Edison says sees Celyad year-end cash of 107 million euros

Investment research firm Edison said it expects the Belgian biotech company Celyad to have 2015 year-end cash of about 107 million euros ($116.8 million).

Following the company’s hinting that the C-Cure cardiac regeneration project might be fully partnered from 2017, the broker said it has a new indicative value of $95 per share as it awaits Phase III CHART-1 C-Cure data, due mid-2016, before the Phase I CAR T-cell study completes.

Edison lowered its value estimate for the product to 846 million euros ($923.4 million) from the earlier estimate of 953 million euros given that the company will likely pick a partner for marketing the product in the USA.  The indicative valuation now assumes that C-Cure is partnered after Phase III in Europe with some upfront fees; C-Cure was always assumed to be partnered for US marketing.