Biosergen has got off to a successful start in India where patient studies are ongoing. A critically ill patient diagnosed with fungal Mucormycosis treated with the drug candidate BSG005 has recovered and surgery has been avoided. Mangold sees this as very encouraging results from the first treated patient in the study. Mangold reiterates Buy with a price target of SEK 2.10 per share in a Base case, an upside well over 200 percent. Trigger for the stock is continued success in the ongoing patient study.