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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.SEK2552.7m
Last closeSEK147.40
High / Low (52 weeks)SEK265.0 / SEK76.5
Stock market listingOMX
Forecast net cash (SEKm)404.2
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual(1.3)(17.8)73.4
Relative *0.1(10.4)83.3

* % 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)
2016A 24.5 (14.4) (14.7) (98.0) N/A N/A
2017A 24.2 (44.3) (45.2) (267.0) N/A N/A
2018E 29.9 (72.5) (74.2) (400.0) N/A N/A
2019E 22.6 (85.8) (88.8) (456.0) N/A N/A

Last updated on 19/11/2018

Investment summary

Immunovia is developing IMMray PanCan-d, a blood-based test for the early detection of pancreatic cancer. Immunovia is running the PANFAM-1 prospective trial in high-risk patients and expects to generate initial self-pay sales in late 2019. A retrospective study is also being run to compare diabetes patients who developed pancreatic cancer with those who did not. Immunovia is also conducting the PANDIA-1 study in patients >50 years old with new onset diabetes. Additionally, IMMray has potential in immune diseases and lung cancer. A trial in CCP negative rheumatoid arthritis showed a major breakthrough with an accuracy higher than 90%. Cash at end-September 2018 was SEK415.6m.

Last updated on 29/11/2018

Industry outlook

Immunovia is targeting a potential market of over SEK41bn. Immunovia has now made a strategic decision to focus on RA in immune diseases. The company’s goal is to reach SEK 250-300 million in turnover in 2022 from self pay and a turnover of SEK 800-1,000 million in 2024 after reimbursement.

Last updated on 29/11/2018

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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