Edison Issues ADR Outlook on Prima BioMed (PBMD)

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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Our valuation decreases to US$192m (vs US$215m). After reviewing probable development time lines we have delayed forecast market launch dates for each pipeline product by 12 months. Furthermore, we have removed CVac from our valuation model until partner Sydys raises funds to complete development. Our valuation is equal to US$9.24/ADR on an undiluted basis (vs US$10.40) or US$6.37/ADR after accounting for dilution from options, warrants and convertible notes (vs US$7.07).  

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