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Selvita’s strong Q116 results and expanding order book point to a good year. Our estimates are largely unchanged, forecasting double-digit organic sales growth in 2016 and 2017. The FDA’s request of supplemental preclinical documentation for SEL24’s IND application may delay the start of the Phase I trial previously scheduled for Q316. Selvita will announce more details in due course; currently our R&D timelines are unchanged, with our valuation increased slightly to PLN 363m.

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