Share Price, page-2399

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Our hidden gem is Neuren Pharmaceuticals. Its drug, Trofinetide, treats Rett Syndrome – a rare neurological disease predominantly affecting females for which there is currently no approved drug therapy.Following submission of its Phase III results to the FDA, it has been granted priority review which will see a decision by March 2023. We believe the probability of a successful approval is high and are excited at commercialisation prospects. Around the same time, we should also see a rest of the world distribution deal including milestone revenues and future royalties.Neuren also has additional early-stage drugs in its portfolio which seek to treat markets far larger than Rett Syndrome. These are concurrently progressing well and provide further valuation optionality currently underappreciated by the market.