Västra Hamnen Corp. Finance

• Considering the alternatives in wound treatment
• Discussions about investigator-initiated studies continue
• We keep our fair value at SEK 1.04 per share

On the day of the Q1 report, Xintela announced positive results of its phase I/IIa study of XSTEM in difficult-to-heal venous leg ulcers. The company is in talks regarding investor-initiated studies of XSTEM both in osteoarthritis and for the treatment of difficult-to-heal wounds. When and how these studies will be carried out remain to be seen. We still believe the company holds significant potential based on its clinical results with XSTEM. However, the financial risk is also substantial. The Q1 report did not prompt any major changes in our model, which leads us to keep our fair value of 1.04 SEK per share.

The full report is available here.