Northern Lights

Vicore Pharma (Buy, TP: SEK41.00) - Waiting for trials to start

Vicore Pharma reported a Q2 operating loss of cSEK25m; as expected, the report was a non-event. More interesting is the upcoming data from the extended dose-finding Phase I trial that should be available during the autumn. We also expect the company to initiate phase II trials in IPF and dcSSc in the next six months, while the VP02 programme should be ready for clinical trials in about a year. We reiterate our BUY recommendation and SEK41 target price.

Northern Lights

Vicore Pharma (Buy, TP: SEK41.00) - Breathing hope for rare diseases

Vicore Pharma has two complementary drug candidates under development. The main asset is focused on IPF and dcSSc, two orphan diseases with high unmet needs, and Vicore Pharma is set to enter phase II in both indications in H2 2019. The second asset is based on a compound with proven efficacy in the treatment of a debilitating symptom of IPF where there are no treatment alternatives. We initiate coverage with a BUY and SEK41 target price.

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