Edison Investment Research - Prima Biomed Limited (PRR) Prima BioMed - Support for anti-LAG-3 and APC-activator combos

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Edison Investment Research

Dr Dennis Hulme

Prima BioMed - Support for anti-LAG-3 and APC-activator combos

Data presented at the European Society for Medical Oncology (ESMO) congress by third parties has positive implications for Prima Biomedâ€™s LAG3 pipeline, both its in-house IMP321 APC activator and the anti-LAG3 program out-licensed to Novartis. Prima itself presented encouraging data from ongoing studies of IMP321 in FY17, including a 47% response rate in the run-in phase of its AIPAC breast cancer Phase II. Prima earned a $1m milestone from Novartis in August, showing that the partnered anti-LAG3 program is progressing. The company guides that the ~$5m raised from US investors in July extends the funding runway to Q4 CY18. We increase our valuation to $206m (vs $192m) or $8.75/ADR.

02/10/2017 8 EN

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Prima Biomed Limited

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AU000000PRR9 Australia

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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

Dr Dennis Hulme

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Prima BioMed - Support for anti-LAG-3 and APC-activator combos

Immutep - AIPAC fully recruited, results due Q120

Immutep - AIPAC fully recruited, results due Q120

Immutep - Encouraging results for efti and IMP761

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

AAC Clyde Space - Solid start to the year with further order growth

Tinexta - Typical seasonality in Q124

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