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Immunicum’s Q318 results detailed progress on a number of levels including regulatory, scientific and financing. The clinical progress resulted in increased administrative and R&D spend in the last year, which was higher than our estimates, and reflected the number and earlier stage of Immunicum’s clinical trials outlined in Q3 results relative to Q2. Gross cash at end Q3 was SEK133.2m, which will be bolstered by the recently announced c SEK351m (before expenses) rights issue inflows expected before year-end FY18.

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