Tiziana Life Sciences (NASDAQ: TLSA) Progresses Towards Phase II Clinical Trials for a First-in-Class Drug

David Keller
4 min readApr 4


Tiziana Life Sciences (NASDAQ: TLSA) is a UK-based biotechnology company that has recently made headlines due to promising advances in its clinical pipeline for Foralumab, a novel monoclonal antibody that holds promise of disrupting available treatment options for a range of immunological conditions.

Over the course of the past weeks alone, Tiziana announced its intention to proceed with Phase II clinical Trials for the treatment of multiple sclerosis (MS), in addition to presenting at a conference where it shared positive data for Foralumab’s treatment of Alzheimers Disease (AD). The market has responded positively to this series of breakthroughs, and TLSA share price rose by nearly 100% in March alone. What’s causing the current hype around Foralumab, and what does it mean for Tiziana shareholders?

About Foralumab
Tiziana Life Sciences’ flagship drug, Foralumab, is a monoclonal antibody therapy targeting the body’s T cells to reduce the hyper-inflammatory response caused by a diverse array of conditions from MS to AD to SARS-CoV-2 viruses. It is one of the only fully-human anti-CD3 monoclonal antibodies currently in clinical development, making this a potential first-in-class drug with highly disruptive potential.

The combined total addressable market for these conditions is global in scope and currently witnessing robust year-over-year growth in the wake of the Covid-19 pandemic. Increased scientific and industry interest in the potential of monoclonal antibody therapies ensures robust forward demand over a long-term horizon if Tiziana can successfully clinch FDA approval for Foralumab. As reported by Grand View Research, the market for human monoclonal antibodies is projected to reach roughly $75B by 2030 with a robust 10.6% CAGR, underscoring the long-term potential of TLSA’s current clinical focus.

Promising Clinical Pipeline
According to a Clinical Outlook prepared by Proactive Research in February 2023, Tiziana’s clinical focus currently rests on Formulab, with Phase II trials slated to begin in Q3 ’23 following the reception of positive FDA feedback last week. With respect to the Phase II trials, Proactive further noted that the company “has cash reserves to run the Phase 2 trial in MS and has no requirement for further capital in 2023.”

On the heels of recent encouraging data for Foralumab’s efficacy in treating Alzheimers, Tiziana has previously stated it plans to use non-dilutive funding to drive ongoing research for AD, ALS, and Type-1 diabetes studies. In other words, not only is Tiziana reporting positive results for Foralumab’s application to a number of different conditions, but the company has a coherent and relatively conservative financing strategy to fuel ongoing clinical trials and studies.

The waves Tiziana has been making in the biotech space of late has not gone unnoticed by analysts. Prior to Proactive Research’s February coverage, in December 2022 B. Riley Securities reiterated a BUY rating for TLSA with a price target of $3.00 for nearly 200% potential upside. This bullish assessment was issued on the basis of its clearance of a “key pre-clinical safety hurdle” from the FDA in order to proceed with Phase II clinical trials, which has continued to progress over recent months. A look at Tiziana’s investor portal also had a number of additional analyst reports, which is a relative rarity for smallcap biotech equities and speaks to the highly disruptive identified by the experts in TLSA’s clinical pipeline.

Tiziana Life Sciences has a promising path forward pending positive data from its clinical trials which are scheduled for H2 2023. The company’s flagship therapeutic solution, Foralumab, is a first-in-class drug candidate with broad potential applications that range from ameliorating degenerative neurological diseases such as MS, ALS, and AD to suppressing the body’s hyperinflammatory response to Covid-19 and related viruses. This fact makes TLSA a serious candidate for either a strategic external investment, partnership, or even buy-out from a major pharma player should Foralumab continue to hit key clinical benchmarks.

Meanwhile, Tiziana is not in need of dilutive funding to support ongoing trials and research, placing the company on solid financial footing despite being pre-revenue while preserving current shareholder value. With 200% potential upside over a 12-month horizon, an entry price just above $1, and a first-in-class drug candidate progressing smoothly, TLSA is a low-risk high-reward play that I’ve already stuck onto my watchlist. Its combination of disruptive potential and solid underlying fundamentals makes Tiziana Life Sciences a biotech player to keep close tabs on over coming months.

Disclosure: The author does not own any of the securities mentioned, nor is this financial/investment advice.



David Keller

Market analyst into the intersection of technology, finance, society, politics, and macro-econ. Straddles the NY-TLV axis. Fortis Fortuna Adiuvat.