Principia Biopharma continued its impressive progress with its recent initial public offering on September 14, 2018. Principia Biopharma (Nasdaq: PRNB) has developed three drug candidates in immunology, central nervous system disorders, and oncology.
The company is utilizing 'Tailored Covalency,' its proprietary drug discovery platform, to discover new drugs that combine the dosing ability of an oral small molecule drug with the specificity of an antibody.
Standard small molecule drugs have a short duration of time that the drug binds to its target, called residence time, that require dosing regimens to maintain target concentration levels in the blood to get the desired result.
Principia has designed its drugs to remain bound to the target, and clear the body rapidly, to optimize residence time. According to the company this will minimize adverse effects while achieving the desired benefit.
PRN1008 is being developed for multiple autoimmune diseases. The Phase 2 study of PRN1008 for use in treating pemphigus, a chronic disorder that cause blisters and sores on the skin or mucous membranes, is forthcoming.
Principia has partnered with Sanofi SNY in an exclusive, global licensing agreement to develop and commercialize PRN2246 for multiple sclerosis. Sanofi paid Principia $40 million upfront and agreed to future milestone payments that have the potential to amount to $765 million on top of royalties.
The stock is down approximately 25% since its IPO which may be the result of post-IPO selloff and not a reflection of the company’s prospects. At $24.00 versus its opening day high of $32.65, Principia Biopharma might be occupying a price range opportunity for savvy investors.