LONDON, March 23, 2017 /PRNewswire/ --
Prima BioMed has presented encouraging early signs of efficacy from the TACTI-meltrial 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
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Our valuation is unchanged at $192m, which is equal to ($9.24 per ADR) on an undiluted basis or $6.37/ADR after accounting for dilution from options, warrants and convertible notes. Guidance is that the cash balance of $12.6m at 31 December will be sufficient to fund operations through Q1 CY18, excluding any milestone payments from partners Novartis and GSK. Milestone revenue (we model ~$7m in FY18) would extend the cash runway.
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