• Based on a strong research foundation from one of the researchers behind the current gold standard. Isofol Medical is a Swedish biotech company that was founded based on the research of Professor Bengt Gustavsson. Bengt Gustavsson co-discovered the positive effects of the folate-based therapy leucovorin (LV) when used in combination with the chemotherapy 5-FU. The 5-FU + LV combination is today a gold standard in treatment of colorectal cancer, but many patients still respond inadequately to treatment. Building on strong research foundation, Isofol Medical has developed Modufolin, a novel folate-based therapy that addresses the shortcomings of today’s folate-based therapies • We believe that share of Isofol Medical is neglected by the market. Following a weak post-IPO development, where the share now has stabilized from the sell pressure of short-sighted investors, the market value of Isofol Medical has deviated far from the company’s intrinsic value. With several potential catalysts in the upcoming 12 months, including top-line data from the phase I/II trial in colorectal cancer, we believe that the share could be in for a significant revaluation • Our risk-adjusted NPV-model indicates a significant upside from the levels that the share is currently traded at. Our base case arrives at SEK 38 per share. Our bull case scenario indicates a value of SEK 48 per share and our bear case a value of SEK 18 per share.