In its Q2/2019 financial report, Vicore confirmed that lead asset VP01 (C21) remains on track to enter two Phase IIa trials in H2/2019E, one in idiopathic pulmonary fibrosis ("IPF") and the other in diffuse systemic sclerosis ("dSSc"). The advancement of the pipeline is reflected in a significant increase in R&D costs, which together with expenses incurred in connection with the planned listing on the Stockholm main market widened the operating loss in Q2/2019 vs. both Q1/2019 and the prior year. That said, Vicore should have sufficient funds through to key inflection points in 2021E, with cash and cash equivalents amounting to SEK193.5m at 30 June 2019. We maintain and reiterate both our OUTPERFORM recommendation and target price ("TP") of SEK42 per share, based on the significant market opportunities of Vicore's maturing pipeline assets in underserved fibrotic indications.
23 Aug 2019
VP01 on track to enter 2x Phase IIa by YE2019E
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VP01 on track to enter 2x Phase IIa by YE2019E
Vicore Pharma Holding AB (6Y4:FRA) | 0 0 0.0%
- Published:
23 Aug 2019 -
Author:
Brigitte de Lima, PHD CFA -
Pages:
5
In its Q2/2019 financial report, Vicore confirmed that lead asset VP01 (C21) remains on track to enter two Phase IIa trials in H2/2019E, one in idiopathic pulmonary fibrosis ("IPF") and the other in diffuse systemic sclerosis ("dSSc"). The advancement of the pipeline is reflected in a significant increase in R&D costs, which together with expenses incurred in connection with the planned listing on the Stockholm main market widened the operating loss in Q2/2019 vs. both Q1/2019 and the prior year. That said, Vicore should have sufficient funds through to key inflection points in 2021E, with cash and cash equivalents amounting to SEK193.5m at 30 June 2019. We maintain and reiterate both our OUTPERFORM recommendation and target price ("TP") of SEK42 per share, based on the significant market opportunities of Vicore's maturing pipeline assets in underserved fibrotic indications.