Edison Issues ADR Update on Immutep (IMMP)

LONDON, UK / ACCESSWIRE / April 8, 2019 / Immutep (NASDAQ: IMMP) presented encouraging data from TACTI-mel Part B and from preclinical studies of its novel LAG-3 agonist at recent scientific conferences. The AIPAC Phase II study of its APC activator eftilagimod alpha (efti) plus chemo in breast cancer is expected to report top-line data in Q419 or Q120. The TACTI-002 study of efti plus Keytruda in lung and head and neck cancers in collaboration with US Merck has enrolled over 10 subjects and is expected to report first data mid-year. Other in-house and partnered programs are also likely to produce significant news this year. We lift our valuation to $409m (from $387m).

We lift our valuation to $409m (vs $387m), or $12.10 per ADR (vs $12.57 per ADR) on an undiluted basis or $8.79 per ADR after diluting for options, warrants and convertible notes. We have rolled our model forward in time and included the $5.2m capital raised through the issue of 260m shares in December. Gross cash at 31 December 2018 was $19.8m. Our forecasts assume that Immutep receives a risk-adjusted $6m IMP731 milestone payment from GlaxoSmithKline (GSK) in FY19, which would extend its cash reach to H220.

Click here to view the full report.

Subscribe to Edison’s content to receive reports by email.

All reports published by Edison are free-to-access and available on the website.

About Edison: 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 is not an adviser or broker-dealer and does not provide investment advice. Edison’s reports are not solicitations to buy or sell any securities.

For more information please contact Edison:

Dr Dennis Hulme, +61 (0)2 8249 8345
Maxim Jacobs, +1 646 653 7027

Learn more at Edisongroup.com and connect with Edison on:

LinkedIn https://www.linkedin.com/company/edison-group-

Twitter www.twitter.com/Edison_Inv_Res

YouTube www.youtube.com/edisonitv

SOURCE: Edison Investment Research Limited

View source version on accesswire.com:

error: Content is protected !!