Factor Therapeutics updated the market that at the end of Q117, 12 venous leg ulcer (VLU) patients had been randomised to VF-001 or placebo in its Phase IIb trial, with a further 11 patients undergoing the two-week screening period prior to randomisation. We model the recruitment rate steadily increasing to 50 subjects entering screening per month (33 randomised), with the 168-patient trial being fully recruited by September. This would allow the last patient to complete their 12-week follow-up visit in December, with top-line data for the per cent wound closure primary end point reported in Q118. This timing would represent slight slippage on the company’s target of top-line data read-out in Q417, but would leave our key valuation assumptions intact. Our valuation is unchanged at A$108m or A$0.15 per share.

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