Edison Investment Research - Oasmia Pharmaceutical AB (OASM) Oasmia Pharmaceutical - Delivering on promises

Report

Edison Investment Research

Sean Conroy

Oasmia Pharmaceutical - Delivering on promises

FY21 results highlight delivery on key elements of Oasmia’s ongoing transformation. Notably, ‘rightsizing’ the business and prudent cost control has brought the underlying cash burn rate down to c SEK10m per month in 2021. With the fully secured rights issue expected to raise gross proceeds of c SEK150m, management has guided it can fund operations for 18–24 months. We anticipate material progression can be made across the pipeline during this time, with clinical progress expected from Cantrixil and Docetaxel micellar and the start of commercial royalties from Apealea sales in Europe. Separate financing requirements will be considered for any potential bolt-on acquisitions to the pipeline. We maintain our valuation at SEK2.89bn but place our financial forecasts under review, pending publication of the prospectus and closing of the rights issue.

25/02/2022 1 EN

Underlying

Oasmia Pharmaceutical AB

Oasmia Pharmaceutical develops, manufactures, markets and sells new generations of drugs in the field of human and veterinary oncology. Co.'s product development aims to create and manufacture novel nanoparticle formulations and drug-delivery systems based on well-established cytostatics which, in comparison with alternatives, show improved properties, reduced side-effects, and expanded applications. Co.'s product development is based on its proprietary in-house research and company patents.

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SE0000722365 Nasdaq Nordic Stockholm Sweden

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

Sean Conroy

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Oasmia Pharmaceutical - Delivering on promises

Vivesto - Termination of coverage

Vivesto - Turnaround strategy beginning to deliver

Sylvania Platinum - Annual guidance maintained, despite strike

1Spatial - Investing in the transformational SaaS opportunity

Datatec - FY24 underlying EPS more than doubles y-o-y

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