Edison Issues ADR Update on Immutep (IMMP)

LONDON, UK / ACCESSWIRE / April 8, 2019 / Immutep (NASDAQ: IMMP) presented encouraging data from TACTI-mel Part B and from preclinical studies of its novel LAG-3 agonist at recent scientific conferences. The AIPAC Phase II study of its APC activator eftilagimod alpha (efti) plus chemo in breast cancer is expected to report top-line data in Q419 or Q120. The TACTI-002 study of efti plus Keytruda in lung and head and neck cancers in collaboration with US Merck has enrolled over 10 subjects and is expected to report first data mid-year. Other in-house and partnered programs are also likely to produce significant news this year. We lift our valuation to $409m (from $387m).

We lift our valuation to $409m (vs $387m), or $12.10 per ADR (vs $12.57 per ADR) on an undiluted basis or $8.79 per ADR after diluting for options, warrants and convertible notes. We have rolled our model forward in time and included the $5.2m capital raised through the issue of 260m shares in December. Gross cash at 31 December 2018 was $19.8m. Our forecasts assume that Immutep receives a risk-adjusted $6m IMP731 milestone payment from GlaxoSmithKline (GSK) in FY19, which would extend its cash reach to H220.

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