Cynapsus Therapeutics Developing New Parkinson's Treatment That Won't Require Injection

Janney's Ken Trbovich initiated a Buy rating on Cynapsus Therapeutics Inc CYNA and set a price target of $24.

The company has successfully developed and marketed Apomorphine (APO) for 20 years to combat Parkinson's disease in Europe and the US. A relatively big drawback for the treatment, despite its success, is the subcutaneous injection that is necessary. Cynapsus is developing a sublingual APO that will eliminate this injection. Trobovich sees a high rate of clinical and commercial success for the new treatment.

The OFF condition, which APO alleviates, is a problem for every patient afflicted with this disease. APO has been successful in battling the disease and has produced numerous positive outcomes for patients over the years, but the treatments subcutaneous injection has limited its use.

"It is rarely used in the U.S. and sales in Europe last year were just $63 million," Trobovich stated.

Cynapsus plans to report Phase 3 trial results for its new sublingual APO in late Q2 or early Q3.