Edison Issues Outlook on Nuevolution (NUEV)
ACCESS Newswire
20 Mar 2019, 00:13 GMT+10
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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www.edisoninvestmentresearch.com
About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
Edison is authorised and regulated by the Financial Conduct Authority.
Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.
For more information please contact Edison:
Dr Daniel Wilkinson, +44 (0)20 3077 5734
Dr Susie Jana, +44 (0)20 3077 5700
Dr Sean Conroy, +44 (0)20 3077 5700
Learn more at www.edisongroup.com and connect with Edison on:
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SOURCE: Edison Investment Research Limited
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