Paion - Compassionate COVID-19 ICU use in Italy

As we await the FDA verdict on ByFavo (remimazolam) for procedural sedation (PS) due 5 July 2020, Paion announced in June that it will provide remimazolam for compassionate use, supplied free, to sedate five intensive care COVID-19 patients in Milan. This has no immediate commercial implications but shows how remimazolam might be further developed. This may lead to published ICU case reports and we expect remimazolam to be an alternative to midazolam and propofol. Paion announced Q1 gross cash at €18m, down from €18.8m on 31 December, with a €15m milestone due on anticipated FDA approval. Paion has funds and loan facilities until 2022. Our indicative value remains at €270m.