Zacks Small-Cap Research has put out a note on drug developer Tiziana Life Sciences PLC (NASDAQ:TLSA) (LON:TILS), which it started covering in April this year, repeating its valuation of US$7.50 per ADR share, compared to a current price of US$2.37.

It comes after Tiziana announced, on May 25, it had begun treating a first patient with secondary progressive multiple sclerosis (SPMS) in a trial using nasally administered Foralumab – its fully-human anti-CD3 monoclonal antibody.

READ: Tiziana Life hails ‘major accomplishment as nasally administered antibody shows potential to treat degenerative diseases such as MS 

The treatment will be administered over the following six months to examine long-term safety, tolerability and clinical response, noted Zack analysts. The patient will receive 50 mcg, or 25 mcg/nostril, in three-week cycles.

Analysts at Zacks also noted they were watching teplizumab, another anti-CD3 mAb, which was indicated in Type 1 diabetes that has a target action date of July 2, 2021.

“An approval could establish a positive precedent for the drug class,” they said.

“Other foralumab trials are planned. Tiziana expects to start a progressive Multiple Sclerosis (pMS) program and will  evaluate Crohn’s Disease, both in a Phase II study in coming quarters. A Phase II study for moderate to severe COVID-19 patients is scheduled to launch this year,” the analysts added.

Sufferers of multiple sclerosis, which affects the white matter of the central nervous system,  have limited treatment options with Tysabri, sold by Biogen Inc (NASDAQ:BIIB), one of the few drugs offering relief.

The Foralumab treatment has been safely administered in a previous trial in people with COVID and was shown to be well-tolerated with no drug-related safety issues.

Tiziana Life Sciences is advancing three candidates for a variety of indications in autoimmune disease, cancer and coronavirus (COVID-19).

Zacks said its valuation assumes a 2027 regulatory approval and 2028 commercialization of foralumab for both progressive Multiple Sclerosis (pMS) and Crohn’s disease in conjunction with partners.