Edison Investment Research - Herantis Pharma Oyj (HRTIS) Herantis Pharma - Trials on track as CDNF readout nears

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Edison Investment Research

Daniel Wilkinson

Herantis Pharma - Trials on track as CDNF readout nears

Patient recruitment in the Phase II Lymfactin trial (AdeLE) continues to progress well, aided by the addition (in March) of new treatment centres in Sweden. Initial efficacy and safety data are on track for the end of 2020. Near term, top-line data from Phase I/II asset CDNF in Parkinsonâ€™s disease (PD) are expected by the year end; positive data from this trial could serve as validation of the research efforts and could also enable future partnering opportunities. H119 net loss was slightly above expectations as a result of higher than expected R&D, SG&A and financial costs. In March, Herantis raised gross â‚¬5.8m enabling a cash runway into late 2020. We value Herantis at â‚¬58.7m (â‚¬9.7/share) vs â‚¬47.9m (â‚¬9.7/share) previously.

02/09/2019 4 EN

Underlying

Herantis Pharma Oyj

Herantis Pharma Oyj. Herantis Pharma Oyj is a Finland-based pharmaceutical company. It is engaged in the development of treatments for unmet clinical needs, such as dry eye syndrome, Parkinson's disease and secondary lymphedema, among others. The Company's product development portfolio includes: Cis-UCA eye drops for dry eye, CDNF for Parkinson's disease, Lymfaticin aimed at secondary lymphedema, Cis-UCA emulsion cream for atopis dermatitis, and CDNF targeting Amyotrophic Lateral Sclerosis.

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FI4000087861 Nasdaq Nordic Helsinki Finland

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Daniel Wilkinson

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