Redeye: Phase II study update and SEK51 rights issue

Redeye comments on Alzinova’s announcements of the operational start-up of the global Phase II study for ALZ-101 and a SEK51m rights issue, securing funding to advance the program. We view the progress as being operational positive, but also acknowledge the capital requirements and financing risk related to proceeding with the study independently. We believe that this makes the upcoming Phase II program an increasingly important value inflection point.