Viralytics’ presentations at AACR highlighted an impressive 36% response rate when melanoma patients refractory to the best available PD1/L1 checkpoint inhibitor therapy were treated with its Cavatak virotherapy plus Yervoy. It has expanded the Phase Ib MITCI trial to recruit an extra 44 patients who have failed prior PD1/L1 therapy, which could put it on track to a pivotal study or even provide a potential pathway to accelerated approval. The CAPRA study of Cavatak plus Keytruda in melanoma was expand to enrol up to 50 patients following a 60% response rate in the first 15 assessable patients. We increase success probability for Cavatak from 35% to 40% and lift our valuation to A$408m or A$1.70/share from A$385m.

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