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Scandion Oncology: Blockbuster proof-of-concept approaches - Redeye

Redeye initiates coverage of Scandion Oncology, a Danish pharma company developing drugs to reverse chemotherapy resistance – the reason for almost all cancer patient deaths. Urgent medical need (no approved treatments), a large addressable market and promising phase I/II data put lead candidate SCO-101 on track for blockbuster status and translate into significant upside potential, while platform label expansion lays out a clear future growth path.

Our rNPV valuation suggests a fair value of SEK 24 per share, slightly above the current
price. But investors also get a free option on the massive pipeline potential that
Scandion’s platform technology creates. We expect a re-rating of the stock towards the
levels commanded by US-listed peers following CORIST phase II and PANTAX phase Ib
data.
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