London, UK, 28 February 2018

Edison issues outlook on Nuevolution (NUEV)

Nuevolution's 2017 was defined by internal progress of the RORγt inhibitor and BET-BD1 programmes (expected to be clinically ready in 2019). In 2018 we anticipate value will be driven by new and existing partners, for example we expect Almirall to initiate a RORγt inhibitor Phase I trial in late 2018, making it the first Nuevolution product candidate to enter the clinic. In addition to existing collaborations, a new partnership is anticipated by Nuevolution in the next three to nine months. If achieved, revenue from these events will aid Nuevolution's strategy of transitioning into a clinical stage biotech. We value Nuevolution at SEK21.0/share or SEK901m from SEK21.4/share (SEK917m) previously.

We value Nuevolution at SEK21.0/share (SEK901m) This decrease is a result of a reduction in net cash, a delay in the expected start of the Almirall Phase I and updating for FX rates, offset by the rolling forward of our model.

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