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Edison Investment Research Limited
London, UK, 29 November 2021
IRLAB Therapeutics (IRLABA): Platform validated, pipeline momentum building The for mesdopetam (IRL790) during Q321 was a significant achievement for IRLAB Therapeutics. It has provided strong external validation for IRLAB's ISP discovery platform and the $28m upfront payment has bolstered its cash runway. Moreover, with Ipsen now responsible for mesdopetam's Phase III development, additional resource has been freed up for IRLAB to kick on with its other programmes and further enrich its pipeline. Next up on the agenda is pirepemat (IRL752), which is due to start a Phase IIb trial for treatment of postural dysfunction and falls in Parkinson's disease (PD) by end-2021. IRLAB continues to make progress across its preclinical pipeline, with IRL942 potentially entering clinical development during 2022 for cognitive disorders. We value IRLAB at SEK5.2bn or SEK101/share.
Our valuation is virtually unchanged at SEK5.2bn or SEK101/share (SEK5.1bn or SEK99/share previously). We have updated for reported net cash, FX and rolled forward our model in time. Mesdopetam remains the largest value contributor at c SEK62/share for its potential use in PD-LIDs and PD-Psychosis; pirepemat's potential use in PD-Falls contributes c SEK31/share.
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