Isofol Medical: Knowledge is Power

• Based on a strong research foundation from one of the researchers behind the current gold standard. Isofol Medical is a Swedish biotech company that was founded based on the research of Professor Bengt Gustavsson. Bengt Gustavsson co-discovered the positive effects of the folate-based therapy leucovorin (LV) when used in combination with the chemotherapy 5-FU. The 5-FU/LV combination is today a gold standard in treatment of colorectal cancer, but many patients still respond inadequately to treatment.

Building on strong research foundation, Isofol Medical has developed Modufolin, a novel folate-based therapy that addresses the shortcomings of today’s folate based therapies. • We believe that share of Isofol Medical is neglected by the market. Following a weak post-IPO development, where the share now has stabilized after the sell pressure, the market value of Isofol Medical has deviated far from the company’s intrinsic value.

With several potential catalysts in the upcoming 12 months, including top-line data from the phase I/II trial in colorectal cancer, we believe that the share could be in for a significant revaluation • Our risk-adjusted NPV-model indicates a significant upside from the levels that the share is currently traded at. Our base case arrives at SEK 38 per share. Our bull case scenario indicates a value of SEK 48 per share and our bear case a value of SEK 18 per share.