Ultimovacs - NIPU and INITIUM readouts incoming for UV1
Ultimovacs is gearing up for top-line readouts from two of its five ongoing Phase II studies, marking potential major clinical milestones for its cancer vaccine candidate UV1 and, in our view, significant catalysts for investor attention. Results from the NIPU and INITIUM trials in second-line malignant pleural mesothelioma (MPM) and first-line unresectable metastatic melanoma are expected in Q223 and H223, respectively. Readouts from the INITIUM trial had initially been expected in H123; however, this has been pushed back to H223 due to patients in the study taking longer than expected to experience disease progression. In our view, positive results from NIPU and INITIUM would represent the most compelling evidence to date of UV1’s clinical utility in treating solid tumours. We have rolled our model forward and updated our FX assumptions and value Ultimovacs at NOK8.0bn or NOK234/share (previously NOK7.4bn or NOK216/share). We expect to revise our valuation once the NIPU and INITIUM results are released.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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