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Sunesis Pharmaceuticals 17 August 2018 Update
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Sunesis Pharmaceuticals

Interim readout coming up

Earnings update

Pharma & biotech

 

17 August 2018

Price

US$2.06

Market cap

US$74m

Net cash ($m) at Q218 + subsequent offerings

15.7

Shares in issue

36.1m

Free float

95%

Code

SNSS

Primary exchange

NASDAQ

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(14.2)

(23.4)

(7.2)

Rel (local)

(15.4)

(26.6)

(19.4)

52-week high/low

US$7.4

US$1.8

Business description

Sunesis Pharmaceuticals is a pharmaceutical company focused on oncology. Its lead asset is SNS-062, a Bruton’s tyrosine kinase inhibitor for chronic lymphocytic leukemia for Imbruvica-refractory patients. The program is entering a dose escalation Phase Ib/II. It has also developed TAK-580 with partner Takeda, and the preclinical PDK1 inhibitor SNS-510.

Next events

Vecabrutinib Phase II dose announced

Autumn 2018

ASH update

December 2018

SNS-510 IND filing

2019

Analysts

Nathaniel Calloway

+1 646 653 7036

Maxim Jacobs

+1 646 653 7027

Sunesis Pharmaceuticals is a research client of Edison Investment Research Limited

Sunesis has reported Q2 earnings and provided an update on enrolment in its ongoing dose escalation study of vecabrutinib. It continues to enrol the 50mg cohort and will announce when it is complete. The company also stated that it intended to provide an update on the program at the American Society of Hematology (ASH) meeting in December 2018.

Year end

Revenue ($m)

PBT* ($m)

EPS* ($)

DPS ($)

P/E (x)

Yield (%)

12/16

2.5

(38.0)

(2.42)

0.00

N/A

N/A

12/17

0.7

(35.5)

(1.45)

0.00

N/A

N/A

12/18e

0.2

(31.9)

(0.89)

0.00

N/A

N/A

12/19e

0.0

(36.3)

(0.97)

0.00

N/A

N/A

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Enrolment ongoing, sites expanding

The ongoing dose escalation portion of the Phase Ib/II study of vecabrutinib continues to enrol patients with B-cell malignancies. The company confirmed the goal of announcing the target dose in autumn 2018, although this will depend on enrolment rates and activity, among other factors. The company also announced it has added two additional clinical sites (Moffitt Cancer Center in Tampa and Memorial Sloan Kettering in New York) and that it planned to continue to add sites in preparation for the Phase II portion of the study.

New data on Imbruvica resistance

An interesting study into the background of Imbruvica resistance, partially supported by Sunesis, was presented at the European Hematological Association meeting. It reported data on 26 chronic lymphocytic leukemia (CLL) patients that have been undergoing treatment with Imbruvica. Of these, 13 developed resistance to the drug and, of these, seven harbored a mutation in C481 and progressed much more quickly than other resistant patients (13 vs 32.5 months). Although limited in scope, these data provide some of the first prospective confirmations of the presence of C481 mutation as the primary Imbruvica resistance mechanism.

Takeda shifts to pediatric glioma

Although the company focus is on the development of vecabrutinib, its compound TAK-580 has been under development at Takeda for the treatment of melanoma and other solid tumors. Following the completion of several of these studies, Sunesis has confirmed the current focus for the compound is development for pediatric glioma, a rare cancer with very few treatment options. There is an ongoing Phase I/II glioma study (expected completion in 2024) although details are scarce.

Valuation: Reduced slightly to $224m or $6.21/share

We have lowered our valuation to $224m or $6.21 per basic share from $236.6m or $6.88 per basic share. This reduction is largely driven by a lower valuation of TAK-580 ($18m vs $39m) and lower net cash ($15.7m) but offset by advancing our NPVs and lower unallocated spending.

On track in dosing study

Sunesis’s lead program is development of vecabrutinib for the treatment of B-cell malignancies. The program is in the dose-ranging portion of a Phase Ib/II study, and the company reiterated on the Q218 conference call that the goal is to announce the dose for the Phase II portion of the trial in autumn 2018, although this will depend on results from the study, among other factors.

Earlier in the year a cohort expansion was triggered because the study encountered an adverse event in the 50mg cohort. This was per the protocol design (the standard “3+3” protocol) to ensure the event did not reoccur and to rule it out as a drug effect. Sunesis announced in the most recent update that it was continuing to enrol the expanded 50mg cohort and would provide an update when it progresses to the 100mg cohort. The company stated that an update on the trial will be presented at the ASH meeting in December 2018, at which time we expect some safety details to be presented. In other clinical news the company has expanded the number of clinical sites performing the study to seven across the US with the addition of Moffitt Cancer center in Tampa and Memorial Sloan Kettering in New York.

Vecabrutinib is a non-covalent Bruton’s tyrosine kinase (BTK) inhibitor, with potential efficacy in patients that have developed resistance to other BTK inhibitors. Both of the approved BTK inhibitors and a majority of those in development form a covalent bond with BTK at the cysteine-481 amino acid, and this residue is frequently mutated when patients develop resistance. Imbruvica is the market-leading BTK inhibitor by a wide margin with approximately $1.1bn in sales in Q218, and dominates the treatment of chronic lymphocytic leukemia. Calquence (acalabrutinib, AstraZeneca) was approved for the smaller indication of mantle cell lymphoma in October 2017 and had sales of $12m in Q218.

Exhibit 1: BTK inhibitors (selection)

Drug

Company

Status

Lead indication

Binding mode

Imbruvica

AbbVie

Approved

CLL, MCL, WM

Covalent

Calquence

AstraZeneca

Approved

MCL

Covalent

Zanubrutinib

BeiGene

Phase III

WM

Covalent

ONO/GS-4059

Ono/Gilead

Phase II

CLL, Sjogren’s

Covalent

SNS-062

Sunesis

Phase I/II

CLL, MCL, WM

Non-covalent

ARQ-531

ArQule

Phase I

CLL, DBCL, MCL, WM

Non-covalent

TG-1701

TG Therapeutics

Phase I

B-cell malignancies

Covalent

PRN2246

Principia

Preclinical

CNS

Covalent

LOXO-305

Loxo Oncology

Preclinical

B cell lymphoma

Non- covalent

CG'806

Aptose

Preclinical

AML, B-cell cancers

Non- covalent

Source: BioCentury, ClinicalTrials.gov, Edison Investment Research

Clinical study of C481 mutations

Recently data were presented at the European Hematological Association Annual meeting in June regarding the rates and mechanisms Imbruvica resistance in CLL patients.1 The study (which was partially funded by Sunesis) examined the rates of mutation in BTK (as well as in phospholipase Cγ2) in CLL patents treated with Imbruvica. Of the 26 patients evaluated at the time of presentation, half (13/26) had progressed during treatment. Of these, 7/13 harbored a mutation of C481 (either C481S or C481R). Moreover, the patients with mutations progressed much more quickly than those without: 13 vs 32.5 months.

Bonifiglio S, et al. (2018) Half of Chronic Lymphocytic Leukemia Patients Relapsing Under Ibrutinib Carry BTK and PLCG2 Mutations: a European Research Initiative on Cll (Eric) Real-World Study. “EHA 2018 Annual Meeting,” 218883.

These results are important for a number of reasons. First, although patient numbers are limited, they provide insight into the real world-prevalence rates of this resistance mechanism, which has been limited to date. Moreover, they provide support for the notion that these mutations have a significant negative impact on prognosis, which could be potentially addressed by vecabrutinib.

Shift for TAK-580 toward pediatric glioma

TAK-580 is a pan-RAF inhibitor developed by Sunesis that has been licensed to Takeda for development. Takeda has been investigating the drug for the treatment of melanoma and a range of other solid tumors. The purpose of these studies was largely exploratory to identify indications in which the compound has significant activity. There is limited information available on these initial studies, although we note that two recently ended: one in solid tumors completed and one in melanoma was terminated. An additional study in solid tumors remains ongoing with a target completion date in September 2018, and recently in February 2018 a Phase I/II study in pediatric glioma (and other solid tumors) was initiated. Although development of the compound is Takeda’s responsibility, the company confirmed on the conference call that development for pediatric glioma is now the primary focus of the compound.

The Phase I/II glioma study has a target enrolment of 120 patients. The initial Phase I portion of the study will examine safety in patients with solid tumors driven by RAF or related pathways before moving on to the Phase II portion studying glioma. The target completion date for the study is 2024. Glioma is a rare cancer, and rarer in children with a rate of 4.84 per 100,000 in the US per year.2 There are few treatment options for the disease, with surgery in the front line, followed by radiation and chemotherapy.

Oncolink, University of Pennsylvania

Valuation

We have lowered our valuation slightly to $224m or $6.21 per basic share from $236.6m or $6.88 per basic share. This change is largely driven by a lower valuation for TAK-580 ($18m from $39m). We now model TAK-580 for the treatment of pediatric glioma (previously melanoma), which we believe will be able to command pricing at $370,000 per course of treatment, but we forecast approval at the earliest in 2025 if the drug can achieve breakthrough therapy status. Both this pricing and timeline are possible given the rare nature of the disease and the lack of other treatment options. We believe that this pricing is justified given the rare nature of the disease, the pediatric target population, and the lack of treatment options. We reference the pricing of Oncospar (WAC of approximately $320,000) as a comparator and adjust for future price growth. We have lowered the probability of success for the program to 10% from 15% because of the difficulty in developing drugs for this indication. Additional factors affecting our valuation are lower net cash ($15.7m vs $18.1m) and increased share count (36.1m from 34.4m), but these are offset by advancing our NPVs and a reduction in unallocated costs associated with a reduced head count.

Exhibit 2: Valuation of Sunesis

Development Program

Clinical stage

Expected Commercialization

Prob. of success

Launch year

Launch Pricing ($)

Peak sales ($m)

Patent/Exclusivity Protection

Royalty/ Margin

rNPV ($m)

TAK-580

Phase I/II

Licensed to Takeda

10%

2025

500,000

603

2032

15%

$18

Vecabrutinib

Phase Ib/II

Proprietary

20%

2022

152,000

666

2034

56%

$186

SNS-510

IND ready

Proprietary

10%

2024

130,000

361

2031

51%

$24

Unallocated costs (discovery programs, administrative costs, etc.)

($20)

Total

 

 

 

 

 

 

 

 

$209

Net cash and equivalents (Q218 + subsequent financings) ($m)

$15.7

Total firm value ($m)

$224.4

Total basic shares (m)

36.1

Value per basic share ($)

$6.21

Convertible pref stock (m)

6.3

Warrants and options

8.8

Total diluted shares

51.2

Value per diluted share

$5.12

Source: Sunesis reports, Edison Investment Research

Financials

Sunesis reported an operating loss of $6.6m for Q218, which demonstrates continued cost control and was below our expectations. We have reduced our expected operating loss for 2018 to $30.3m from $32.5m. The company ended the quarter with $20.4m in cash and $7.3m in debt. In June 2018, the company entered into a stock purchase agreement with Aspire Capital, which included an initial purchase of $500,000 of common stock at $2.19. Sunesis will be able to sell at its discretion up to an additional $15m worth of additional stock to Aspire over the next two years, with prices based on the market price. The company announced subsequent to the end of the period that $2.6m has been drawn from this facility as well as its previous at-the-market facility. We expect the company to require at least $135m in additional financing before profitability in 2023, which we record as illustrative debt ($25m, $20m, $30m, $40m and $20m in 2018–2022 respectively).

Exhibit 3: Financial summary

$'000s

2016

2017

2018e

2019e

Year end 31 December

US GAAP

US GAAP

US GAAP

US GAAP

PROFIT & LOSS

Revenue

 

 

2,536

669

237

0

Cost of Sales

0

0

0

0

Gross Profit

2,536

669

237

0

Research and development

(22,881)

(21,540)

(17,967)

(18,244)

Selling, general & administrative

(16,115)

(13,548)

(12,575)

(12,952)

EBITDA

 

 

(36,313)

(34,428)

(30,315)

(31,205)

Operating Profit (before GW and except.)

(36,302)

(34,419)

(30,306)

(31,196)

Intangible Amortisation

0

0

0

0

Exceptionals/Other

0

0

0

0

Operating Profit

(36,302)

(34,419)

(30,306)

(31,196)

Net Interest

(1,721)

(1,039)

(1,595)

(5,086)

Other (change in fair value of warrants)

0

0

0

0

Profit Before Tax (norm)

 

 

(38,023)

(35,458)

(31,901)

(36,282)

Profit Before Tax (IFRS)

 

 

(38,023)

(35,458)

(31,901)

(36,282)

Tax

0

0

0

0

Deferred tax

0

0

0

0

Profit After Tax (norm)

(38,023)

(35,458)

(31,901)

(36,282)

Profit After Tax (IFRS)

(38,023)

(35,458)

(31,901)

(36,282)

Average Number of Shares Outstanding (m)

15.7

24.5

36.0

37.6

EPS - normalised ($)

 

 

(2.42)

(1.45)

(0.89)

(0.97)

EPS - IFRS ($)

 

 

(2.42)

(1.45)

(0.89)

(0.97)

Dividend per share ($)

0.0

0.0

0.0

0.0

BALANCE SHEET

Fixed Assets

 

 

3

1,401

11

2

Intangible Assets

0

0

0

0

Tangible Assets

3

20

11

2

Other

0

1,381

0

0

Current Assets

 

 

43,231

32,933

41,809

29,366

Stocks

0

0

0

0

Debtors

0

0

0

0

Cash

42,588

31,750

40,339

27,896

Other

643

1,183

1,470

1,470

Current Liabilities

 

 

(5,814)

(8,901)

(1,559)

(1,593)

Creditors

(2,481)

(1,697)

(1,559)

(1,593)

Short term borrowings

(3,333)

(7,204)

0

0

Long Term Liabilities

 

 

(11,271)

(112)

(39,552)

(59,552)

Long term borrowings

(11,102)

0

(39,552)

(59,552)

Other long term liabilities

(169)

(112)

0

0

Net Assets

 

 

26,149

25,321

709

(31,777)

CASH FLOW

Operating Cash Flow

 

 

(36,962)

(36,142)

(27,384)

(32,443)

Net Interest

0

0

0

0

Tax

0

0

0

0

Capex

0

(26)

0

0

Acquisitions/disposals

0

0

0

0

Financing

26,111

32,930

3,715

0

Dividends

0

0

0

0

Other

0

0

0

0

Net Cash Flow

(10,851)

(3,238)

(23,669)

(32,443)

Opening net debt/(cash)

 

 

(38,596)

(28,153)

(24,546)

(787)

HP finance leases initiated

0

0

0

0

Exchange rate movements

0

0

0

0

Other

408

(369)

(90)

0

Closing net debt/(cash)

 

 

(28,153)

(24,546)

(787)

31,656

Source: Sunesis reports, Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Pty Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER Copyright 2018 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Sunesis Pharmaceuticals and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Investment Research Pty Ltd (Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd (AFSL: 427484)) and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2018. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Pty Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER Copyright 2018 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Sunesis Pharmaceuticals and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Investment Research Pty Ltd (Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd (AFSL: 427484)) and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2018. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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