Mendus - Potential disruptor to AML maintenance setting
Mendus has reported FY23 results, summarising an active period. For its lead asset, vididencel, long-term survival data from the ADVANCE II trial reinforce the drug’s potential as maintenance therapy in acute myeloid leukaemia (AML). We look forward to the launch of the Phase II CADENCE trial in Q124 to explore potential synergy with the standard of care (Onureg, oral azacitidine), which will be an important milestone. The interim results from this trial will guide plans for the pivotal stages of development. Management also shared updates on the ALISON trial (ovarian cancer) and the preparation of a Phase II trial for ilixadencel in soft tissue sarcomas (STS). Net cash was SEK119.9m at end FY23, which we estimate provides a runway through FY24. A slight adjustment in the launch of the AML trials is partially offset by the inclusion of a broader patient population (MRD+ and MRD-), rolling our model forward and FX, resulting in a valuation of SEK2.05bn or SEK2.38 per share (previously SEK2.18bn or SEK2.52 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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