Saniona: A new chapter for tesofensine

Research Update

2017-10-04

08:52

Saniona’s partner Medix has initiated a Phase 3 trial for tesofensine in patients with obesity. This study is intended to form the basis for market approval in Mexico. The trial has got off to a flying start and after only a month, 40 percent of the total number of patients have been recruited. The fast pace in recruitment, we believe, could make it possible to present top-line results earlier than mid-2019, perhaps already at the end of 2018. Although we have updated our model assumptions and financial forecast, all in all, we make no change to our base case fair value for Saniona at SEK 72 (72). The most important catalyst for the share price in the near term (6 months) is that the partner programmes progress. This represents an opportunity to earn further milestone payments, which would give healthy improvement to the financials.

KP

Klas Palin

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