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Medigene has reported top-line interim data from its Phase I/II clinical trial testing its dendritic cell (DC) vaccine in acute myeloid leukaemia (AML) patients (n=20) who were in complete remission. After a 12-month treatment period, overall survival was 89% (n=18/20) and progression-free survival was 60% (n=12/20). These early data are comparable to those of patients treated with allogeneic stem cell transplants. However, relapses are common in AML and long-term data are needed to determine the sustainability of the responses. We have increased our probability of success for the DC vaccine trial to 30% from 25% previously, in addition to rolling forward our model and updating for FX. We now value Medigene at €470m (€19.16/share) vs €457m (€18.59/share) previously.

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