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Preliminary efficacy data, which Prima BioMed presented at ASCO from the 15-patient, safety run-in phase of its AIPAC study, showed sustained immune activation and an encouraging 47% tumour response rate in breast cancer following IMP321 plus paclitaxel combination therapy. Recruitment in the randomised Phase IIb component of AIPAC is ongoing, with top-line data likely by mid-2019. Efficacy data from the final two cohorts in the TACTI-mel trial of IMP321 plus Keytruda in melanoma are expected in H217 and H118 respectively. The 47% AIPAC response rate is in line with Phase I studies and consistent with our expectations, so we leave our valuation unchanged at A$252m (12c per share).

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