Redeye maintains its positive view on LIDDS after today's announcement that a multi-centre phase III clinical study will be conducted Liproca® Depot. We did not consider an expedient conditional approval in China very likely and believe that solid phase III data will strengthen the case for intratumoral treatment. We see the current stock price decline as an overreaction, as phase III study was the original plan and management has demonstrated an ability to deliver on its strategy.