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Immutep

Encouraging LAG-3 combo data at SITC

Update | Pharmaceutical & healthcare | 11 Dec 2017

Prima BioMed has changed its name to Immutep Limited following shareholder approval in November. It reported an encouraging 33% preliminary response rate from the first two cohorts of the TACTI-mel trial of IMP321 (eftilagimod alpha) in combination with Keytruda in melanoma patients who had not achieved a meaningful therapeutic benefit from Keytruda monotherapy. The 33% response rate is double the rate we would have anticipated had these patients continued on Keytruda alone, and suggests that IMP321 is working as expected to boost immune responses when combined with immune checkpoint inhibitors (ICIs). The final cohort is expected to be fully recruited by Q417, and efficacy data from all three cohorts are expected in Q218. Our valuation is unchanged at A$272m (12c per share).

Is Yatirim Menkul Degerler

Strength in diversity

Outlook | Financials | 19 Apr 2011

Is Yatirim Menkul Degerler (ISY) has diversified financial earnings, enabling it to withstand market volatility. 2010 results were in line with expectations, with commission income driving growth. ISY offers upside to stable or rising equity markets and interest rates, with gearing to company flotations. Management continues to invest in new revenue opportunities. The stock trades on a 2011 P/E of 6.4x, and a 2011e P/BV of 1.2x. A 2010 yield of 4% and an ROE in 2010 of 18.2% reflect a conservative balance sheet.

Severfield

Reassurance and encouragement

Update | General Industrials | 12 Sep 2017

Severfield continues to trade in line with existing expectations though adverse sector sentiment has weighed on the company’s share price. There is a healthy and normal level of forward order cover and we believe that the project pipeline is likely to contain some good new project prospects. Overall, the AGM update provided reassurance for wary investors and, in our view, encouragement for potential new ones.

Immutep

Encouraging LAG-3 combo data at SITC

ADR Update | Pharmaceutical & healthcare | 12 Dec 2017

Prima BioMed has changed its name to Immutep Limited following shareholder approval in November. It reported an encouraging 33% preliminary response rate from the first two cohorts of the TACTI-mel trial of IMP321 (eftilagimod alpha) in combination with Keytruda in melanoma patients who had not achieved a meaningful therapeutic benefit from Keytruda monotherapy. The 33% response rate is double the rate we would have anticipated had these patients continued on Keytruda alone, and suggests that IMP321 is working as expected to boost immune responses when combined with immune checkpoint inhibitors (ICIs). The final cohort is expected to be fully recruited by Q417, and efficacy data from all three cohorts are expected in Q218. Our valuation is unchanged at $206m or $8.75/ADR.

Immutep

Support for anti-LAG-3 and APC-activator combos

ADR Update | Pharmaceutical & healthcare | 02 Oct 2017

Data presented at the European Society for Medical Oncology (ESMO) congress by third parties has positive implications for Prima Biomed’s LAG3 pipeline, both its in-house IMP321 APC activator and the anti-LAG3 program out-licensed to Novartis. Prima itself presented encouraging data from ongoing studies of IMP321 in FY17, including a 47% response rate in the run-in phase of its AIPAC breast cancer Phase II. Prima earned a $1m milestone from Novartis in August, showing that the partnered anti-LAG3 program is progressing. The company guides that the ~$5m raised from US investors in July extends the funding runway to Q4 CY18. We increase our valuation to $206m (vs $192m) or $8.75/ADR.

Immutep

Support for anti-LAG-3 and APC-activator combos

Update | Pharmaceutical & healthcare | 29 Sep 2017

Data presented at the European Society for Medical Oncology (ESMO) congress by third parties has positive implications for Prima Biomed’s LAG3 pipeline, both its in-house IMP321 APC activator and the anti-LAG3 programme out-licensed to Novartis. Prima itself presented encouraging data from ongoing studies of IMP321 in FY17, including a 47% response rate in the run-in phase of its AIPAC breast cancer Phase II. Prima earned a US$1m milestone from Novartis in August, showing that the partnered anti-LAG3 programme is progressing. The company guides that the ~A$6.5m raised from US investors in July extends the funding runway to Q4 CY18. We increase our valuation to A$272m (vs A$252m) or A$0.12/share.

Immutep

Preliminary LAG-3 combo data in breast cancer

Update | Pharmaceutical & healthcare | 23 Jun 2017

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).

Immutep

Initial LAG-3 combo data presented

ADR Update | Pharmaceutical & healthcare | 23 Mar 2017

Prima BioMed has presented encouraging early signs of efficacy from the TACTI-mel trial of IMP321 in combination with Keytruda, with one of the six melanoma patients in the first (1mg/kg) cohort experiencing a complete response. Recruitment in the second cohort is complete and the final cohort is expected to be fully recruited by Q317. Preliminary efficacy data from the 15-patient, run-in phase of the AIPAC breast cancer study are expected mid-year (recruitment in the 226-patient Phase IIb component is ongoing). Our valuation is unchanged at $192m ($9.24 per ADR).

Immutep

Initial LAG-3 combo data presented

Update | Pharmaceutical & healthcare | 22 Mar 2017

Prima BioMed has presented encouraging early signs of efficacy from the TACTI-mel trial of IMP321 in combination with Keytruda, with one of the six melanoma patients in the first (1mg/kg) cohort experiencing a complete response. Recruitment in the second cohort is complete and the final cohort is expected to be fully recruited by Q317. Preliminary efficacy data from the 15-patient, run-in phase of the AIPAC breast cancer study are expected mid-year (recruitment in the 226-patient Phase IIb component is ongoing). Our valuation is unchanged at A$252m (12c per share).

Immutep

AIPAC Phase IIb starts randomized component

ADR Outlook | Pharmaceutical & healthcare | 16 Feb 2017

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).

Immutep

AIPAC Phase IIb starts randomised component

Outlook | Pharmaceutical & healthcare | 15 Feb 2017

Prima BioMed maintains its leadership in LAG-3 immunotherapies with the initiation of the randomised 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 programmes, which sees our valuation decrease to A$252m or A$0.12/share (vs A$282m or A$0.14/share).

Immutep

The leader in LAG-3

ADR Outlook | Pharmaceutical & healthcare | 01 Aug 2016

Prima BioMed has progressed to the final stage of dose selection for its Phase IIb trial of IMP321 in breast cancer, and is on track to commence randomization in Q416. IMP321 is a soluble LAG-3 fusion protein that doubled tumor response rates in Phase IIa. Separately, partner Novartis has expanded its Phase I LAG-3 program in solid tumors and GSK plans to move its partnered autoimmune drug into Phase II this year. With the company's development of in-house and partnered LAG-3 programs on track, our valuation increases slightly to $215m ($3.12/ADR).