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IRLAB Therapeutics has provided an update on upcoming development milestones for its central nervous system disease-focused pipeline. While the Phase IIb study of pirepemat in Parkinson’s disease related falls (PD-falls) continues to open new clinical sites in Europe, patient enrolment has been slower than anticipated. The company expects recruitment to be complete by end-2023 with top-line results in H124 (previously H223). We believe IRLAB’s announcement represents a more cautious approach to development in FY23 following the recent disappointing update on mesdopetam and the overall macroeconomic environment. Considering pirepemat has previously demonstrated encouraging preliminary signs of efficacy in a Phase IIa study, we do not expect the adjusted timelines to affect the drug’s potential. Our valuation and forecasts remain under review and we will update them following the FY22 results on 23 February.
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