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.SEK1454.7m
Last closeSEK84.00
High / Low (52 weeks)SEK116.2 / SEK83.2
Stock market listingOMX
Forecast net cash (SEKm)211.8
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual(14.7)(19.4)(2.6)
Relative *(14.9)(21.2)(9.4)

* % 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 07/12/2017

Investment summary

Immunovia continues to leverage the IMMray technology to additional opportunities with prospective trials in the group of early pancreatic cancer symptoms (PANSYM-1) due to start in the next few weeks. In diabetes patients (PANDIA-1) trials should start after the readout of a retrospective study in this population expected in Q118. Immunovia is preparing for the launch of a PanCan-d test for the early detection of pancreatic cancer in high-risk patients in 2018. Our valuation is SEK156/share.

Last updated on 07/12/2017

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 02/11/2017

Key management

Mats Grahn, CEO
Hans Liljenborg , CFO

Company address

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