Redeye comments on the study data presented yesterday with C21 in patients with systemic sclerosis and Raynaud’s phenomenon. The trial did not show a statistically significant effect in its primary endpoint AUC for rewarming of each finger. However, there was a statistically significant effect (p=0.04) where C21 treatment displayed a restored skin temperature at the end of the 15-minute measurement period. Following the data, we keep our already aggressive LoA assumption of 40% for C21 in IPF and SSc-ILD, but do not increase it further. We reiterate our Base case of SEK 62 per share.