On September 2, 2010, Transdel (TSDL) presented the full data from the company s phase III program studying Ketotransdel vs. placebo in 364 patients with acute soft tissue pain. Results demonstrate a statistically significant advantage for the company s drug, as well as excellent safety and pharmacokinetics. Next up for the company is to conduct a second and third phase 3 program in 2011.
We value Transdel at approximately $2 per share. We arrive at this target by conducting a discounted (risk-adjusted) valuation analysis on Ketotransdel to a potential licensing partner. We have used five previous deals for transdermal pain medications as a roadmap for what a potential deal for Ketotransdel may look like.
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