4SC announced today that the scheduled Data Safety Monitoring Board ("DSMB") had identified no safety concerns with the on-going RESMAIN pivotal trial Cutaneous TCell Lymphoma ("CTCL") and recommended the study should continue as planned. With top-line data from RESMAIN for resminostat and first interim data from SENSITIZE for 4SC-202 in melanoma expected in H1/2019 and H2/2018 respectively, there is plenty to drive value over the next 6-18 months. We reiterate our OUTPERFORM recommendation and a fair value of €7.50 / share potentially rising to over €10 / share with expected news flow from the pipeline as well as non-core assets over the next 6 to 12 months.
