Prolight: Positive results from the pre-clinical validation study de-risk the full clinical validation - Emergers

Following the many recent grants, notices of allowance and intention to grant patents in Europe and the US, and the arrival of the first of thirty commercial prototype instruments for the Psyros Point of Care (POC) system, Prolight has now announced the positive results from the company’s pre-clinical validation study using plasma biobank samples, marking another a significant step in Prolight’s long-term strategy to deliver innovative solutions for POC diagnostics. The study results affirm the performance of the Psyros technology with good clinical sensitivity and specificity with chest-pain samples. It also provided an initial estimate of the healthy normal reference range and showed equivalence of commercial prototypes with lab prototypes, laying a sturdy foundation for the full clinical performance study planned to start later this year. Furthermore, the recent acquisition of the Norwegian POC platform SpinChip by bioMérieux for EUR 138m underscores the growing interest and value potential of POC systems. As our rNPV model now rolls over into 2025, this motivates a hike of our likelihood to get to launch to 90% (82%) and increases our fair value to SEK 1.15-1.25 (0.9–1.0) per share, whereas a read-across from the SpinChip deal supports a valuation of USD 160m, translating to SEK 2.3 per share.