Vesigel is a small molecule commercialized by UroGen Pharma, with a leading Phase III program in Non Muscle Invasive Bladder Cancer (NMIBC) (Superficial Bladder Cancer). According to Globaldata, it is involved in 7 clinical trials, of which 4 were completed, and 3 are ongoing. GlobalData uses proprietary data and analytics to provide a complete picture of Vesigel’s valuation in its risk-adjusted NPV model (rNPV). Buy the model here.

The revenue for Vesigel is expected to reach an annual total of $122 mn by 2034 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.

Vesigel Overview

VesiGel is under development for the treatment of low-grade intermediate risk non muscle invasive bladder cancer (NMIBC). VesiGel is a sustained release formulation of a high dose mitomycin C. It is administered through intravesical route as a solution. It acts by targeting DNA. It is developed based on reverse thermally triggered hydrogel (RTGel) platform technology.

UroGen Pharma Overview

UroGen Pharma, formerly TheraCoat, is a biopharmaceutical company that develops novel medicines to treat cancer indications and urologic diseases. The company products include Jelmyto is a drug formulation of mitomycin used to treat low-grade upper tract urothelial cancer. Its pipeline products include UGN-102 is a mitomycin gel is used to treat low-grade intermediate risk non-muscle invasive bladder cancer; UGN-201 and UGN-302 targets high-grade non-muscle invasive bladder cancer and Botox or RTgel for the treatment of overactive bladder. Urogen Pharma designed RTGel a reverse-thermal hydrogel technology platform to facilitate intracavitary treatment of urological conditions. The company works in collaboration with Allergan and Janssen pharmaceuticals to advance its pipeline products. UroGen Pharma is headquartered in Princeton, New Jersey, the US.

The company reported revenues of (US Dollars) US$48 million for the fiscal year ended December 2021 (FY2021), compared to a revenue of US$11.8 million in FY2020. The operating loss of the company was US$92.3 million in FY2021, compared to an operating loss of US$126.7 million in FY2020. The net loss of the company was US$110.8 million in FY2021, compared to a net loss of US$128.5 million in FY2020. The company reported revenues of US$16.1 million for the third quarter ended September 2022, a decrease of 3.1% over the previous quarter.

For a complete picture of Vesigel’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.