Edison Investment Research - Nuevolution AS Nuevolution - Small molecules, big ambitions

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Edison Investment Research

Daniel Wilkinson

Nuevolution - Small molecules, big ambitions

Positive progress in Nuevolutionâ€™s RORÎ³t partnership with Almirall has triggered a â‚¬1m milestone payment (SEK10.5m) and we continue to forecast that it will enter the clinic in 2019. FY18 was defined by the progress in the Amgen partnership as it opted in for two oncology programmes, further validating Nuevolutionâ€™s Chemetics technology. In Nuevolutionâ€™s BET-BD1 programme, a development candidate (NUE20798) has been nominated; data in animal cancer models highlight that it may have synergistic effects in combination with immunotherapies. The FY18 net loss was down year-on-year to SEK99.7m (from SEK117.5m) as a result of lower R&D costs. Net cash of SEK108m (FY17: SEK110.6m) should fund operations into 2020. We value Nuevolution at SEK20.7/share.

19/03/2019 15 EN

Underlying

Nuevolution AS

Nuevolution AB (publ). Nuevolution AB is a Sweden-based biopharmaceutical company working to develop future medicine for the treatment of cancer and inflammatory diseases. The Company's business is conducted through its wholly owned subsidiary, Nuevolution A/S.

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SE0007730650 Sweden

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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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Nuevolution - Small molecules, big ambitions

Nuevolution - Amgen offers SEK32.50/share in cash

Nuevolution - Pipeline and partnerships continue to strengthen

Metro Bank - Profitability achieved and targets reiterated

Pan African Resources - Tennant Creek acquisition

Datatec - Operational focus drives H125 profit growth

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