Market Overview

Edison issues ADR outlook on Immutep (IMM)


LONDON, Aug. 30, 2018 (GLOBE NEWSWIRE) -- Immutep has reported encouraging progress from its in-house and partnered programs over the past few months. Interim data from the TACTI-mel combo study included a 61% response rate from the start of the Keytruda monotherapy screening period among subjects who went on to receive eftilagimod alpha (efti or IMP321) combo therapy. Partners GSK and Novartis are progressing their in-licensed LAG-3 programs into Phase II or proof of concept studies, which increases the likelihood that these programs will return significant value to Immutep. Our valuation has increased to $387m or $12.80/ADR (from $333m or $10.41/ADR).

Our valuation increases to $387m (from $333m). We have increased the probability for the programs partnered with Novartis and GSK, and have increased the forecast uptake of efti in lung cancer. Our valuation is equal to $12.80 per ADR on an undiluted basis (vs $10.41) or $9.08 after accounting for dilution from options, warrants and convertible notes (vs $7.61).

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