Respiri - Shorter pilot study, potentially faster roll-out

Respiri continues to advance its commercialisation plans for wheezo with the recent initiation of patient onboarding for the Minnesota Lung Center’s (MLC’s) pilot programme. We note that the shortened timeline for the pilot study (reduced from three to two months) bodes well for the broader roll-out of wheezo as part of MLC’s standard solutions for management of asthma and chronic obstructive pulmonary disease (COPD) patients. We believe this engagement to be particularly meaningful for Respiri, given MLC’s focus on respiratory diseases, and see a potential long-term collaboration as providing impetus to wheezo’s commercialisation efforts. Our valuation remains unchanged at A$0.24 per share.