RhoVac - Limited impact from COVID-19 pandemic

According to the latest update from RhoVac, the COVID-19 pandemic has had limited impact on it to date. No patients have dropped out of the ongoing Phase IIb BRaVac study with RV001, a cancer immunotherapy targeting RhoC, in prostate cancer. The company expects full recruitment will be delayed by only three months to end-2020. RhoVac added that the delay is manageable within the existing budget, so we do not expect it to have a significant effect on the investment case. The company is expanding its R&D activities in the US, which will position it for timely interactions with the FDA. Our valuation is marginally higher at SEK925m or SEK48.6/share.

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