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Edison issues ADR update on Immutep (IMMP)

LONDON, Nov. 22, 2018 (GLOBE NEWSWIRE) -- We expect Immutep (IMMP:US) to deliver on a number of important milestones in the year ahead. The AIPAC Phase II study of its APC activator eftilagimod alpha (efti) plus chemo in breast cancer is expected to complete recruitment in H119 and report top-line data before the end of the year. The TACTI-002 study of efti plus Keytruda in lung and head and neck cancers in collaboration with US Merck will start shortly and report first data mid-year, whereas TACTI-mel will report first data from melanoma patients dosed with efti from the start of Keytruda therapy. Other in-house and partnered programs are also likely to produce significant news. We maintain our valuation of $387m ahead of these milestones.

Our valuation is unchanged at $387m. Our valuation is equal to $12.57 per ADR on an undiluted basis or $9.05 per ADR after diluting for options, warrants and convertible notes. We note that our valuation includes a modest allowance for new indications for efti beyond the ongoing studies in melanoma, lung and head and neck cancers. Gross cash at the end of September 2018 was $16.2m. Our forecasts assume that Immutep receives a risk-adjusted $6m IMP731 milestone payment from GSK in FY19, which would extend its cash reach to the end of FY20.

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