Vicore Pharma (Buy, TP: SEK70.00) - Strengthening the balance sheet
Total operating costs were cSEK70m in Q2, while operating cash flow was cSEK-67m. With a capital raise of SEK500m (before issuance-related costs) during the quarter, we see a cash runway until 2025. The company stated its focus this year would be on preparing for the phase IIb ASPIRE trial in IPF, among others. We reiterate our BUY and SEK70 target price.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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