SEK3082.6m market cap

SEK179.4 last close

Immunovia is a Swedish company, developing antibody microarray (IMMray) diagnostics for oncology and autoimmune diseases. Tests will be run by in-house laboratories. Its lead test is IMMray PanCan-d to detect early stage pancreatic cancer.

Investment summary

Immunovia announced Year-end cash of SEK 386m after operating expenses of SEK 114m; including SEK 25m of capitalised R&D. The IMMray PanCan-d test (for early detection of pancreatic cancer) is being optimised to deal with sample variability. An update will be issued in March 2019. Private tests could be sold from late 2019 to people at risk of familial pancreatic cancer. Tests will be run using in-house labs in the US and Sweden. This requires FDA CLIA approval and EU CE marking to be gained.

Y/E Dec
Revenue (SEKm)
EPS (öre)
P/E (x)
P/CF (x)
2017A 0.2 (44.3) (45.2) (267.0) N/A N/A
2018A 1.1 (84.9) (86.5) (467.0) N/A N/A
2019E 0.7 (85.8) (88.8) (453.0) N/A N/A
2020E N/A N/A N/A N/A N/A N/A
Last updated on 18/03/2019
Industry outlook

Immunovia aims to gain reimbursement from the prospective PANFAM-1 study in familial pancreatic cancer. It is evaluating its test in older patients with diagnosed Type 2 diabetes, PANDIA-1. Additionally, IMMray has shown potential in immune diseases and lung cancer in preliminary studies. The company’s goal is to reach SEK250-300m in turnover in 2022 from self pay and a turnover of SEK800-1,000m in 2024 after reimbursement. Longer-term, Type 2 diabetes and RA/lung cancer are massive opportunities.

Last updated on 18/03/2019
Share price graph
Balance sheet
Forecast net cash (SEKm) 404.2
Forecast gearing ratio (%) N/A
Price performance
Actual 16.8 28.4 74.5
Relative* 14.4 14.7 63.7
52-week high/low SEK265.0/SEK99.5
*% relative to local index
Key management
Mats Grahn CEO
Hans Liljenborg CFO