Isofol Medical reported a Q2 operating loss of cSEK45m, slightly better than our expected loss of cSEK51m. The financial risk has decreased following a successful capital raise, and the end-Q2 cash position was cSEK531m. With all parts of the phase III study fully completed and a comfortable financial position, the company can now shift its focus from clinical to commercial development and we expect a ramp-up in costs as pre-commercial activity intensifies. We reiterate our fair value of SEK13–23.
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