Clinuvel: Potential New Therapy for Parkinson’s Disease, but Still Early

We maintain our AUD 18 fair value estimate and earnings estimates. No-moat Clinuvel has been approved to begin a Phase 2a clinical trial evaluating afamelanotide, a synthetic drug already used in its main Scenesse product as a treatment in early-stage Parkinson’s disease in fair-skinned patients. While preclinical data shows a potential benefit, we think it’s too early to ascribe any material value. Beyond the existing indication of erythropoietic protoporphyria and potentially Parkinson’s, Clinuvel is exploring other potential indications for Scenesse including vitiligo, which accounts for 17% of our fair value estimate.