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Dow Jones News
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Telix Pharmaceuticals Limited (TLX-AU): Updated -2-

DJ Telix Pharmaceuticals Limited (TLX-AU): Updated PCa imaging guidelines de-risk lead asset

Dow Jones received a payment from EQS/DGAP to publish this press release.

goetzpartners securities Limited 
Telix Pharmaceuticals Limited (TLX-AU): Updated PCa imaging guidelines de-risk 
lead asset 
 
18-March-2019 / 20:05 GMT/BST 
 
*Free to access research and investor meetings in a post-MiFID2 world.* 
 
*This research report is intended for use only by persons who qualify as 
professional investors or eligible counterparties (institutional investors) in 
the applicable jurisdiction, and not by any private individuals or other 
persons who qualify as retail clients.* 
 
*Published to the market and investors on 18th March 2019 @ 7.54pm (GMT).* 
 
*Telix Pharmaceuticals Limited (TLX-AU): Updated PCa imaging guidelines 
de-risk lead asset* 
*Recommendation: OUTPERFORM* 
*Target Price: AUD$ 2.50* 
*Current Price: AUD$ 0.86 (CoB on 18th March 2019) * 
 
*KEY TAKEAWAY* 
 
Telix Pharmaceuticals today announced the inclusion of PSMA-PET in the 
European Association of Urology's ("EAU") clinical guidance for the management 
of prostate cancer in patients with suspected recurrent disease, which should 
provide a significant boost to Telix's illumet (68Ga PSMA-11) PSMA-PET imaging 
agent. Already used as a companion diagnostic in Endocyte's ongoing pivotal 
prostate cancer Phase III trial and the subject of a distribution deal with 
Cardinal Health in the US, inclusion of PSMA-PET should facilitate both 
regulatory approval and adoption of 68Ga PSMA-11 in Europe. Telix's own Phase 
III-ready radiopharmaceutical TLX-591 shows better efficacy and tolerability 
compared to Endocyte's 177Lu-PSMA-617. With renal cancer and glioma programmes 
progressing, Telix looks undervalued, in our view. We reiterate both our 
OUTPERFORM recommendation and AUD 2.50 target price. 
 
*PSMA-PET superior* - The subject of many clinical studies, 68Ga PSMA-11 has 
been recommended for primary staging of high-risk patients and for all 
secondary staging in prostate cancer by key opinion leaders (Virgolini, 2018). 
In head-to-head studies it has been found to be superior to other metabolic 
PET-based diagnostics such as F-18 fluciclovine / FACBC (Axumin) or 
choline in the detection and monitoring of recurrent disease (Evans, 2018). 
 
*Inclusion in EAU guidelines opens door to regulatory approval* - EAU 
guidelines form an important role in the standardisation of prostate cancer 
care in Europe, and inclusion of PSMA-PET should facilitate adoption and 
smooth market approval. 
 
*US deals already in place* - Available in a convenient 'shake and shoot' 
format as illumet, the Telix prostate imaging agent is already distributed by 
market leader Cardinal Health for Investigational use and utilised as a 
companion diagnostic in the current Endocyte pivotal Phase III trial. 
 
*Superior prostate cancer therapy ready for Phase III *- With optimised 
fractionated dosing shown to reduce previous dose-limiting blood toxicities, 
unpublished cross-trial comparison data indicates that the Telix 591 
177Lu-PSMA-antibody may provide a forty month mean overall survival compared 
to the 13.5 months reported for Endocyte's 177Lu-PSMA-617. A Phase III trial 
is due begin by YE2019E. The antibody-linked format also avoids debilitating 
damage to the lacrimal and salivary glands associated with the Endocyte 
product, opening the door to earlier use and combination with 
androgen-depletion therapies such as Johnson and Johnson's abiraterone. 
 
*Just part of diversified portfolio* - With ongoing late stage clinical 
programmes progressing in renal cancer imaging and therapy as well as 
glioblastoma, Telix's prostate cancer programme forms just part of a 
diversified and significantly de-risked product pipeline. 
 
*Undervalued* - Telix looks undervalued, in our view, just on the basis of 
$2.1bn paid by Novartis for Endocyte. Our DCF analysis indicates that the 
current market valuation is largely justified on the basis of the imaging 
programmes alone and ascribes modest value to therapeutics; despite the 
quality of data in all three programmes. Our risk adjusted analysis indicates 
a fair value of AUD 2.50 per share with upside of AUD 4.50 per share should 
the products achieve their full therapeutic potential. 
 
Kind regards, 
 
Martin Piehlmeier | Analyst 
 
goetzpartners Healthcare Research Team | Research Team 
 
goetzpartners securities Limited 
 
The Stanley Building, 7 Pancras Square, London, N1C 4AG, England, UK. 
 
T +44 (0) 203 859 7725 | martin.piehlmeier@goetzpartners.com / 
healthcareresearch@goetzpartners.com 
 
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goetzpartners securities LinkedIn page [2] 
 
Registered in England No. 04684144. 
 
Managing Directors: Dr Stephan Goetz, Martin Brunninger and Ulrich Kinzel. 
 
*goetzpartners securities Limited - Team Members* 
 
Equity Research Analysts - Martin Brunninger, Brigitte de Lima, Chris Redhead, 
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788831 18-March-2019 
 
 
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(MORE TO FOLLOW) Dow Jones Newswires

March 18, 2019 16:05 ET (20:05 GMT)

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(END) Dow Jones Newswires

March 18, 2019 16:05 ET (20:05 GMT)

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