Echelon Wealth Partners raised its price target for RepliCel Life Sciences (TSX-V:RP) to $2.15 from $1.50 after the company closed a unit offering that will add about $4.1-million in net cash to its balance sheet. The stock closed at $1.03 on Monday.
“The recapitalization provides funds to drive [RepliCel’s hair follicle-derived] non-bulbar dermal sheath cell platform forward with renewed vigor,” writes analyst Doug Loe, noting that he expects interim six-month data from a Phase 1/2 Achilles tendinosis/RCT-01 study by yearend.
He also expects interim six-month data from Phase 1/2 skin rejuvenation/RCS-01 study by the first quarter next year.
Separately, he said RepliCel has a 17-patient Phase 1/2 RCS-01 skin rejuvenation study ongoing in Germany at the Liebniz Institute for Environmental Medicine, for which two-year efficacy data on skin structure improvement and changes in skin aging biomarkers could be available by the first quarter of 2018.