The clinical studies for Intuvax are developing positively and the green light to include patients in France and the US opens for faster patient recruitment to the phase II study (MERECA). The follow-up of the company’s first phase I/II study in kidney cancer (mRCC) is continuing. In our opinion, no news from the study is good news and that median survival has not yet been reached. Since the change in CEO last autumn, there are somewhat more restrained disclosures on the projects. A lower intensity in the disclosures together with a generally weaker stock market climate for pharma-ceutical development companies is the main reason for downward pressure on share price we have seen. We are now making no other changes in our project forecasts but have increased the cost forecasts for the company somewhat. Our base case fair value remains at SEK 46 (46).