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EQS-News News vom 29.06.2017

Edison Investment Research Limited: Edison issues initiation on NeuroVive Pharmaceutical (NVP)

EQS-News: Edison Investment Research Limited / Key word(s): Research Update

29-Jun-2017 / 11:30 GMT/BST

London, UK, 29 June 2017

Edison issues initiation on NeuroVive Pharmaceutical (NVP)

NeuroVive Pharmaceutical is a mitochondrial medicine specialist with a diversified asset portfolio. It employs a two-pronged strategy and has a portfolio of drug candidates for orphan mitochondrial diseases, which it aims to develop internally; more recently, it has also identified in-house assets suitable to tackle larger indications, which NeuroVive aims to out-license in pre-clinical development. The most advanced projects are Phase IIb ready NeuroSTAT for traumatic brain injury and KL1333 in Phase I for various mitochondrial diseases. We value NeuroVive at SEK1.5bn.

We value NeuroVive at SEK1.5bn or SEK30/share based on a risk-adjusted NPV model using a 12.5% discount rate, including SEK67.3m net cash at end-Q117. We include five of the company's seven assets. We value the two clinical stage assets, NeuroSTAT and KL1333, at SEK299m and SEK441m respectively, which comprises 50% of the total rNPV. NeuroVive's initiation of the proof-of-concept Phase IIb trial with NeuroSTAT in TBI and initiation of the Phase I study with KL1333 by NeuroVive (Yungjin is already recruiting to its own Phase I) are the near-term R&D events within the next 12-18 months. Meanwhile, potential out-licensing of NV556 could be a substantial trigger for the share price.

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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.

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