Edison Investment Research - Immunicum AB (IMMU) Mendus - Final EU grant payment of €1.69m expected

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Edison Investment Research

Sean Conroy

Mendus - Final EU grant payment of €1.69m expected

Mendus has announced it will receive a final payment of €1.69m (SEK18m) as part of the Horizon 2020-funded AML-VACCiN project. This EU-funded initiative has provided Mendus with a total of €6.0m since 2020, specifically to aid the development of its dendritic cell-based vaccine, DCP-001 as acute myeloid leukaemia (AML) maintenance therapy. Important median relapse-free survival (RFS) and overall survival (OS) data from the Phase II ADVANCE II trial of DCP-001 in this setting are expected in Q422, and management notes the study has been directly funded by AML-VACCiN grants. We continue to see this data readout as a major near-term catalyst for Mendus, as it will begin to clarify DCP-001’s place in the AML maintenance therapy landscape. Our estimates are unchanged and we will adjust them when the AML-VACCiN funds hit the company’s books. Our valuation of Mendus is unchanged at SEK1.87bn or SEK9.35 per share.

12/10/2022 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 - Final EU grant payment of €1.69m expected

Mendus AB: 2 directors

Mendus - Collaboration unveils path forward for ilixadencel

Mendus - Recent clinical data highlight vididencel’s potential

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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