Vicore Pharma (Buy, TP: SEK38.00) - Capital raise and phase IIb initiated
The company recently announced a rights issue of cSEK782m (before costs) and said the phase IIb trial ASPIRE had been initiated. We see a strong case in Vicore Pharma even though the capital raise and the CMC spend are larger than expected. That said, we note the company is not cutting corners when it comes to CMC. The terms and timelines have been announced and the dilution is larger than expected; hence, we have cut our target price SEK38 (70) but we reiterate our BUY.Vicore Pharma Holding AB is a Sweden-based drug-development company. The Company's portfolio contains small molecules with potential indications, including anti-inflammation, nerve generation and cardiovascular disease. The Company is a wholly owned subsidiary of Mintage Scientific AB.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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