Edison issues outlook on Immunicum (IMMU)

LONDON, UK / ACCESSWIRE / June 27, 2019 / Immunicum’s (IMMU) investment case has transformed over the course of 2018. The funding of SEK351m gross (in a direct and subsequent rights issue) raised in Q418 allows the company to be more ambitious and finance R&D for the lead product, immune primer ilixadencel, through to 2021. The strategy stays unchanged, which is to accumulate as much clinical proof-of-concept data in combinations with checkpoint inhibitors and other anti-cancer therapies before seeking an out-licensing (2020). The fund-raise ensures cash reach to late 2021, including publication of the results from the Phase II MERECA and the Phase Ib/II ILIAD trials and potential updates on partnering activities. Our valuation has increased to SEK2.0bn or SEK21.7 (vs SEK15.1/share previously).

Our risk-adjusted NPV valuation of Immunicum is increased to SEK2.0bn or SEK21.7 /share compared to SEK1.4bn or SEK15.1/share previously. The changes to our model essentially reflect the fact that Immunicum is investing more in R&D after the share issue in Q418 and creating more value (presuming the successful trial outcome; we use risk-adjusted NPV model). The next 12–18 months will be eventful for the company with multiple R&D events and potential updates on partnering.

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