Edison Issues ADR Outlook on Prima BioMed (PBMD)

Aug 02, 2016, 06:20 ET from Edison Investment Research

LONDON, August 2, 2016 /PRNewswire/ --

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).

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Our valuation increases to $215m (previously $207m), with a slightly lower valuation of CVac after out-licensing to Sydys more than offset by rolling forward our DCF model to FY17. Our valuation is equal to $3.12 per ADR on an undiluted basis (previously $3.02) or $2.12 per ADR after accounting for dilution from options, warrants and convertible notes (unchanged). We forecast that an extra $6m will be needed to fund operations until end FY18.

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For more information please contact: 
Dennis Hulme, Edison Investment Research, +61(0)2-9258-1161
Lala Gregorek, Edison Investment Research, +44(0)20-3681-2527, healthcare@edisongroup.com

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SOURCE Edison Investment Research