Analyst Lucy Lu says the company plans to add more patients to its Arise clinical study of AGI-1067 for treatment of coronary artery disease, has extended Arise's timeline. She still views Arise as a high-hurdle study and notes a positive outcome entails a 15% to 20% event reduction on top of standard therapy.
As such, she thinks ArtheroGenics is a single-product story with substantial risks. Based on the available data, she thinks it would be difficult for ArtheroGenics to obtain a favorable partnership deal for AGI-1067, and the company would have to raise money in 2005.
Lu maintains a $1.87 2004 loss and a 55-cent 2005 loss estimates.