DJ Immutep Limited (IMM-AU): 2019 a decisive year rich in news flow
Dow Jones received a payment from EQS/DGAP to publish this press release.
goetzpartners securities Limited
Immutep Limited (IMM-AU): 2019 a decisive year rich in news flow
05-Feb-2019 / 11:33 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 5th February 2019 @ 7.49am (GMT).*
*Immutep Limited (IMM-AU): 2019 a decisive year rich in news flow*
*Recommendation: OUTPERFORM*
*Target Price: AUD $ 0.078*
*Current Price: AUD $ 0.030 (CoB on 4th February 2019#) *
*KEY TAKEAWAY*
In a January investor update, Immutep confirmed that all clinical programs are
progressing as expected with final or interim readouts from all studies to
come in 2019E. The key catalyst is Phase IIb data from the AIPAC trial for
lead asset eftilagimod alpha ("efti") in combination with chemotherapy
(paclitaxel) in metastatic breast cancer ("mBC"), for which data is expected
in H2/2019E. Efti accounts for >90% of our sum of the parts derived target
price ("TP") of A$0.078 per share, with the mBC indication alone contributing
70%. Hence, we see significant upside on the back of positive AIPAC data. We
have taken the opportunity to update our models following a recent fundraise
which extends the cash runway to at least mid-2020E. We reiterate our
OUTPERFORM recommendation and AUD0.078 target price.
*Efti Phase IIb AIPAC trial in mBC on track for PFS read-out in H2/2019E*
Efti's most advanced programme is the Phase IIb AIPAC trial in HR-positive,
HER2-negative mBC. As of mid-January, 179 patients (80% of the total number of
226) had already been recruited and the PFS read-out, expected in H2/2019E,
will be based on 152 events. A positive outcome could form the basis of a
conditional approval and an attractive licensing deal with a large pharma
partner as reflected in our model. We forecast launch in 2020E and peak sales
of c.$820m in mBC alone, of which we would expect Immutep to receive 15% - 21%
in royalties in addition to up to $1bn in potential milestones.
*TACTI-002 in head & neck and lung cancers to start in H2/2019E*
Beyond mBC, efti is undergoing further trials which aim to show the compound's
potential in combination with Merck & Co.'s leading PD-1 inhibitor Keytruda
(pembrolizumab). Interim data from the ongoing Phase I TACTI-mel study of efti
in combination with Keytruda in 24 patients showed a highly promising overall
response rate ("ORR") of 61% in patients with unresectable / metastatic
melanoma. Importantly, it is the first trial to show proof-of-concept ("PoC")
for the combination with Keytruda. Final data is expected later in 2019E. A
phase II trial, TACTI-002, in up to 110 patients with advanced lung (1st and
2nd line) or head & neck (2nd line) cancer is expected to begin soon, with
first data expected in H2/2019E. The latter two indications account for c.24%
of our valuation.
*Pipeline assets partnered with GSK and Novartis continue to progress*
Key updates on early-stage pipeline assets include: (1) Ongoing preparations
for regulatory submission of the Phase I INSIGHT-004 trial, testing efti plus
Merck KGaA / Pfizer's anti PD-L1 avelumab (under a clinical trial
collaboration and supply agreement), with patient recruitment expected to
begin in H1/2019E; (2) following the completion of a Phase I study in
psoriasis, GSK will commence PoC studies in ulcerative colitis for GSK2831, a
derivative of IMP731, with results expected in 2020E; (3) Novartis expects to
start a 5th trial evaluating a IMP701 / chemotherapy / small molecule combo
for the treatment of triple negative breast cancer.
Kind regards,
Brigitte de Lima | 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 | brigitte.delima@goetzpartners.com /
healthcareresearch@goetzpartners.com
www.goetzpartnerssecurities.com [1]
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,
Martin Piehlmeier and Kieron Banerjee.
Sales / Marketing - Erland Sternby.
Corporate Finance - Ulrich Kinzel, Wolf Dornbusch and Youchen Xin.
Corporate Access and IR - Tanya Tracey and Bettina Ellinghorst.
Compliance - Paul W. Dunne.
Click here [3] to see our privacy policy.
GPSL has a formal client relationship with Immutep Limited.
GPSL publishes and distributes "Investment" Research and "Corporate Sponsored"
Research. Our Corporate Sponsored Research and investor meetings (e.g. NDRs, 1
to 1 meetings) are free to access and attend and is not classified as an
inducement in a post-MiFID2 world, this is because the issuer is paying GPSL.
GPSL does not offer any execution or market making services. This is a
marketing communication as defined by the Financial Conduct Authority ("FCA").
The information herein is considered to be an acceptable minor non-monetary
benefit as defined under FCA COBS 2.3A19(5).
In accordance with the General Data Protection Regulation ("GDPR [4]") - if
you would like to be removed / unsubscribed from our CRM (also please note
that you are free to contact GPSL at any time in the future to have your
e-mail subscription amended), please e-mail:
researchproduction@goetzpartners.com
About GPSL [1]: goetzpartners securities Limited is a member of the
goetzpartners group, and a leading pan European investment bank and research
company. We bring together a wide range of expertise, insights and innovations
to advance the interests of our clients around the world. The fast-changing
environment brings challenges for businesses and investors. Research
innovation, digital transformation and disruptive business ideas reshuffle the
corporate world at a relentless pace. Our sector knowledge and our global
footprint bring together corporate intelligence and a deep understanding of
the industry with a wide network of top decision makers. These collective
insights help our clients to stay at the leading edge of change.
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.
This communication (including any attachments) from goetzpartners securities
Limited ("GPSL") is confidential and may contain information which is
proprietary, privileged or otherwise legally protected against unauthorised
use or disclosure. If you receive this communication in error or are not the
intended recipient of this communication, please delete and destroy all copies
in your possession, notify the sender that you have received this
communication, and note that any review or dissemination of, or the taking of
any action in reliance on this communication is expressly prohibited. GPSL
shall not be liable for the improper or incomplete transmission of the
information contained in this communication nor for any delay in its receipt
or damage to your system. GPSL does not guarantee that the integrity of this
communication has been maintained nor that this communication is free of
viruses, interceptions or interference and makes no warranties in relation to
these matters. This is not an offer or a solicitation to buy or sell
securities or investment products, or an official confirmation. GPSL record
electronic and phone communications in accordance with FCA and MiFID2
regulations, they will be monitored for regulatory and training purposes. GPSL
[5] is authorised and regulated by the Financial Conduct Authority of the
United Kingdom (Firm Reference Number: 225563).
Click on the following link for the GPSL MiFID2 Investor Guidance Notice [6]
GPSL Equity Research publications are available on the following aggregators
and via news distribution circuits (For Institutional Use Only): AlphaMetry
[7], AlphaSense, Bloomberg (GOET), Capital IQ, EQS, FACTSET, ResearchFN [8],
Research Tree [9], RNS Reach, Sentieo [10] and Thomson Reuters.
Please copy the below link and paste it into your browser for the full pdf
version of the equity research report:
https://gp.bluematrix.com/sellside/EmailDocViewer?encrypt=623c5d82-fe4d-4db3-a
6d2-fb7b38f013be&mime=pdf&co=gp&id=paul.dunne@goetzpartners.com&source=library
View [11]
*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.*
Dissemination of a CORPORATE NEWS, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
End of Announcement - EQS News Service
772615 05-Feb-2019
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=750ca54579c5d5447638f7f35718f4d1&application_id=772615&site_id=vwd&application_name=news
2: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=4e235136b3fff70f6e9b300faf1356df&application_id=772615&site_id=vwd&application_name=news
3: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=e4cf3d45df1d07e4e36e54790266d6f1&application_id=772615&site_id=vwd&application_name=news
4: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=105c239b1a4ab584252dd4cb0ab60fcc&application_id=772615&site_id=vwd&application_name=news
(MORE TO FOLLOW) Dow Jones Newswires
February 05, 2019 06:33 ET (11:33 GMT)
5: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=ba4d174d6cc17a15461e9920a97cb6e6&application_id=772615&site_id=vwd&application_name=news 6: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=78ace63222a52cf083b315624375737d&application_id=772615&site_id=vwd&application_name=news 7: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=74ec96f086effd6902b227645be3904c&application_id=772615&site_id=vwd&application_name=news 8: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=4ca72a1f25bfe4e057f55b4178d31406&application_id=772615&site_id=vwd&application_name=news 9: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=e6502ecec4e43c9ec21d32670b12b227&application_id=772615&site_id=vwd&application_name=news 10: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=e3895772493fb088c9401b3187f667a7&application_id=772615&site_id=vwd&application_name=news 11: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=ad036b8e28a51b9e1fa93f3c2dbd0e27&application_id=772615&site_id=vwd&application_name=news
(END) Dow Jones Newswires
February 05, 2019 06:33 ET (11:33 GMT)
© 2019 Dow Jones News
