Västra Hamnen Corp. Finance

• The 24-month follow-up data to be reported by the end of Q3
• The GMP production facility is generating revenue
• Adjusted for dilution, our fair value amounts to SEK 1.28 per share

Xintela’s half-year report did not reveal any surprises. As announced in Q1, XSTEM in knee osteoarthritis (OA) has been proven safe and tolerable by the 18-month data in all three dose levels. In Q2, the last patient in the phase I/IIa study was followed up. The complete 24-month data from the highest dose level is expected to be reported by the end of September.

Adjusted for dilution, our model suggests a fair value of SEK 1.28 per share. The full report is available here.