Immutep (IMM)

Business description

Immutep has a pipeline of four LAG-3 related product candidates: eftilagimod alpha (IMP321) for cancer chemo-immunotherapy and immunotherapy-immunotherapy combinations, two partnered products IMP731 (GSK) and IMP701 (Novartis), as well as IMP761 for autoimmune diseases.

Stock data

Market cap.A$58m
Last closeA$0.02
High / Low (52 weeks)A$84.5 / A$35.5
Stock market listingAU
Forecast net cash (A$m)15
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual(11.1)0.0(22.6)
Relative *(8.8)4.3(22.6)

* % Relative to local index

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Company news

Y/E Jun Revenue (A$m) EBITDA (A$m) PBT (A$m) EPS (c) P/E (x) P/CF (x)
2016A 1.9 (12.1) (13.7) (0.6) N/A N/A
2017A 4.1 (7.8) (8.4) (0.4) N/A N/A
2018E 3.5 (13.2) (12.9) (0.6) N/A N/A
2019E 10.9 (7.1) (6.4) (0.2) N/A N/A

Last updated on 29/03/2018

Investment summary

Immutep has entered a clinical trial collaboration and supply agreement with Merck & Co (MSD) for a Phase II study to evaluate eftilagimod alpha (IMP321) plus Keytruda in lung, head and neck and ovarian cancers. It is positive to see Immutep collaborating with a leading immunotherapy company, with three new indications added to its ongoing studies in breast cancer and melanoma. It has raised $5.2m through a placement and has opened a share purchase plan to raise up to $8m. We increase our valuation to $333m (vs $206m) or $10.41/ADR (vs $8.75/ADR).

Last updated on 29/03/2018

Industry outlook

Immunotherapies are among the most promising class of products for cancer and autoimmune diseases. The LAG-3 products are potentially first-in-class, each with distinct mechanisms and applications.

Last updated on 02/03/2018

Key management

Marc Voigt , CEO
Jay Campbell, Senior Director, Business Development

Company address

Level 12, 95 Pitt Street
Sydney
NSW
2000
Australia
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