Immutep: Encouraging Results For Efti And IMP761
Edison | Apr 09, 2019 03:19AM ET
Immutep (AX:IMM) 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 programmes are also likely to produce significant news this year. We lift our valuation to A$539m (from A$510m).
TACTI-mel Part B cohort 50% response rate
Immutep reported a 50% response rate (three out of six subjects) in melanoma patients treated with efti/Keytruda combo therapy in the TACTI-mel Part B cohort. Although the number of subjects is small, the response rate compares favourably to the 33% reported for Keytruda monotherapy studies in melanoma. The combination was well tolerated and subjects from both Cohort A and B experienced deep and long-lasting responses.
Positive proof-of-concept primate study for IMP761
Immutep’s novel LAG3 agonist IMP761 inhibited immune responses, including infiltration by inflammatory lymphocytes, in a non-human primate study. This proof-of-concept (PoC) study confirmed that IMP761 has potential as a treatment for inflammatory autoimmune disorders. IMP761 could enter clinical studies in H220.
AIPAC to report top-line data in Q419/Q120
The 226-patient AIPAC study of efti plus paclitaxel in first-line metastatic breast cancer has recruited over 200 of the target of 226 subjects and is expected to fully recruit in May or June. Top-line data from the event-driven progression free survival (PFS) analysis are expected to report Q419 or Q120. Importantly, this will be the first efficacy read-out for efti from a randomised study. The trial could potentially support filing in Europe if it achieves certain (undisclosed) clinical endpoints.
Valuation: Increased to A$539m, 16c per share
We lift our valuation to A$539m (vs A$510m), or 16c per share (vs 17c) on an undiluted basis or 11c per share after diluting for options, warrants and convertible notes. We have rolled our model forward in time and included the US$5.2m (A$7.2m) capital raised through the issue of 260m shares in December. Gross cash at 31 December 2018 was A$26.0m. Our forecasts assume that Immutep receives a risk-adjusted US$6m (A$8m) IMP731 milestone payment from GlaxoSmithKline (GSK) in FY19, which would extend its cash reach to H220.
Get The News You Want
Business description
Immutep is an ASX-listed biotechnology company focused on cancer immunotherapy. Its pipeline is based on four products using a LAG-3 immune control system: IMP321 for cancer chemo-immunotherapy, partnered products IMP731 (GSK) and IMP701 (Novartis) and IMP761 (preclinical).
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.