Edison Investment Research - Immunicum AB (IMMU) Mendus - DCP-001 in focus

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Edison Investment Research

Sean Conroy

Mendus - DCP-001 in focus

As of 23 June 2022, Immunicum will be known as Mendus, after management announced a corporate rebranding. The company is focused on the development of DCP-001, a cancer relapse vaccine, in acute myeloid leukaemia (AML) maintenance therapy and high-grade serous ovarian cancer. Near-term, median relapse-free survival (RFS) and overall survival (OS) data from the Phase II ADVANCE II study in AML maintenance (expected in Q422) represent the main catalyst for Mendus, in our view. In addition, the company will begin investigating its dendritic cell immune primer, ilixadencel, for which it recently received FDA orphan drug designation, in the treatment of gastrointestinal stromal tumours (GISTs). With a cash position of SEK122.9m at end-Q122, we estimate the company is sufficiently funded to end-FY22. We value Mendus at SEK1.78bn or SEK8.93/share (previously SEK1.95bn or SEK9.76/share).

24/06/2022 1 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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Mendus - DCP-001 in focus

Mendus - Collaboration unveils path forward for ilixadencel

Mendus - Recent clinical data highlight vididencel’s potential

Mendus - All hands on deck as inflection points approach

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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