Photocure (LON:PHONOK) recently announced that after seeking partners for Cevira and Visonac for the last few years, it is expanding the search to include outright sale of those products, possible spinoffs or other strategic alternatives. While partnership discussions are continuing, the chances that these will be successful appear diminished. As such, we have removed all partnership related milestones from our model and reduced the probability of success for Cevira from 50% to 20% and for Visonac from 60% to 20% as it is unclear how successful the broadened strategic search will be.
Development risk and commercial concerns
Photocure has indicated that feedback it has received during partnership discussions expressed concerns with regards to development risk with Cevira (key data based on 40 patients out of a 262-patient Phase IIb trial) and the current combination of drug and device for Visonac.
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