IMM 0.00% 42.0¢ immutep limited

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  1. 58 Posts.
    Received this 5minutes ago. Senior Analyst at Ords I believe. Hope it's not breaching any copyright.

    Subject: Prima BioMed Limited (PRR - Buy / High risk) - Initiation of Coverage



    Prima BioMed Limited (PRR)
    Buy / High risk
    Valuation: $0.53 / Last Price: $0.28

    Developing the CVac vaccine for ovarian cancer

    ? Prima Biomed Limited (PRR) is a biotechnology company with a focus on technologies in the fields of cancer immunotherapy and immunology. It is developing a vaccine known as CVac to treat ovarian cancer and has assembled an experienced and well-regarded team to oversee the development process.

    ? There is a large, unmet market need in ovarian cancer treatment, and CVac is being developed to meet this need. The company has a clear strategy to develop and commercialise CVac over the next three to five years, with opportunities to expand the scope of the treatment to other types of cancer.

    ? A Phase III clinical trial will commence in 3Q11. It aims to recruit 800 patients and will be a pivotal study of CVac. If the trial is successful regulatory approvals will follow. OML believes that CVac, if successful, can achieve ?blockbuster? status (sales of $1 billion or more per annum), and at current prices offers an excellent opportunity to participate in this highly prospective and locally developed oncology treatment.

    ? Catalysts for the stock over the next 18-24 months include: 1) completion of Phase IIb recruitment (expected by 3Q11), 2) German/EU manufacturing approval (Q311), 3) completion of Phase III trial recruitment (expected by 4Q12), and 4) indicative results of the Phase IIb trial (expected by Q312). Key risks for CVac include: 1) a lack of efficacy, given the treatment is yet to be tested on a large population, 2) difficulty in scaling the manufacturing procedures, and 3) delays in the clinical trials imposed by regulatory bodies.

    ? OML initiates coverage with a Buy recommendation and a risk-adjusted valuation of $0.53 per share. If the data plays out favourably, we believe PRR is materially undervalued and that this value will be unlocked progressively over the coming years.




 
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3 12500 42.0¢
 

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Price($) Vol. No.
38.5¢ 112 1
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Last trade - 10.00am 22/04/2021 (20 minute delay) ?
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Last updated 10.04am 22/04/2021 (live) ?
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