InDex Pharmaceuticals: PK study – positive results - Redeye

Redeye endorses the positive results announced by InDex Pharmaceuticals regarding the PK study in patients with moderate to severe UC, representing a concrete step forward for the company. The study confirmed the 500mg dose of cobitolimod was well-tolerated with no adverse events and limited systemic uptake. We also note (acknowledging the limited sample size) that four out of seven patients achieved clinical remission at week six. We emphasize the conspicuously low valuation of InDex shares, which despite today's 10% bounce, trades at a negative EV. We reiterate our SEK1.8 base case.

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