Alliance Global Partners notes that Aquestive Therapeutics (AQST) reiterated their clinical path forward for Anaphylm, their lead oral sublingual epinephrine film for the treatment of anaphylaxis, after competitor ARS Pharma (SPRY) announced that their own nasal epinephrine spray, “Neffy,” had received a Complete Response Letter from the FDA. The firm does not see a comparable read-through for Anaphylm given the oral delivery method and estimates that the CRL puts a potential Neffy approval into the first half of 2025 timeframe, though it notes this is still ahead of its projected second half of 2025 approval for Anaphylm. Alliance reiterates its Buy rating and $7 price target on Aquestive shares.
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