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Valuation Reports

Newron Valuation Report
“Back to pivotal”
Encouraging evenamide "Study 014" interim data in TRS

Encouraging interim data of “Study 014” of evenamide in treatment-resistant schizophrenia was announced confirming evenamide’s good safety and tolerability profile and potential to improve symptoms of psychosis in patients who, despite treatment with various antipsychotics, continue to experience severe symptoms of psychosis and functional disabilities. Newron continues to trade well below the value of its approved drug Xadago in Parkinson’s disease with no value contributed to its promising pipeline targeting blockbuster sales potential.

Key catalysts include:
1. Start new label trial Xadago in PD-LID (Q3 2022)
2. Results “Study 014” trial of evenamide in treatment-resistant schizophrenia (Q3 2022)
3. Results phase II/III “Study 008A” trial of evenamide in non-TRS (Q4 2022)
vL Newron Valuation Report 7JUN22.pdf
Adobe Acrobat Document 1.5 MB
Cosmo Valuation Report
"Back to the roots"
More SKIN in the game

Cosmo is expected to see a sharp increase in total revenues boosted by the recovery of its endoscopy business, which was severely impacted by the COVID-19 pandemic, and the US launch of Winlevi in acne. Revenues from GI Genius - a game changer in detecting colonic lesions - by global partner Medtronic could be transformational, while the company should also benefit from the value creation of its partners through its strategic “equity-for-product” stakes. Cosmo has returned to sustainable profits by establishing a global sales infrastructure through strategic partnerships, thereby significantly reducing operating expenses, with eight products on the market.

Key catalysts include:

1. Start phase III trial Aemcolo in IBS-D (2022)
2. Start confirmatory Lumeblue phase III trial for US approval (2022)
3. Start phase III trial Breezula in male alopecia (H2 2022)
Cosmo Valuation Report 10MAY22.pdf
Adobe Acrobat Document 2.4 MB
Basilea Valuation Report
"A moving year ahead"
Moving out of oncology - full focus on anti-invectives

FY 2021 results exceeded Basilea’s guidance, reflecting the strong underlying growth of Cresemba, triggering substantial milestones resulting in a small operating profit. After a strategic review, Basilea decided to focus solely on anti-infectives in the future to become a leading company in this field and accelerate its path to sustained profitability expected from 2023 onwards. Basilea plans to optimize the value of its oncology pipeline through either portfolio or individual asset transactions with partners specialized in oncology during 2022.

Key catalysts include:
1. Strategic transactions oncology pipeline (during 2022)
2. Topline results phase III “ERADICATE” trial of Zevtera in bacteremia (mid-2022)
3. US filing of Zevtera for severe bacterial infections (H2 2022)
vL Basilea Valuation Report 11APR22.pdf
Adobe Acrobat Document 1.9 MB
Relief Therapeutics Valuation Report
“What a Relief!”
The legal battle intensifies - mediation on its way

The legal battle between Relief and its US partner NRx (formerly NeuroRx) has intensified with NRx filing a counterclaim against Relief seeking termination of the Collaboration Agreement for RLF-100 and damages of at least USD 185 mn for breach of contract and defamation. Mediation to amicably resolve the litigation is on 22 February. Relief has started US commercial initiatives for the anticipated launches of Golike in PKU and ACER-001 in UCDs, next to a US ADR program to be transitioned into a NASDAQ stock market listing in H1 2022. Funding has been secured into late 2023.

Key catalysts include:
1. PDUFA date ACER-001 in urea cycle disorders (5 June 2022)
2. “AVICOVID-2” topline results RLF-100 INHALED in prevention COVID-19 related ARDS (H2 2022)
3. Start phase IIb trial RLF-100 INHALED in pulmonary sarcoidosis (H2 2022)
vL Relief Therapeutics Valuation Report
Adobe Acrobat Document 1.7 MB
Santhera Valuation Report
“On a mission with a VISION”
First partner validation vamorolone - filings imminent

First partner validation of vamorolone in DMD through a lucrative licensing agreement with Sperogenix for the Greater China Region in a deal valued at USD 124 mn plus double-digit sales royalties. Vamorolone US and EU DMD filings are on track thanks to the successful conclusion of the pivotal “VISION-DMD” trial (positive 24 and 48-week results). Santhera provides substantial equity upside (a multiple of the current share price) while vamorolone in DMD has been largely de-risked.

Key catalysts include:
1. Vamorolone US DMD filing (Q1 2022)
2. Vamorolone EU DMD filing (end Q2 2022)
3. Vamorolone US DMD approval (Q4 2022)
vL Santhera Valuation Report 7FEB22.pdf
Adobe Acrobat Document 1.4 MB
Addex Valuation Report
“Back to the future - fast forward”
USD 339 mn Indivior deal highlights pipeline potential

The USD 339 mn strategic agreement with Indivior to accelerate development of ADX71441 in addiction highlights the underlying value of Addex’ allosteric modulator pipeline and extends it cash runway into 2021. The company plans to raise sufficient funds in 2018 to finance pivotal development of dipraglurant in PD-LID and dystonia, both with blockbuster peak sales potential. Successful funding is the last step in Addex' development strategy to unlock the value of its key pipeline projects.

Key catalysts include:
1) Start phase IIa POC trial of dipraglurant ER in dystonia (H2 2018)
2) Start phase I trial of ADX71441 in addiction (H2 2018)
3) Start 1st pivotal phase III trial of dipraglurant IR in PD-LID (H2 2018)
vL Addex Valuation Report 8JAN18.pdf
Adobe Acrobat Document 1.3 MB
Kuros Valuation Report
"Fit for Growth"
KUR-023, the first product to reach the market in 2017

Kuros’ key projects target sizable market opportunities in surgical sealants with KUR-023 (dural membrane sealant); and orthobiologics with KUR-111 (bone graft substitute) and KUR-113 (bone fracture healing), with combined peak sales of more than CHF 1.5 bn. With cash of CHF 18 mn (June 30, 2016), the company has sufficient funds to launch KUR-023 in the EU in 2017, and prepare KUR-111 and KUR-113 for phase III development. Additional financing will be needed to bring KUR-111 and KUR-113 successfully to market. Legacy Cytos collaborations (not in our forecasts) provide significant upside potential without any further funding requirements.

Key catalysts include:
1. Filing CE marking dural membrane sealant KUR-023 (~end 2016)
2. Start US PMA clinical trial KUR-023 in spine patients (2017)
3. EU approval, partnering agreement, and launch of KUR-023 (2017)
vL Kuros Valuation Report 27JUN16.pdf
Adobe Acrobat Document 1.3 MB