Amphotericin B is a small molecule commercialized by Matinas BioPharma, with a leading Phase II program in Cryptococcal Meningitis. According to Globaldata, it is involved in 6 clinical trials, of which 4 were completed, 1 is ongoing, and 1 is planned. GlobalData uses proprietary data and analytics to provide a complete picture of Amphotericin B’s valuation in its risk-adjusted NPV model (rNPV). Buy the model here.

The revenue for Amphotericin B is expected to reach an annual total of $4 mn by 2033 in the US based off GlobalData’s Expiry Model. The drug’s revenue forecasts along with estimated costs are used to measure the value of an investment opportunity in that drug, otherwise known as net present value (NPV). Applying the drug’s phase transition success rate to remaining R&D costs and likelihood of approval (LoA) to sales related costs provides a risk-adjusted NPV model (rNPV). The rNPV model is a more conservative valuation measure that accounts for the risk of a drug in clinical development failing to progress.

Amphotericin B Overview

Amphotericin B (MAT-2203) nanoparticle is under development for the treatment of mucocutaneous candidiasis, vulvovaginal candidiasis, pulmonary mucormycosis, cryptococcal meningitis, invasive candidiasis, aspergillosis. It is administered through oral route. The drug candidate is developed based on cochleate technology. Cochleates are multilayer crystalline, spiral structures with no internal aqueous space. It was also under development for the treatment of visceral leishmaniasis and hematological malignancy.

Matinas BioPharma Overview

Matinas BioPharma is a biopharmaceutical company that discovers and develops anti-infectives for orphan indications. The company develops lipid nanocrystal (LNC) technology, a drug delivery platform to deliver various molecules such as small molecules, proteins, peptides, oligonucleotides, vaccines, and gene editing technologies. Its pipeline products include MAT2203, an LNC formulation of amphotericin B used for the prevention of IFI in acute lymphoblastic leukemia; and MAT2501, an LNC formulation of amikacin used for non-tuberculosis mycobacterium infections. The company partners with pharmaceutical and biotech companies to develop its LNC platform. Matinas BioPharma is headquartered in Bedminster, New Jersey, the US.

The operating loss of the company was US$23.4 million in FY2021, compared to an operating loss of US$23.1 million in FY2020. The net loss of the company was US$23.3 million in FY2021, compared to a net loss of US$22.5 million in FY2020. The company reported revenues of US$1.1 million for the third quarter ended September 2022, compared to a revenue of US$1.1 million the previous quarter.

For a complete picture of Amphotericin B’s valuation, buy the drug’s risk-adjusted NPV model (rNPV) here.


GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

To create this model, GlobalData takes into account factors including patent law, known and projected regulatory approval processes, cash flows, drug margins and company expenses. Combining these data points with GlobalData’s world class analysis creates high value models that companies can use to help in evaluation processes for each drug or company.

The rNPV method integrates the probability of a drug reaching a clinical stage into the cash flow at that time, which provides a more accurate valuation, as it considers the probability that the drug never makes it through the clinical pathway to commercialization. GlobalData’s rNPV model uses proprietary likelihood of approval (LoA) and phase transition success rate (PTSR) data for the indication in the highest development stage, which can be found on GlobalData’s Pharmaceutical Intelligence Center.