Redeye comments on the press release from Moberg Pharma last night. The Compay announced that MOB-015 (topical terbinafine) did not meet the primary endpoint in the phase 3 study using 8 weeks of daily dosing followed by weekly maintenance dosing. From now on, the company will focus on the effective daily dosing regimen approved in 13 EU countries. With further weaker data, the unlikely launch in the US, and the termination of the Bayer agreement, given that there are still some things to get clarification on, we lower our Fair value range to SEK 5—30 (7-48) per share. The Base case is from SEK 19 to 9.5 per share; this may change when the company updates the strategy.
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