Redeye reiterates its positive stance towards Vicore following the announcement of first Covid-19 patient being dosed in its phase II trial. We currently regard the Covid-19 indication as a bonus in our Base case, with considerable scope for re-valuation if results are proven encouraging. We expect top-line results from the trial already later this year.
The ATTRACT-trial is a randomised, double-blind, placebo-controlled phase II study that will enrol 100 patients to either VP01 (C21) 100 mg twice a day or placebo in a 1:1 manner. The aim of the study is to investigate the safety and efficacy of VP01 (C21) in hospitalised COVID-19 patients who do not require mechanical ventilation. The primary goal is to investigate whether VP01 (C21) can prevent disease progression before the patient is in a critical condition.
As argued in our initaton report, evaluating VP01 in Covid-19 patients makes sense given its known effect of triggering an imbalance in the RAS system. We also favour the study’s design, as the endpoints are objective measures. We believe the results will provide a clear ‘stop or go’ decision for Vicore. In line with the company, we believe top-line results could be presented already later this year.