NeuroVive Pharmaceutical - New funds allow progress of key trials
In February 2019, NeuroVive completed a rights issue, which was followed by a private placement. These brought in a total of SEK108.1m (net estimated), which should be sufficient to 2020. In its recent 2018 annual report, NeuroVive provided a detailed update on its R&D activities and outlined the goals for 2019 achievable with the new funding. Potential near-term share price catalysts include KL1333 Phase Ib initial results, non-dilutive financing and the start of the NeuroSTAT Phase II clinical trial, and an out-licensing of NV556. Our updated valuation is SEK1.51bn or SEK8.1/share.NeuroVive Pharmaceutical is engaged in the conducting research and development into pharmaceuticals that protect the mitochondria and pharmaceuticals to promote more effective mitochondrial function. The drug development technology platform is cyclosporine A, versions of cyclosporine, and molecules with a similar structure, which together, constitute a new class of pharmaceutical called cyclophilin inhibitors. The project portfolio also includes drug candidates for cellular energy regulation.
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