Xspray Pharma: Brief Comment on Today’s Results

Redeye's fair value range is under review following today's reported data for Xspray's lead candidate HyNap-Dasa. The study in fasting subjects had a similar design as the study reported under Q3 2020 and shows that the bioequivalence criteria was missed. Xspray aims to initiate bioequivalence studies with modified formulations next week. We believe that the recent positive data seen with improved HyNap-Dasa should cap some downside risk in the case. We aim to get back with a longer comment shortly.

Ludvig Svensson

Equity Analyst