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ADMA: 1Q14: RI-002 study is on track with plasma collection center expansion underway; reiterating with Buy rating and $15 price target




Laidlaw & Company


14 May 2014





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ADMA recently reported 1Q14 financial results with a net loss of ($5.9MM), or ($0.64) net loss per share. With cash of ~$28.7MM by the end of 1Q14, we believe the company has sufficient capital for operations entering 2016. ADMA indicated that the Phase III study has advanced into its half way mark as >70% of expected infusions to patients have taken place; while some patients have already completed the entire dosing. RI-002 could potentially be used off-label for RSV infection management in PIDD and transplant patients should it receive approval as a regular IVIG with high titer of anti-RSV antibodies. In our opinion, if approved, RI-002 could be very appealing to more vulnerable patients given the lack of suitable products in market. In addition, ADMA shares are eligible to be up-listed to the NASDAQ market by 4Q14. Such development, in our opinion, potentially could further expand institutional investor base and gain greater visibility.

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