Cassiopea has made excellent progress with its key pipeline projects including, Winlevi (acne) that successfully completed phase III and will be filed for US approval in Q2 2019, and Breezula (alopecia/hair loss) that successfully completed phase II and will start pivotal phase III trials in Q4 2019, with peak sales of EUR 400+ mn and EUR ~350 mn, respectively. To maximize long-term value, Cassiopea plans to build up an own specialist dermatology sales force in the lucrative US market and seek commercialization partners outside the US. We assume a US (NASDAQ) listing around US approval of Winlevi to fund US operations and fully develop its remaining pipeline projects. Largest shareholder Cosmo provided a credit line of up to EUR 20 mn to bridge a short-term funding gap and avoid considerable share dilution at the current low share price until Cassiopea reaches key value inflection points.
Key catalysts include:
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