New strategy broadens vididencel potential

We have updated our investment view on Mendus following its expanded strategy for vididencel to chronic myeloid leukaemia (CML) and a broader acute myeloid leukaemia (AML) population, including chemo-eligible and chemo-ineligible patients, regardless of their measurable residual disease (MRD) status. In our view, this is a bold strategic pivot for a programme nearing Phase III readiness, but one that aligns with shifting treatment paradigms in AML and the growing clinical emphasis on achieving treatment-free remission (TFR) in CML. The broader positioning could strengthen partnering prospects, and we note that the recent SEK52.5m equity raise ameliorates any near-term capital-related risks stemming from the previously short cash runway....