LONDON, UK / ACCESSWIRE / July 2, 2019 / Immutep's AIPAC Phase IIb study of its antigen-presenting cell activator eftilagimod alpha (efti) plus chemotherapy in breast cancer is fully recruited and expected to report top-line data in Q120. The initial tranche of 17 subjects in the first-line lung cancer arm of the TACTI-002 study of efti plus Keytruda (in collaboration with US Merck) has completed enrolment; the cohort will be expanded to 36 subjects if more than four responses are observed (we expect initial response rate data in Q419). Enrolment in second-line lung and head and neck cancer is ongoing. Positive results in AIPAC or TACTI-002 could be a catalyst for a significant deal with a pharma partner. Our valuation is $409m or $12.08 per ADR.
Our valuation is unchanged at $409m, or $12.08 per ADR ($8.79/ADR after diluting for options, warrants and convertible notes). Gross cash at 31 March 2019 was $16.1m. Our forecasts assume the recent initiation of a Phase II study of GSK'781 (IMP731) will have triggered receipt of a $6m milestone payment from GlaxoSmithKline (GSK), which would extend Immutep's cash reach to H220.
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