Redeye comments on the news about the company’s lower-than-expected number of patients who have achieved clinical cure in the blinded subset. This materially increases the uncertainty of a positive outcome of the current North American Phase 3 study and has raised concerns about the drug’s potential approval and commercialization in the US based on this study. We lower our likelihood of approval for the US to 20%, which substantially affects the valuation. We lower our Base case to SEK 19 (32) per share.
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