Herantis Pharma - Trials on track as CDNF readout nears

Patient recruitment in the Phase II Lymfactin trial (AdeLE) continues to progress well, aided by the addition (in March) of new treatment centres in Sweden. Initial efficacy and safety data are on track for the end of 2020. Near term, top-line data from Phase I/II asset CDNF in Parkinson's disease (PD) are expected by the year end; positive data from this trial could serve as validation of the research efforts and could also enable future partnering opportunities. H119 net loss was slightly above expectations as a result of higher than expected R&D, SG&A and financial costs. In March, Herantis raised gross €5.8m enabling a cash runway into late 2020. We value Herantis at €58.7m (€9.7/share) vs €47.9m (€9.7/share) previously.

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