Edison Issues ADR Update on Prima BioMed (PBMD)

Thursday, March 23, 2017 Drug News
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LONDON, March 23, 2017 /PRNewswire/ --

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).

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

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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About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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For more information please contact: Dennis Hulme Edison Investment Research +61(0)2-9258-1161

Dr Susie Jana Edison Investment Research +44(0)20-3077-5700 healthcare@edisongroup.com

SOURCE Edison Investment Research



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