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New opportunities in sight as first sales approach

Update | Pharmaceutical & healthcare | 02 Oct 2017

Immunovia is on track to start commercialising its PanCan-d test for the early detection of pancreatic cancer in high-risk patients in 2018. To this end, it has established its US headquarters in Boston, which includes a laboratory regulated via the Clinical Laboratory Improvement Amendments (CLIA) programme. It has also identified a new important opportunity for the PanCan-d test in the early pancreatic cancer symptoms group, has announced further positive data on the differentiation of autoimmune diseases, and continues the preparations for a retrospective study and a biomarkers study in the diabetic population. Our valuation is SEK157/sh.


Preparing to tackle big markets

Update | Pharmaceutical & healthcare | 07 Dec 2017

Immunovia continues to leverage the IMMray technology to additional opportunities with prospective trials in the group of early pancreatic cancer symptoms (PANSYM-1) due to start in the next few weeks. In diabetes patients (PANDIA-1) trials should start after the readout of a retrospective study in this population expected in Q118. Immunovia is preparing for the launch of a PanCan-d test for the early detection of pancreatic cancer in high-risk patients in 2018. Our valuation is SEK156/share.


Final top-line IMMray data in Lupus, FY16 results

Update | Pharmaceutical & healthcare | 30 Mar 2017

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.


First NCI collaboration in the diabetes opportunity

Update | Pharmaceutical & healthcare | 20 Dec 2016

Immunovia has taken key steps in both opportunities being pursued for its IMMray PanCan-d test for the early detection of pancreatic cancer. In diabetes, a collaboration with the Early Detection Research Network (EDRN), part of the US National Cancer Institute (NCI), is an important step forwards as it could lead to the start of the required clinical study. Diabetes is the larger of the two indications with 3.4 million newly diagnosed diabetes patients every year in the US and EU. In high-risk pancreatic cancer patients, Immunovia has now started a prospective clinical trial, as expected. This is a smaller opportunity (c 200k patients) but could generate initial revenues in 2018. Our valuation remains SEK155.2/share.


Getting the immune system to work in diagnostics

Initiation | Pharmaceutical & healthcare | 10 Nov 2016

Immunovia is ready to validate its test for the early diagnosis of pancreatic cancer from its IMMray platform. Pancreatic cancer is rare and difficult to treat, with a five-year survival rate of c 5%; early diagnosis could improve this to c 50%. This would make an accurate diagnostic test cost-effective in higher-risk patient groups. A prospective trial will start in Q416, with first out-of-pocket sales in 2018 before reimbursement is achieved. Screening of patients newly diagnosed with type 2 diabetes provides additional upside. We value Immunovia at SEK2.6bn or SEK155.2/share.