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Prima BioMed maintains its leadership in LAG-3 immunotherapies with the initiation of the randomized Phase IIb component of the AIPAC trial of IMP321 in breast cancer. In addition, the TACTI-Mel study of IMP321 combined with Keytruda in melanoma is expected to complete recruitment and report safety data in mid-2017, while the pipeline now includes a first-in-class Lag-3 agonist antibody. Initial efficacy data on the first 15 patients in AIPAC is also expected mid-year. We have revised development timelines for in-house and partnered LAG-3 programs, which sees our valuation decrease to US$192m or US$9.24/ADR (vs US$215m or US$10.40/ADR).

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