LONDON, UK / ACCESSWIRE / December 12, 2017 / Prima BioMed has changed its name to Immutep Limited (NASDAQ: PBMD) following shareholder approval in November. It reported an encouraging 33% preliminary response rate from the first two cohorts of the TACTI-mel trial of IMP321 (eftilagimod alpha) in combination with Keytruda in melanoma patients who had not achieved a meaningful therapeutic benefit from Keytruda monotherapy. The 33% response rate is double the rate we would have anticipated had these patients continued on Keytruda alone, and suggests that IMP321 is working as expected to boost immune responses when combined with immune checkpoint inhibitors (ICIs). The final cohort is expected to be fully recruited by Q417, and efficacy data from all three cohorts are expected in Q218. Our valuation is unchanged at $206m or $8.75/ADR.
Our valuation is unchanged at $206m, which is equal to $8.75 per ADR on an undiluted basis or $6.14 per ADR diluted for options, warrants and convertible notes. The cash balance at 31 October was $12.3m. Company guidance is that cash reserves will be sufficient to fund operations to Q4 CY18, excluding any further milestone payments from partners Novartis and GSK. Milestone revenue would extend the cash runway (we model ~$6m of milestone revenue in FY19).
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