Ascelia Pharma: Update on timeline and funding on Orviglance re-evaluation.

Ascelia Pharma: Update on timeline and funding on Orviglance re-evaluation.

Shares in Ascelia Pharma gained almost 30 percent yesterday following the release of the pre-notified mid-September update regarding the timelines and financial implications of the re-evaluation of the SPARKLE images.

According to the announcement Ascelia Pharma now expects the re-evaluation of the images collected in the SPARKLE study to be finished in May 2024. Importantly, following the recently announced cost-reduction program, Ascelia Pharma also expects that the company’s current funding is now sufficient to finish the SPARKLE study.

This is probably the main reason shares surged yesterday. To further protect its financial situation, Ascelia Pharma will also consider expanding its commercialization strategy to include launching Orviglance in US with a partner which will likely also lower and postpone the need to raise capital.

Read full announcement here: https://www.ascelia.com/mfn_news/ascelia-pharma-to-reach-headline-results-from-sparkle-re-evaluation-by-may-2024-with-current-funding/

Disclaimer:

HC Andersen Capital receives payment from Ascelia for a Digital IR/Corporate Visibility subscription agreement. /Claus Thestrup 8:30 AM 14-09-2023.