Nanexa announced yesterday that it has received permission from the Swedish Medical Products Agency to start its NEX-18 phase I clinical trial. This is the first clinical study using Nanexa’s Pharmashell platform. The study will be conducted at Karolinska University Hospital and Akademiska Sjukhuset in Uppsala and is estimated to be completed by Q3 2021. While expected, we are encouraged that the time schedule is kept for now despite the ongoing pandemic. We reiterate our base case of SEK 12 for the time being.