Mendus - Funding secured; catalyst rich H222 incoming
Mendus is gearing up for a catalyst rich H222 as its focus remains centred on the development of the company’s cancer relapse vaccine, DCP-001. Readouts from DCP-001’s use in acute myeloid leukaemia (AML) and ovarian cancer are expected in Q422 and October 2022 respectively, which we see as important near-term catalysts for the company. Mendus has reported an operating loss of SEK55.0m for H122, significantly lower than H121 (SEK72.1m) due to reduced R&D expenditure over the period. The company had a gross cash position of SEK84.9m at end-H122, which we see as sufficient to fund operations to end-FY22. However, Mendus also announced the securing of up to SEK250m in financing commitments, which we expect to significantly lengthen our estimated cash runway to H224, if fully utilised. We value Mendus at SEK1.87bn or SEK9.35 per share (previously SEK1.78bn or SEK8.93 per share).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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