Promore Pharma: Uncertainty around PXL01 Phase III development in the U.S.

Research Update

2018-01-05

07:30

Promore Pharma announced on January 2nd that Cellastra, their intended partner for the Phase III development of PXL01 in North America, did not meet their fundraising goal and hence did not opt in on the collaboration. Promore will now open up the door for other financing alternatives. In our initiation report we identified the partnership as a key risk to our investment case. The news have a negative impact on our estimates and our new Base Case is SEK 17 (20) per share, where a Bull Case gives SEK 25 (28) and Bear Case SEK 10 (13) per share.

MS

Mathias Spinnars

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