Immunovia (IMMUNOV)

Business description

Immunovia is a Swedish company, specialised in diagnostics for oncology and autoimmune diseases. Its main product is IMMray PanCan-d, an antibody microarray based on its proprietary IMMray platform. A prospective trial in high-risk patients will start in Q416. The company expects to generate initial out-of-pocket sales in 2018.

Stock data

Market cap.SEK1932.5m
Last closeSEK115.00
High / Low (52 weeks)SEK119.0 / SEK61.0
Stock market listingOMX
Forecast net cash (SEKm)211.8
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual7.712.266.1
Relative *5.95.333.7

* % Relative to local index

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Y/E Dec Revenue (SEKm) EBITDA (SEKm) PBT (SEKm) EPS (öre) P/E (x) P/CF (x)
2015A 17.0 (7.1) (7.4) (65.0) N/A N/A
2016A 24.5 (14.4) (14.7) (98.0) N/A N/A
2017E 27.8 (17.8) (17.6) (104.0) N/A N/A
2018E 43.6 (30.3) (30.8) (183.0) N/A N/A

Last updated on 12/05/2017

Investment summary

Immunovia is developing IMMray PanCan-d, a blood-based test for the early detection of pancreatic cancer. Pancreatic cancer is rare and difficult to treat, with a five-year survival rate of c 5%; early diagnosis could improve this to c 50%. On the back of positive retrospective data (PanCan-d discriminated healthy individuals from those with pancreatic cancer with 96% accuracy) Immunovia intends to start a prospective trial in high-risk patients in Q416. The company expects to generate initial out-of-pocket sales in 2018. It has signed a collaboration with the US National Cancer Institute to validate biomarkers in patients over 50 years old with new onset diabetes. Additionally, IMMray biomarker signatures distinguished Systemic Lupus Erythematosus (SLE) from three other autoimmune diseases with 96% accuracy. Cash and equivalents at 31 March 2017 were SEK246.4m.

Last updated on 01/06/2017

Industry outlook

Immunovia is targeting a potential opportunity of over SEK36bn. It will first target patients with a family history of pancreatic cancer, or other pancreatic diseases with increased risk of cancer (estimated at 200,000 in the EU/US) followed by patients over 50 years of age diagnosed with type 2 diabetes, (estimated at 3.4 million new patients per year).

Last updated on 01/06/2017

Key management

Mats Grahn, CEO
Hans Liljenborg , CFO

Company address

Medicon Village
Lund
SE-223 81
Sweden
+46 46 275 60 00
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