Edison Issues Update on Immunovia (IMMUNOV)

Immunovia has announced final top-line data of the IMMray platform from a retrospective study in autoimmune diseases. The study showed that the IMMray biomarker platform could differentiate blood samples from patients with systemic lupus erythematosus (SLE) from other autoimmune diseases with 96% accuracy. This is an important first step to show the versatility and potential expansion of the IMMray technology to other indications. Immunovia's main focus continues to be pancreatic cancer in high-risk individuals and newly diagnosed diabetic patients. Additionally, the company has reported full year 2016 financial results. Cash at end 2016 was SEK259m; we have updated our valuation to SEK151 per share.

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We are updating our valuation to SEK151 per share (vs SEK155 per share), mainly for the FY16 net cash position of SEK259m and our expenses forecast. The rest of our assumptions remain the same: we assume a penetration rate of 35% in patients at high risk of pancreatic cancer and 5% in newly diagnosed diabetic patients, targeting total peak sales of c SEK2.1bn in both groups. We look to include SLE in our valuation when Immunovia discloses its plans for this indication.  

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SOURCE Edison Investment Research