Edison Investment Research - Immunicum AB (IMMU) Immunicum - Full analysis of MERECA top-line results

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Edison Investment Research

Sean Conroy

Immunicum - Full analysis of MERECA top-line results

The last several weeks have been volatile for Immunicum and illustrate how complicated immunotherapy efficacy trials can be. On 29 August 2019, the company released top-line results from the Phase II MERECA study with ilixadencel plus the tyrosine kinase inhibitor (TKI) sunitinib in renal cell carcinoma (RCC). The co-primary survival endpoint at 18-months lacked positive signals, which led to a negative reaction in the share price. The full analysis released on 25 September 2019 added much more detail, demonstrating that ilixadencel may have a more profound and durable effect (statistical analysis not available), while the survival data may be premature. The next date to watch is January 2020, when Immunicum will report updated survival results at 24 months and median OS if reached. Until then we keep our valuation at SEK2.0bn or SEK21.6/sh.

11/10/2019 10 EN

Underlying

Immunicum AB

Immunicum AB is a Sweden-based company principally engaged in the biopharmaceutical sector. The Company develops immunotherapy for therapeutic treatment of cancer and infectious diseases. The Company uses therapeutic vaccines to treat an already existing disease and is thus given to the already sick patients; therapeutic cancer vaccines administered to patients in order to delay or stop tumor cell growth, shrink tumors, prevent relapse, or to kill cancer cells that could not be eliminated with other treatments. The Company has several technology platforms, such as The Combig, Intuvax@, Subcuvax@ and The CD70, among others. The Company has several projects which are related to kidney cancer and liver cancer, among others.

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SE0005003654 Nasdaq Nordic Stockholm Sweden

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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, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Sean Conroy

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Immunicum - Full analysis of MERECA top-line results

Mendus - Gross proceeds of c SEK69m to advance pipeline

Mendus - Regulatory green light for CADENCE trial

Mendus to present NK cell program progress at the Innate Killer Summit

AGBA - A transformational deal

Biodexa Pharmaceuticals - In a period of transition

Norcros - Sale of Johnson Tiles UK agreed

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