IMM 5.83% 56.5¢ immutep limited

re: trading halt the answer

  1. 313 Posts.
    PRR is about to announce the finalization of a deal with Cell Therapies to progress Cvac.

    Cvac will be vended into a joint venture between Cell Therapies and Prima (it will be a new company) with PRR holding 75-80% and Cell Therapies holding the remainder. See the ASX release on the 29th Sept.

    Whats in it for PRR?

    Its a good deal as it brings the respected peter Mac institute into PRR via Cell Therapies and gives PRR's product credibility.

    Cell Therapies has got everything to support the CVac Ph III trial including the facilities to manufacture the CVac product. The PhIII trial will cost around $10 mill and PRR simply do not have these funds thus the need for a creditable partner.

    The JV will have the rights to Cvac commercialisation for Aust/NZ/Asia. With PRR giving away 20 to 25% (I believe the equity for Cell Therapies will be 22 1/2%)they hope to get market respect and thus be able to get further funding from the market.

    Remember the PRR management has performed poorly and shareholders should have no confidence that they can do PhIII trial without the support of Cell Therapies.

    SO what’s the timing for this all?

    Announcement in the next day or so
    (Notice the timing is designed to support the underwriting broker who has a truck load of shares at 6.3 cents. Also its a nice distraction from the grilling the management should get at the next AGM. What how they talk this one up and gloss over the year of disastrous performance)

    Cell Therapies JV will be announce shortly

    Shareholder approval by end Nov

    Closing of the PhIIa trial by end 2006.

    Independent report by Q1 2007 and maybe a Biomira election.

    Application for Gov research grant and funding of $3-5 mill by Q1 2007.

    My view:

    At least the management have done something and hopefully the company will progress from here.

    Lets see if I am right.

    Further rights issue by Q2 2007
 
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