Newron Pharmaceuticals - Evenamide trial progressing well

Newron has reported excellent, fast recruitment for the Phase II study of its novel schizophrenia drug, Evenamide, due to report in Q121. Newron notes that Phase III trials could start in Q221. It is progressing possible partnering deals on Evenamide. Discussions with Zambon on a Xadago dyskinesia study are moving forward. Newron had €39m cash at end June 2020 with cash well into 2022. Xadago royalties were up 14% at €2.5m vs €2.2m in H119. Our indicative value remains at CHF121m.