Laidlaw Retierates Buy Rating on Nasus Pharma (NSRX) with $22 Price Target

This morning, NSRX announced Brendan O’Grady has been appointed the new CEO of Nasus Pharma and after the news release, we spoke with Mr. O’Grady. Our takeaway is this is a very positive development for NSRX as the company heads into a critical phase of NS002 in anaphylaxis development. Mr. O’Grady has the experience to lead an innovative drug developer quickly through the clinical and regulatory steps and into potential commercialization either by selling NS002 by itself or via partnering. Mr. Brendan O’Grady is a highly accomplished pharma industry veteran with 35 years of leadership experience, including deep expertise in marketing and sales, as well as leading biotech and major generic pharma companies. Most noticeable is he spent nearly 21 years at Teva with increasing responsibility, during the last four years as President & CEO of Teva USA and EVP North America Commercial (2017-2021). We view the appointment of Mr. O’Grady as CEO as a very positive development for NSRX. As a heavyweight pharma executive, he can leverage his broad experience to propel NSRX into the next phase of development, namely completing the NS002 in anaphylaxis pivotal study and potential commercialization, if approved. With his background, we believe NSRX has strengthened its commercialization optionality. If NS002 in anaphylaxis is approved, the drug could be sold by themselves or with a commercial partner. NSRX is expected to go through major inflection point-like events over the next 12-18 months, with NS002 in anaphylaxis Phase III study commencement, completion, topline data readout and potential NDA filling. A seasoned corporate leader and CEO like Mr. O’Grady can be an invaluable asset. With NS002 likely to be a best-in-class needleless anaphylaxis therapy, and as a quick follower to market if approved, an experienced leadership likely to fully leverage the drug’s benefit and create a substantial commercial opportunity. We are reiterating our Buy rating and $22 target price.

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