Top-line data from Phase I/II asset CDNF in Parkinson’s disease (PD) is expected in H219; positive efficacy/safety data from this ongoing proof-of-concept clinical trial would serve as validation of the research efforts and additionally could crystallise value through partnering opportunities. Recently reported Phase II data from the MedGenesis-sponsored GDNF PD trial has read-across to Herantis’s CDNF trial. The company is planning a directed share issue to a limited number of investors in addition to Herantis’s directors. It is also preparing for a contemplated secondary listing on First North Stockholm. We value Herantis at €47.9m (€9.7/share).
