Redeye remains impressed by the rapid development of Vicore’s new generation of ATRAGs (angiotensin II type 2 receptor agonists) in its VP03 program, including yesterday’s announcement of new drug candidate, C103. As stated in the release, it has a very high affinity to the AT2 receptor compared to the AT1 receptor, making it especially suitable for indications such as preeclampsia. The company will now initiate a toxicology program with the hope to take C103 into the clinic by H2 2023. We continue to see the phase II study with C21 in IPF as the most critical catalyst for the share price in the short to mid-term, but we will likely dig deeper into the VP03 program once we have a better sense of target indications.