LONDON, UK / ACCESSWIRE / March 19, 2019 / Positive progress in Nuevolution's (STO: NUEV) RORγt partnership with Almirall has triggered a €1m milestone payment (SEK10.5m) and we continue to forecast that it will enter the clinic in 2019. FY18 was defined by the progress in the Amgen partnership as it opted in for two oncology programmes, further validating Nuevolution's Chemetics technology. In Nuevolution's BET-BD1 programme, a development candidate (NUE20798) has been nominated; data in animal cancer models highlight that it may have synergistic effects in combination with immunotherapies. The FY18 net loss was down year-on-year to SEK99.7m (from SEK117.5m) as a result of lower R&D costs. Net cash of SEK108m (FY17: SEK110.6m) should fund operations into 2020. We value Nuevolution at SEK20.7/share.

We value Nuevolution at SEK20.7/share (SEK1,026m), vs SEK19.7/share (SEK974m) previously. The increase in value is driven by the rolling forward of our model, and we have updated net cash and FX rates.

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