Redeye acknowledges a milestone for Synact Pharma with the initiation of a phase II trial in patients with nephrotic syndrome (idiopathic membranous nephropathy). With the company now on track with recruiting patients, we see good prospects for data readout in Q1 2021, in line with our anticipated timeline. The share had a strong development over the last months and we are now confident that the company’s warrants will be fully subscribed in July. This will bring in a total of SEK 32.8 million, which we estimate will be sufficient to fund operations until the company’s Phase II readouts in RA and NS next year.