—a single call point with established reimbursement.
The company aims to integrate its TriNav catheter into existing transarterial radioembolization (TARE) and chemoembolization (TACE) procedures.
The firm notes that the company's success hinges on its execution capabilities, which could lead to significant returns from its Phase 1 drug currently in development.
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