On Monday, ThinkEquity initiated coverage on Tharimmune, Inc. (NASDAQ:THAR) with a Buy rating and a price target of $5.00. The firm highlighted Tharimmune's focus on developing innovative therapies for unmet medical needs in inflammatory and immunologic conditions. Tharimmune recently obtained an exclusive, worldwide license to advance and commercialize its key therapies, TH104 and TH103, through a partnership with Avior, Inc. in November 2023.
Tharimmune's lead product, TH104, employs a unique transmucosal buccal film delivery system, which allows the drug nalmefene to directly target μ-opioid and kappa opioid receptors, as well as inhibiting the IL-17 inflammatory cytokine. This novel therapeutic approach is designed to treat a variety of conditions associated with chronic itching, including liver-related diseases.
The company is poised to complete a phase 1 pharmacokinetic trial of TH104 in the second quarter of 2024. Following this, Tharimmune plans to conduct a phase 2 proof-of-concept study in patients with primary biliary cholangitis (PBC), aiming to finalize enrollment by the end of 2024, in line with FDA trial design discussions. TH104 is not only seen as a treatment for liver diseases but also has the potential to address chronic itching in several other conditions such as fatty liver, certain hepatitis types, chronic kidney diseases, hemodialysis, and atopic dermatitis.
Tharimmune has identified a significant market opportunity for TH104, which is expected to be competitively priced. The company's strategy targets a substantial market niche, with projected revenue potential for TH104 ranging from $350 million to $500 million from PBC alone, underlining the considerable financial prospects for the therapy in fulfilling this unmet medical need.
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