Key venous leg ulcer Phase IIb underway

Factor Therapeutics expects to report top-line results before the end of the year from its randomised Phase IIb trial of VF-001 in venous leg ulcer (VLU) patients. The trial has been designed to recruit patients with VLU with moderate severity, the subgroup that responded best to VF-001 in a previous Phase II trial. Positive results would enable submission for CE mark approval in Europe and clear the way to pivotal Phase III studies in the US. We roll our risked NPV model forward following release of H117 results, which lifts our valuation to A$108m or A$0.15 per share.