Update: Pivotal colonoscopy results mid-year
Paion is approaching an important catalyst, with results from the US colonoscopy Phase III trial of remimazolam due to report mid-year. Filing for US approval is expected to be end 2017 at the earliest, as recruitment in the confirmatory bronchoscopy trial continues to be moderate. Partnering discussions for Japan are not expected to conclude until H216 at the earliest; we assume Japan filing in H217. We trim our valuation to €193m or €3.81/share (vs €203m or €4.01/share), with a launch date 12 months later in the US and Japan partly offset by lower forecast expenditure.Paion is a holding company. Through its subsidiaries, Co. is a biopharmaceutical company focusing on developing and commercializing drugs to be used in out-patient and hospital-based anesthesia, sedation and critical care services. Co.'s key compound is Remimazolam, an intravenous ultra short-acting and controllable anesthetic/sedative drug candidate in advanced stages of development for use in procedural sedation and general anesthesia.
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