Biosergen

Biosergen is expected to launch the phase 1b patient study in March. The duration of the study is expected to be short. Topline results are expected to be obtained in October 2024. This phase 1b study will confirm the safety of BSG005 and establish the dose for future studies. The need for new drugs for invasive fungal diseases is huge and there has been increased interest among pharmaceutical companies to include these projects in their portfolios. Mangold believes that Biosergen has a strong candidate which, following positive results from the phase 1b study in patients, should be able to attract a partner for a future global launch.

Mangold value Biosergen using a risk adjusted DCF model. The company's substance is known, which reduces the risk and has so far proved safe in previous clinical studies. The risk in biotechnology equities remains high and should be considered. In our Base Case, a fair value of 3.30 SEK per share is given. Mangold has chosen to set price target to 3.00 SEK. Triggers constitute approval and initiation of the phase 1b study as well as its topline results this autumn.