SEB har mod betaling udarbejdet denne analyse af Fluoguide:
FluoGuide continues to do a good job of managing the progress of its clinical program, in our view, with no delays to date except a small one that occurred because FG001 worked better in the clinical trial than expected. As the program gathers complexity, we think it will be harder to maintain this flawless track record, but this is an encouraging start. Meanwhile, new products and trials create upside potential to our valuation range.
No surprises in the financial results
FluoGuide reported Q3 EBIT of DKK -8.9m, or +24% vs. SEB, due to lower other opex, partially offset by higher staff expenses.
Progress and expansion of the program
The clinical program remains on track, with phase 2 topline for high-grade glioma likely by mid-2022. Additional FG001 trials, including for lung cancer and for low-grade glioma and meningioma, are being planned, all of which is supported by encouraging initial clinical findings in those tumour types. FluoGuide has also begun preparing for commercial-scale manufacturing, in advance of the phase 3 trial.
Generalt om Commissioned Research: Bemærk, at man bør se bort fra eventuelle kursestimater i såkaldt commissioned research, og den underliggende analyse skal også tolkes med forsigtighed, da negative aspekter ikke nødvendigvis fremhæves.
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