Cantargia - Buoyant on CANFOUR and CANOPY interims

Cantargia has provided updated interim data from its Phase IIa CANFOUR trial, reporting new efficacy data from the combination arms of the study investigating CAN04 (anti-IL1RAP) in first-line NSCLC and PDAC. These new Phase IIa data, combined with initial interim data reported in December 2019, continue to support the hypothesis that CAN04 has a synergistic benefit with chemotherapy, in our view. Another tailwind is increasing positive sentiment on Novartis's canakinumab (anti-IL1beta) progressing in its Phase III trials in NSCLC. We have revised our rNPV model, increasing success probability for CAN04 and revising deal terms, upgrading our valuation to SEK65.1/share (vs SEK38.2/share previously).

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