Immutep - Encouraging LAG-3 combo data at SITC
Prima BioMed has changed its name to Immutep Limited following shareholder approval in November. It reported an encouraging 33% preliminary response rate from the first two cohorts of the TACTI-mel trial of IMP321 (eftilagimod alpha) in combination with Keytruda in melanoma patients who had not achieved a meaningful therapeutic benefit from Keytruda monotherapy. The 33% response rate is double the rate we would have anticipated had these patients continued on Keytruda alone, and suggests that IMP321 is working as expected to boost immune responses when combined with immune checkpoint inhibitors (ICIs). The final cohort is expected to be fully recruited by Q417, and efficacy data from all three cohorts are expected in Q218. Our valuation is unchanged at A$272m (12c per share).Immutep is engaged in the research, development and commercialisation of licensed medical biotechnology. Co. operates in one operating segment, being cancer immunotherapy. Co.'s primary compound, IMP321, has two clinical studies, namely a Phase IIb chemo-immunotherapy trial in metastatic breast cancer and a Phase I study in combination with an immune checkpoint inhibitor.
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