Ultimovacs - Data continue to impress in Phase I UV1 study
The highlight of Ultimovacs’ Q221 analyst call was the presentation of data from the second cohort of patients enrolled in the Phase I trial in melanoma (UV1 plus Keytruda). This is the first Ultimovacs’ trial in the US and the main goals are to gather initial insights on how UV1 combines with a checkpoint inhibitor (CPI) and to test different doses of adjuvant. Ultimovacs has an ongoing Phase II trial in melanoma with a different combination of CPIs. The Phase I trial was therefore not the primary driver in Ultimovacs’ investment case until positive first data were presented at this year’s ASCO conference in June, which came as a surprise. With the caveat that these are still early-stage results from a Phase I trial, the second set of data announced in August 2021 showed a very similar response, which helps maintain our high expectations Our valuation is increased to NOK4.08bn or NOK128/sh (versus NOK114/sh previously).Ultimovacs ASA Formerly known as Ultimovacs AS. Ultimovacs ASA, formerly Ultimovacs AS, is a Norway-based pharmaceutical company developing immunotherapies against cancer. The Company's lead product candidate is UV1, a peptide-based vaccine inducing a specific T cell response against the universal cancer antigen telomerase. UV1 is being developed as a therapeutic cancer vaccine which may serve as a platform for use in combination with other immuno-oncology drugs which require an ongoing T cell response for their mode of action. The Company is performing a broad clinical development program with clinical trials in Europe and the USA.
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