Edison Investment Research Limited
London, UK, 26 June 2020
Edison issues update on Abliva (NVP)
The rights issue announced on 19 February 2020 is now complete with 90% of the total amount of offered shares subscribed raising a total SEK67m. A positive surprise was the announcement that Nordic life sciences investor Hadean Ventures also decided to invest via a direct private placement of SEK20m. This brings the total amount of new funds to SEK87m gross, which will primarily fund the development of the two core assets for primary mitochondrial diseases (PMD): KL1333, a small molecule NAD+ modulator, and NV354, a succinate prodrug. The most significant share price catalyst in the near term is the KL1333 Phase Ia/b results from the final part of the study, which should start enrolling PMD patients in H220. Our valuation is SEK1.76bn or SEK5.93 per share.
After rolling our model forward, our risk-adjusted NPV valuation of Abliva is SEK1.76bn or SEK5.93 per share compared to SEK1.72bn or SEK6.40 per share previously. The technical decrease in valuation per share is due to the addition of the new shares. The most significant share price catalyst in the near term is the KL1333 Phase Ia/b results from the final part of the study.
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