Isofol Medical: Good momentum in Q2 - DNB

Isofol Medical reported a Q2 operating loss that was slightly better than we expected. The company is fairly well financed after a successful cSEK180m capital raise during Q2. Despite pandemic-related difficulties, Isofol Medical achieved two significant milestones after the quarter. Firstly, 330 patients were recruited in the pivotal phase III study, enabling the interim analysis, with results expected in Q1 2021. Secondly, it announced a licencing deal for the development and commercialisation of arfolitixorin in Japan that entitles it to cUSD100m in upfront and sales-related payments. The structure of the deal has yet to be disclosed, making it the only possible negative wrinkle. We reiterate our fair value of SEK10–23.

https://www.dnb.no/seg-fundamental/fundamentalweb/GetReportSpon.aspx?file=CMPSP_161371.pdf

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