Redeye provides a research update following the Q3 report recently published by Alzinova. Operating costs came in above our expectations, driven by increased CMC activities ahead of the phase IIa study ADVANCE, while the cash position at quarter-end was low at SEK0.7m ahead of the rights issue proceeds received after the quarter. The quarter was eventful, with Alzinova initiating the operational start-up of ADVANCE, completing its diagnostics study with Amsterdam UMC and raising approximately SEK44m through a rights issue. With seven US sites selected, an IND amendment filed and an IRB application submitted, the company remains on track to include the first patient around the turn of the year. We retain our fair value of SEK0.9 per share.
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