Mologen’s interim results have confirmed the implementation of its ‘Next Level’ strategic review. This is focused on the development and commercialisation of lead candidate lefitolimod (oncology and HIV) across its four clinical trial programmes and the next-generation molecules EnanDIM (TLR9 agonist), effectively evolving Mologen into a more product-focused company. Partnering opportunities for lefitolimod are being actively sought. We anticipate Phase II IMPULSE (SCLC) data in early/mid-2017 and initial Phase III IMPALA (mCRC) data 24 months after final patient recruitment to drive the shares. We value Mologen at €201m (€8.87/share).

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