Updated MST report - target of $3.68 a share

https://www.neurenpharma.com/irm/PD...f-81c2665b03c7/MSTAccessupdatereport16Feb2021

*MST valuation of the NEU pipeline is based on a risk adjusted DCF. Progression to Phase 2 sees the probability increase to 25%, (previously 19%) taking the NEU valuation to A$433m from A$398m ($3.68ps fully diluted)

*Topline Phase 3 results of trofinetide in Rett Syndrome are expected to be announced in late CY21. MST estimates that positive results will lead to US$25m milestone payment from its partner, ACAD Pharmaceuticals (NASDAQ:ACAD) over CY22

*Over CY21, MST assumes that NEU will confirm licensing arrangements for the ex NAM rights including Europe and major Asian markets. MST estimates a US$15m upfront payment over CY21. Positive results of the ACAD trials are expected to drive further milestones and royalty flows with the progression to EU and other market approvals.

*MST estimates assume that positive results in trofinetide’s Phase 3 trials and NNZ-2591’s Phase 2 trial will trigger milestone payments over CY21-CY23 of ~A$146m, almost equal to its current market cap