• American start-up company exercises option for the next period
• Warrants subscription adds SEK 10.6 million before issue costs
• Our model implies a fair valuation of SEK 10.5 per share

Bioextrax shows continued progress in its Q2 report for 2023. The company signed a license agreement with the US start-up, replacing the term sheet from earlier this year. Bioextrax project with the cosmetics company has also made progress entering phase three in the process. Initial runs in Bioextrax scaled-up facility are completed, giving the company the capacity to accommodate a rising customer interest. Bioextrax is in dialogue with several counterparts, discussing the next step after successful tests and evaluations. The company’s progress resulted in minor changes in our model, and we maintain the fair value of SEK 10.5 per share.

The initial research report is available here.