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Edison Pharmaceuticals, Inc. Issues Initiation On Immunovia (IMMUNOV)



11/11/2016 12:39:06 PM

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LONDON, November 10, 2016 /PRNewswire/ --

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.

(Logo: http://photos.prnewswire.com/prnh/20130417/608168 )

We believe there is upside to SEK155.2 per share (SEK149.6 diluted), assuming a penetration rate of 35% in high-risk patients and 5% in T2D patients, which results in targeting total peak sales of c SEK2.1bn for both groups. During September-October 2016, Immunovia raised c SEK218.6m at a price of SEK87 per share to fund a clinical trial in the T2D group. Continued business execution and expansion to further indications should unlock further value.

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All reports published by Edison are available to download free of charge from its website http://www.edisoninvestmentresearch.com.

About Edison: Edison is an international equity research firm with a team of over 110 analysts, investment and roadshow professionals and works with both large and smaller capitalised companies, blue chip institutional investors, wealth managers, private equity and corporate finance houses to support their capital markets activity. Edison provides services to more than 420 retained corporate and investor clients from offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority.

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