Canaccord morning commentExpanding the opportunity for plasminogen Incremental positive. ProMetic announced that it will move plasminogen into a new development program for the healing of tympanic membrane perforation (TMP) or ruptured eardrum. We believe this underscores the massive opportunity for plasminogen outside the treatment of congenital plasminogen deficiency. While the drug should be approved for plasminogen deficiency by the middle of next year, we believe the blockbuster opportunity lies within the wound-healing indications, which ProMetic expects to start pursuing in clinical trials in early 2017. Moreover, the company also announced that it has successfully developed a micro-injection formulation that will be used in these indications, which should be viewed as an important milestone, in our view. We believe the recent acquisition of Telesta Therapeutics underscores managements ability to execute and we expect additional deals going forward, which could bring in nondilutive capital. We continue to believe that a number of upcoming catalysts suggest ProMetic remains a very attractive opportunity. Investment highlights ProMetic is juggling multiple clinical programs. Tempering our positive view is lingering concerns about ProMetics elevated cash burn. However, since the company expects to file a CTA for TMP in Q4, the clinical trial may not start until the second half of 2017 and should therefore push out spending on this program well into next year. Balance sheet funded through 2017. With the recent addition of $34 million of cash, we estimate that ProMetic currently has access to >$100 million of cash, extending its cash runway by almost six months. Catalysts abound in the second half of the year. We see a number of major catalysts lined up before the end of the year including the Phase III data for plasminogen, the filing of the plasminogen BLA with the FDA (along with the potential for a Priority Review), and clinical data from PBI-4050 (including the Phase II studies in IPF and Alstrm syndrome). Valuation We value ProMetic based on a sum-of-the-parts. We value the resin business using a DCF analysis (8.1% WACC and 2.0% terminal growth), plasma-derived therapeutics with an explicit NPV, and the small molecule pipeline with a pNPV. Based on this analysis, we arrive at a target price of C$4.50, which implies a 55.2% annualized return and continues to support our BUY recommendation.