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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.SEK3489.6m
Last closeSEK201.50
High / Low (52 weeks)SEK265.0 / SEK76.5
Stock market listingOMX
Forecast net cash (SEKm)105.6
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual16.66.690.1
Relative *12.75.176.9

* % 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 27.2 (60.1) (61.8) (365.0) N/A N/A
2019E 38.1 (70.4) (73.4) (434.0) N/A N/A

Last updated on 13/07/2018

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 Q418. Immunovia is conducting a retrospective study with Lund University Diabetes Centre, to compare diabetes patients who developed pancreatic cancer with those who did not. Immunovia is also running the prospective PANDIA-1 study in patients >50 years old with new onset diabetes. Immunovia and the University College London have started collecting samples from patients with early symptoms which is the initial part of the prospective PANSYM-1 study. Additionally, IMMray has potential in immune diseases and lung cancer. The company's shares are listed on Nasdaq Stockholm. Cash and equivalents at end-March 2018 were SEK167.8m.

Last updated on 20/08/2018

Industry outlook

Immunovia is targeting a potential opportunity of over SEK41bn. 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) and patients with early gastric symptoms (estimated 1m tests).

Last updated on 20/08/2018

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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