Mendus - Funding to see through key inflection points
Mendus has drawn down its first loan of SEK10m as part of the company’s binding commitment with its largest shareholder group, Van Herk Investments. The raise will help capitalise the company past key inflection points which include trial readouts from its ADVANCE II study in acute myeloid leukaemia and ALISON study in ovarian cancer, expected in Q422 and October 2022, respectively. Both studies are investigating the use of Mendus’ lead cancer vaccine candidate, DCP-001. The SEK10m two-year loan comes with a 6% cumulative interest and is intended to be repaid in cash at the end of the loan period. Additionally, Mendus has finalised its financing agreement with Negma Group, which has committed to subscribe up to SEK200m in convertible bonds. With a H122 cash position of SEK84.9m and H122 burn rate of SEK70.7m, we estimate a cash runway into Q123; however, assuming Mendus fully exercises the committed financing, we believe this could extend our runway estimates to H224. We value Mendus at SEK1.87bn or SEK9.35 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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