Report
Juan Pedro Serrate

First NCI collaboration in the diabetes opportunity

Immunovia has taken key steps in both opportunities being pursued for its IMMray PanCan-d test for the early detection of pancreatic cancer. In diabetes, a collaboration with the Early Detection Research Network (EDRN), part of the US National Cancer Institute (NCI), is an important step forwards as it could lead to the start of the required clinical study. Diabetes is the larger of the two indications with 3.4 million newly diagnosed diabetes patients every year in the US and EU. In high-risk pancreatic cancer patients, Immunovia has now started a prospective clinical trial, as expected. This is a smaller opportunity (c 200k patients) but could generate initial revenues in 2018. Our valuation remains SEK155.2/share.
Underlying
Immunovia AB

Immunovia AB (publ) is a Sweden-based diagnostic company that is developing and commercializing blood tests for the early detection of cancer and autoimmune diseases based on Immunovia's test platform called IMMray. Tests are based on antibody biomarker microarray analysis using machine-learning and bioinformatics to single-out a set of relevant biomarkers that indicate a certain disease. Thus, forming a disease biomarker signature. Immunovia Dx Laboratories locations in USA and Sweden provides laboratory testing services in two accredited reference laboratories.

Provider
Edison Investment Research
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
Juan Pedro Serrate

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