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Cantargia's Q2 report offered few surprises. In our view, the main highlight of the quarter was the ASCO conference, where the company revealed positive interim data for its lead candidate, CAN04. We view this as a positive addition to Cantargia's data package, which is favourable for future partnership negotiations. There is a potential negative read-across for IL-1 inhibitors in oncology due to another failed study in the Novartis CANOPY programme (this time in the adjuvant setting), but we believe that each drug targeting IL-1 biology should stand on its own merits. Marketing material commissioned by Cantargia.
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