Mintra is reporting best quarters in its history. The trend is going to continue. At the same time Mintra is the cheapest in Nordic Software Universe. Growth is going to accelerate in H2. We are long Mintra

Summary of Pareto note from today

Disclosure: 

The goal of the blog is to provide investment ideas for further research. I/we have a beneficial position in the shares discussed above either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. The article does not represent investment advice. Please do your own research before making any investment action.

CALTX launched its product only on January 28, 2022. The company is recording strong revenue growth of 246% – from 1.9 mil USD in Q2 to 6.6 mil USD in Q2. Pareto estimates peak annual sales around 300 mil USD in a few years. The share price is around 84 NOK, both Pareto and Carnegie have 12 month price target over 300 NOK.

Retail investors sold the good news, the CALTX is down 15% in last week or so. The sell off is irrational – it is a buying opportunity. We took advantage of it and trippled our position. See below summary of Pareto and Carnegie research on CALTX.

I also include quick note on Sedana from Pareto from today. Sedana benefited strongly in Covid, bzt sold strongly post Covid. The story remains intact. We have a very small position in the stock, but like the story a lot and reviewing it for further position increase.

Pareto on Calliditas

Q2 report’s market reaction sets buying opportunity

Last week, Calliditas Therapeutics released their Q2 report, which was in line with our expectations, yetit triggered a sell-off of around -15%. We believe that the stock will eventually recover as (i) the company is posting sales in line with larger companies that we used to model Tarpeyo’s sales,  (ii) we do not expect competitor entry (Sparsantan) in November as the broader market seems to, why is explained under the 2nd title in this note and,  (iii) the slight increase in cost was expected as function of increase in sales & necessary to catalyze Tarpeyo’s larger potential. We thus reiterate our Buy rating on CALTX with a target price of SEK 300/share. Q2 progress and 2022E outlook Calliditas delivered in line with our expectations, and we expect them to continue on this path (see graph below from our initiation report). •    – Sales increased by +246% from USD 1.9m to USD 6.6m    – The company increased its reach to unique prescribers from 111 in Q1 to 314 in Q2 (with around 4000 available in the US) and patient enrollment from 134 in Q1 to 315 in Q2.•    – In Q3, we expect a lower quarter-to-quarter growth rate (around +160%) due to less enrollment during the summer holidays and most enrollments during late August-September which are generally strong enrollment months when compared to peer drugs and indications. Travere’s Sparsantan, the non-selling “soon to be competitor” as per market expectations (not ours) The market seems to ignore several facts which we elaborated on in our initiation report from June 2nd. Below three bullets + a conclusion bullet on why we see Travere’s chances to get accelerated approval for Sparsantanin IgA Nephropathy as very slim. •   FDA’s comments and interactions with Reata Pharmaceuticals and Calliditas Therapeutics last year allow for insights in how the agency assesses such kidney disease targeted drugs. Both decisions were expectable also based on previous behavior. The FDA made clear that companies need to show good proteinuria and eGFR data with an adequate safety profile. Reata had bad proteinuria data but good eGFR data and bad safety data = rejected by FDA. Calliditas had good safety, good proteinuria, and good 9-month eGFR data = FDA asked for further analysis on eGFR (highlighting its importance despite the approval being on the surrogate / proteinuria),being at least part of the cause for the three months delay from September to December 2021 = FDA granted accelerated approval to Calliditas’ drug Nefecon. •   As noted in our initiation, Travere filed for accelerated approval in May 2022, not providing any eGFR data to the public despite having like Calliditas, 9-month follow-up data – also implying that the drug is likely weaker on this key endpoint than Calliditas’ drug. Instead, Travere press released the following sentence “The Company believes that preliminary eGFR data available at the time of the interim analysis are indicative of a potential clinically meaningful treatment effect after two years of treatment.” We note, that “believes”, “preliminary”, “indicative” and “potential” are verbs and adjectives that create less confidence compared to posting clinically relevant and statistically significant eGFR data as Calliditas did from both phase 2 and phase 3 studies. •   On August 3, the FDA rejected Travere’s Sparsantan accelerated approval submission in another fibrotic kidney disease, focal segmental glomerulosclerosis (FSGS). What did the FDA note? The lack of eGFR data asdisclosed by Travere’s press release: “..the interim analysis from the ongoing pivotal Phase 3 DUPLEX Study conducted in 2021 together with the recent limited additional estimated glomerular filtration (eGFR) data-cut do not meet their threshold to support an application for accelerated approval in FSGS..”. •   Based on all this, it would be a surprise and change in the agency’s behavior to grant Sparsantan accelerated approval in IgA Nephropathy this November, thus we deem its chances to be rejected as very high and the question for relevant eGFR data remains even for the potential of a later possible approval and the possibleadoption by treating nephrologists.  Nefecon in other regions and Setanaxib Following the European approval of Nefecon (EU brand name Kinpeygo) in July, we expect the launch in the region by Calliditas’ partner STADA in the remaining half of the year, likely within September. Calliditas’ partner in China, Everest Medicines, is also expected to file its submission soon with expected approval in H2 2023. The selective NOX1 and NOX4 enzyme inhibitor Setanaxib has fully enrolled both phase 2 trials in primary biliary cholangitis (PBC) and head & neck cancer. We expect an interim readout in head & neck cancer by late this year and topline data in H2 2023 and interim data in PBC by Q2-Q3 2023.

Pareto note on Sedana

SEDANA SS – Sedana Medical – Buy, TP SEK 50 – The need for alternatives

Not only because we believe inhaled sedation is a clinically better alternative to Propofol (with positive health economics effects), it is abundantly clear that healthcare providers need alternatives. Propofol is a frequent guest on the FDA list of drugs in short supply, which may get worse near term. On 22 August, Hospira, one of the leading suppliers of Propofol in the US, issued a voluntary nationwide recall for one lot of Propofol (see link below). This may seem like a small thing; however, at the same time, Teva (another large supplier of Propofol) has decided to close its manufacturing facility (see link below). Together, this may tighten the supply even further. We would like to remind investors that neither isoflurane nor sevoflurane has been in shortage during the Covid-19 pandemic.

We have a Buy recommendation and a TP of SEK 50. We believe the Q2 report signalled some positive developments, including market share gains in Germany. We expect reimbursement decisions for France and Spain during the autumn and also the approval of Sedaconda in the UK. With an expected normalization of the ICU admission market, we foresee a return for the shares.

Disclosure: 

The goal of the blog is to provide investment ideas for further research. I/we have a beneficial position in the shares discussed above either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. The article does not represent investment advice. Please do your own research before making any investment action.

I summarize two interesting hydrogen ideas for this week

Pareto Securities: Hydrogen Pro – Attractive Hydrogen Exposure

Below is a summary of the report published today:

Fusion Fuel Green

I saw a good article on Fusion Fuel on SeekingAlpha. It specializes in designing and producing solar-powered hydrolysis units meant for green hydrogen production. The production process is now fully price competitive vs hydrogen produced from natural gas.

Disclosure: 

The goal of the blog is to provide investment ideas for further research. I/we have a beneficial position in the shares discussed above either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. The article does not represent investment advice. Please do your own research before making any investment action.

We have several pharma investments. One of the largest is our Vicore position. It is one of the most interesting plays according to Pareto analyst. I enclose summary of the Pareto note from this morning.

Vicore is below radar screens of many investors. The upcoming 4 September conference, which is the major event of the year for Vicore field, could be a turning point for Vicore. Pareto analyst: “With this upcoming event, clearly superior clinical data vs. the competition, we believe Vicore Pharma will gain significant attention.“

IPF data to be presented alongside competitors at conference Vicore Pharma today announced that the interim data in IPF will be presented at the European Respiratory Society (ERS) congress in Barcelona on September 4, 15:00 CET. On the same day, (previously published) data from Boehringer Ingelheim and Pliant Therapeutics will be presented. Best data reported from Boehringer’s BI 1015550 to date, is a mean increase in forced vital capacity (FVC) of +5.7 mL after 12 weeks. Best data reported from Pliant Therapeutics’ PLN-74809 to date, is a mean increase in FVC of +24.6 mL after 12 weeks (only one group, rest experienced declines in FVC).  As a reminder, Vicore’s C21 IPF data included not just longer & thus more robust follow-ups (24 & 36 weeks) which showed a trajectory, it also reported much higher mean increases in FVC with +251 mL at week24 and +751mL at week 36.  From our study of IPF related FVC measurements, we would consider short term changes in the range of +/- 50-70 mL as within the variability of these measurements. With this upcoming event, clearly superior clinical data vs. the competition, we believe Vicore Pharma will gain significant attention. Further, we believe that it is possible (due to time passed since last follow-up), that Vicore will release new clinical data from its IPF trial in the coming 1-3 weeks, which we expect to be a major catalyst by itself. We reiterate our Buy rating on VICO with a target price of SEK 97/share.

Our other pharma positions include Biovica, Bioinvent, Eigr, Sedana and Calliditas. We wrote here several times on those opportunities.

Biovica, that recently obtained FDA approval for its innovative breast cancer test will be presenting to investors their product lunch strategy. See https://fitinvestmentideas.com/2022/08/16/biovica-invites-to-market-update-after-its-fda-approval/

Disclosure: 

The goal of the blog is to provide investment ideas for further research. I/we have a beneficial position in the shares discussed above either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. The article does not represent investment advice. Please do your own research before making any investment action.

We have been very bullish on Biovica. I wrote here several times about the opportunity, I published articles on SumZero and SeekingAlpha. We viewed the likelihood of the FDA approval for its Breast Cancer Test as over 90%. Market gave it much lower probability, the not patient retail sold the stock. Biovica got their FDA approval about two weeks ago. The company is now preparing its US and European market lunch. We are bullish Biovica

Our last write up on Biovica https://fitinvestmentideas.com/2022/08/01/broker-comments-on-biovica-received-fda-approval-for-first-ever-biomarker-in-its-field/

Biovica announcement:

Biovica invites to market update on 18 August 15.00 – Bringing DiviTum®TKa to US patients

Biovica, active in cancer diagnostics, is hosting a market update due DiviTum®TKa’s US market approval received on July 29 from the US Food and Drug Administration (FDA).

At the update on Thursday 18 August 15.00-16.00 CET, CEO Anders Rylander will give a short introduction. Joakim Arwidsson, VP RA/QA, about the 510(k) clearance, Henrik Winter, SVP Business Development, will describe the clinical application of the test and Warren Cresswell, President Americas, will describe the US Go-to-market plan.

DiviTum®TKa received 510(k) clearance on July 29, 2022, as an aid in monitoring disease progression in previously diagnosed hormone receptor positive, metastatic postmenopausal female breast cancer patients.

Link to the event: Biovica International Market update FDA clearance 2022 (streamfabriken.com)

Disclosure: 

The goal of the blog is to provide investment ideas for further research. I/we have a beneficial position in the shares discussed above either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. The article does not represent investment advice. Please do your own research before making any investment action.

Arctic on African Energy: “From waiting game to action time”

Africa Energy and Africa Oil have a lot of catalysts in 2H22. The consensus is very bullish. Today Arctic joined the bullish analysts crowd on both stocks. Summary below.

Africa Energy is our largest position in the sector, Africa Oil is the second largest.

Disclousure:

The goal of the blog is to provide investment ideas for further research. I/we have a beneficial position in the shares discussed above either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. The article does not represent investment advice. Please do your own research before making any investment action.

SpareBank published a new note on Mintra today, summarising their target price uplift. They argue that the two largest shareholders may buyout Mintra and take it private. The summary of the note is below.

I never wrote here about Ocean GeoLoop, a novel carbon capture company. Our family office has a smaller position there. The company today announced that Chevron invested 100 million NOK at 28% premium to yesterday close. That is one of the largest premiums we saw for such transaction in Scandinavian market. Both companies signed MoU on future cooperation. OCEAN is up 24% now, but still below the share price Cheveron paid. Interesting opportunity for further analysis. I enclose below a Clarkson note on the announcement.

Todays note on Mintra by Sparebank

Mintra (upgrade): Yesterday, we upgraded our recommendation from Neutral to Buy in MNTR and increased our target from NOK3.6 to NOK5 per share.
 
Following the 2Q22 report, we make positive changes to OpFCF. Indeed, even though we lower our revenue estimates slightly (model 3.5%/8.2% and 9.1% YoY growth in 2022/2023/2024), we increase our EBITDA 4-5%. This is primarily related to the trailing 12m improvements, which is solely related to lower opex base. Coupled with more or less unchanged capex expectations, our OpFCF for 2022 and 2023 is upped 7% and 6%, respectively. Our 2023 EPS however is upped 15%.


The main reason we upgrade from Neutral to Buy is 1) new owners in place with Ferd and Tjaldur owning 40% of the company giving us more comfort with the underlying development, 2) attractive exposure with more than 50% of revenues coming from energy related business, 3) another quarter with OpFCF beat leading to 5-7% higher OpFCF estimates, 4) valuation support with 2022e and 2023e OpFCF yield of 9.3% and 11%, respectively and 5) the optionality that the company is a perfect LBO candidate.


With regards to the latter, on slide 5-7 we have conducted a simple LBO model to illustrate the potential in Mintra as a public to private candidate. First, the two largest owners owns 40% of the company and the reminding free float is negligible. The actions we believe needs to be taken in order to grow double digit organically (currently low single digit and we model 6.7% next three years) requires increased investments in R&D, which could be better to take off the stock exchange (short-term hit on margins). The company has trailing 12m OpFCF margins of +20% and is net cash with NOK116m, which is a very good starting point for leverage. Assuming 10x EV/EBITDA (20% premium) in both entry and exit multiple, 6.9% revenue CAGR, 31.8% average EBITDA margin, 22% tax-rate, 5% interest rate, 10% D&A (due to amortization of acquired companies), 7.5% capex/sales and 24% working capital to sales, we arrive at 2.9x MoM multiple looking towards 2027 and 23.4% IRR.


Therefore, we upgrade Mintra from Neutral to Buy and increase our target from NOK3.6 to NOK5. On our NOK5 target, the company trades at 2023 EV/EBITDA of 9x and 8.6% OpFCF yield, which still looks cheap. The main reason we do not set our target higher – i.e., give the company credit with higher multiples, is the current low single-digit organic growth. If the company, given their exposure to the energy sector, is able to also increase its organic growth – we see further upside on multiples.

Clarksons note on OCean GeoLoop partnership with Chevron

Ocean GeoLoop (OCEAN NO, NOK 28.98, Buy, PT: NOK 40.00)

Chevron invests in OGL at 28% premium
Ocean Geoloop announced this morning that oil giant Chevron has acquired shares in the company for the first time through a primary offering at a price of NOK 37/share, representing a 28% premium to yesterday’s close. The rare listed investment by Chevron appears to be a major vote of confidence in the commercial viability of OGL’s technologies, which is the key to the stock’s ultimate value potential, in our view. The investment follows a successful start-up of the OGL’s pilot plant and its first capture of carbon, with a more formal “proof of concept” expected to be achieved later this year after 3000 hours of testing. We have a Buy rating and NOK 40 Target Price on Ocean Geoloop based on a probability-weighted value analysis, though as we outlined in our coverage initation  several scenarios exist in which upside potential could exceed our Target Price, depending on commercial success of the company’s technologies.

Disclosure: 

The goal of the blog is to provide investment ideas for further research. I/we have a beneficial position in the shares discussed above either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. The article does not represent investment advice. Please do your own research before making any investment action.

After the strongest quarter ever in Q1, Mintra reported another strong Q2 beat. Below is a summary of the broker reports.

I wrote here about the investment case a few weeks ago. http://www.fitinvestmentideas.com/2022/07/15/mintra-smart-play-on-shipping-and-energy-exploration-boom/

We are long Mintra.

Pareto Securities Report

Q2 EBIT 34% ahead of expectations
Mintra reports Q2 EBITDA of NOK 24m (22% ahead of PAS est.), EBIT of 18m (34% ahead of PAS) and FCF of 7m (ahead of PAS at 1m). The main reason for the beat is related to lower-than-expected cost, partly explained by improved revenue mix towards higher margin services (eLearning up, Consultancy down). The order intake also continued to grow, up 8% y/y to NOK 39m, and should convert to revenue growth over the coming quarters, which has been moderate so far this year (Q2’22 revenues up 1% y/y). Looking at valuation, it’s difficult to find a lower priced tech stock in the Nordics – so far this year (H1), Mintra has already generated ~8% of its EV and on run-rate multiples it’s priced at 6x EV/EBITDA and 8x EV/EBIT. We believe growth will pick up over the coming quarters and combined with stellar profitability, this is a stock to own in our view. Buy reiterated TP – 7.0 NOK

SpareBank Report

Mintra (2Q22 report): Earlier today, MNTR delivered its 2Q22 figures where we are interested in the 1) organic growth, 2) deviations on OpFCF and 3) any comments in the outlook with regards to signs of pent-up demand within energy in particular. Following the report, trailing 12m EBITDA margin stand at 29%, which is what we model for the full year and hence, we are likely to increase our estimates some 5-10% and look into our current Neutral recommendation. The organic growth is not impressive (low single digit), but given the 2023 double digit OpFCF yield valuation on the current share price and its new owners, we see it as a potential public to private candidate that at least has solid margins (trailing 12m OpFCF margin of 22%).

Revenues landed at NOK62.6m, which was 5% above our NOK59.9m estimate. That correspond to a organic growth of 1%, a sequential decline from the organic growth of 3% in 1Q21.


With the operational scalability in its business model (e-learning and software primarily), OpFCF landed at NOK21.3m, which also was above our NOK16m estimate, driven by both lower than expected opex (lower opex in 2Q vs. 1Q due to holiday pay in Norway), but also lower capex, which landed at 4.4% to sales. If the company intends to grow double-digit, we believe below 5% capex to sales is a too low level and as such, we put more emphasis to the beat on EBITDA, which came in at NOK24m vs. our NOK21m estimate.


Limited hard facts where given in the outlook section, but we note that the beat on EBITDA was not related to changes in gross margin (87%) and hence, related to recurring opex improvements (to right size the company towards its low single digit organic growth). We also note that reporting will be changed from quarterly to a six month basis. Coupled with the fact that the company is net cash of NOK115.5m, trades at 2023e EV/EBITDA of 6.7x and an OpFCF yield of 11.2% on our current estimates with Ferd as the largest owner – we see MNTR as a highly potential public to private candidate.

Disclosure: 

The goal of the blog is to provide investment ideas for further research. I/we have a beneficial position in the shares discussed above either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. The article does not represent investment advice. Please do your own research before making any investment action.

We are long Sedana Medical a pioneer medtech and pharmaceutical company dedicated to making inhaled sedation a standard therapy in ICU (Intensive Care Unit). The company was the beneficiary in Covid, and a victim of post Covid sell off. We bought in believe that post Covid sell off was excessive. It is a smaller position for us now, in review now for potential position increase. More details on the company http://www.sedanamedical.com

Redeye Research Summary on Sedana Medical

Q2: Continues to build a base for wider roll-out

Redeye lowers its full-year sales estimates for 2022E from SEK 180m to SEK 149m and our 2023-2024E sales by 4-8%, following the report. Once the market normalizes (the company hopes for early 2023), we believe Sedaconda will be more widely implemented in ICUs and its long-term potential will be better recognised by investors. We reiterate our fair
value range, consisting of a SEK 101 Base Case.

Q2 2022 in brief
Sales in the quarter of SEK 26.9m (39.5) were 35% below our expected SEK 41.1m and 32% lower than in Q2 2021. The sales figures can be explained by a drop in ventilated ICU patients (c40-50% compared to Q2 2021, according to Sedana Medical). We had higher expectations for the roll-out of on-label Sedaconda in the quarter. However, we believe sales could jump aggressively in Q4 2022E as national approvals (specifically the UK with
its NICE guidelines) and reimbursements should be in place.

On the cost side, OPEX amounted to SEK -48.7m (-42.6) compared to our SEK -48.2m estimate and none of the line items were particularly off from our projections. As we go forward, we anticipate improvements in administrative costs as the company implements its cost-cutting program.
Some estimate changes, but the fair value range is intact

We have downed our FY 2022E estimates from SEK 180m to SEK 149m (-17%), but as we believe 2023E will offer an entirely different playing field (i.e., national approvals, reimbursements, and guidelines), our sales estimate changes are small for the coming years. For 2023E, we lower by 8%; for 2024E, we lower by 4%; for 2025E, we lower by a mere 1% and we still expect Sedana Medical to reach its sales target of SEK 500m by that year.
Our fair value range is intact and consists of a SEK 101 Base Case, a SEK 21 Bear Case and SEK 149 Bull Case.

Link to Redeye free research:

Disclosure: 

The goal of the blog is to provide investment ideas for further research. I/we have a beneficial position in the shares discussed above either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. The article does not represent investment advice. Please do your own research before making any investment action.

Every month Pareto Securities publishes their portfolio ideas for Norway and Sweden. They select ten stocks for each market. Below is our selection from that portfolio. Their Norwegian portfolio ideas outperformed the benchmark by 30%, Swedish portfolio by about 1%. I selected below the ideas we like most from the 20 stocks.

We also published our Top Ideas for August last week. Link is below.

Ideas selected from Pareto Monthly Portfolio Update for August for Norway and Sweden

HAFNI – BUY, TP NOK 45
Product tanker rates are going through the roof as the Ukraine war is sending much-needed diesel volumes long-haul while inventories are running dangerously low. Hafnia’s Q2 bookings put them at run-rate P/E ~2.5x as MRs just finished their best quarter since Q4’04. Q3 is starting out on a higher note than Q2 did and bookings from peers suggest Q3 EPS of USD 0.7 for runrate P/E 1.2x in HAFNI. Consensus is nowhere near this and we believe the Q2 report later in August will be an eye-opener, with Q3 earnings alone set to dwarf the mayhem we saw during 2020. Our current NAV of NOK 39 is pushed to NOK 50 by YE’22 on our estimates with values up 10%. Momentum and underlying markets are firming under the radar as refinery runs are set to increase, and Hafnia is perfectly positioned with a large and healthy levered fleet. BUY / TP NOK 60

AKH – BUY, TP NOK 30
We estimate Aker Horizons mark-to-market SOTP at NOK 27/share, which implies that it trades at a 36% discount. We find this attractive for a company that has proven its ability to create value by actively managing its portfolio and securing strong partnerships to drive further growth. In addition, Horizons has materially strengthened its investment capacity that now exceed
NOK 10bn of cash equity (incl. MRP). We think this is underappreciated by the market and a differentiator to many peers. BUY / TP NOK 30

Calliditas Therapeutics – Buy, TP SEK 300
In July, Calliditas Therapeutics received European approval for its first-to-market drug Nefecon in the rare kidney disease IgA Nephropathy – which came one month earlier than expected. The drug will be sold under the brand
name Kinpeygo by Calliditas’ partner STADA, a large German Pharma company. Calliditas has already launched the drug (brand name Tarpeyo) in the US and noted a continued acceleration of sales in the Q1 call for April and first half of May. In the coming months, we expect the stock to continue outperforming the market, especially towards the Q2 call in August.

Vicore Pharma – Buy, TP SEK 97
VICO is trading +100% YTD and is poised to continue much further in the coming two months. Why? We expect (positive) major catalysts around end of August / early September. These include follow-up data from the company’s trial in idiopathic pulmonary fibrosis (IPF) patients and also the readout of the COVID-19 phase 3 study. Drug sales in IPF reached around USD 4 bn last year, comprised of two drugs, one from Roche (Esbriet) and one from Boehringer Ingelheim (Ofev). Despite the two drugs on the market, the median survival after diagnosis is 3-5 years (the drugs are only slowing the decline in lung function). Vicore’s drug, for the first time ever, has shown gain in lung functions in IPF patients that reached the hundreds of millilitres / instead of short-term stabilization or slower decline as competitors. The efficacy demonstrated by Vicore’s drug in the February 2022 readout drug showed a
lung function gain of +251mL at week 24 & +751 mL at week 36 – unprecedented and we believe this will soon be further reinforced.

Disclosure: 

The goal of the blog is to provide investment ideas for further research. I/we have a beneficial position in the shares discussed above either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. The article does not represent investment advice. Please do your own research before making any investment action.