Redeye provides a research update following Isofol’s Q3 report. OPEX came in some 15% below our expectations, driven by lower R&D expenses, while cash at quarter-end of SEK98.1m was broadly in line with our estimate. More importantly, the second interim readout from the ongoing phase Ib/II study confirmed the encouraging signals from February, with half of the ten treated patients becoming candidates for curative-intent surgery and no dose-limiting toxicities observed. Following our model update, our fair value remains unchanged at SEK1.7 per share.
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