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Research: Healthcare
Ultimovacs is a biotechnology company focused on developing a near-universal cancer vaccine. The lead asset UV1 activates the immune system to recognise cancer cells that express human telomerase reverse transcriptase (hTERT, or telomerase), which is expressed in over 85% of cancer types. In these malignancies, cell reproduction relies exclusively on hTERT maintaining the length of telomers. For this reason, UV1 has a broad potential in a variety of cancers, in different stages, and in combination with other treatments. Two Phase II trials in metastatic melanoma (UV1 plus ipilimumab and nivolumab) and mesothelioma (same combination) are ongoing, with results expected 2022. The third Phase II trial should be announced soon.
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Ultimovacs |
Cancer vaccine with near-universal potential
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Pharma & biotech |
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20 November 2020 |
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Ultimovacs is a biotechnology company focused on developing a near-universal cancer vaccine. The lead asset UV1 activates the immune system to recognise cancer cells that express human telomerase reverse transcriptase (hTERT, or telomerase), which is expressed in over 85% of cancer types. In these malignancies, cell reproduction relies exclusively on hTERT maintaining the length of telomers. For this reason, UV1 has a broad potential in a variety of cancers, in different stages, and in combination with other treatments. Two Phase II trials in metastatic melanoma (UV1 plus ipilimumab and nivolumab) and mesothelioma (same combination) are ongoing, with results expected 2022. The third Phase II trial should be announced soon.
UV1 composition is based on real-world insights
Chromosomes are capped with sections of so-called telomeres, which gradually shorten after each normal cell division cycle, causing a finite replicative capacity. Malignant cells develop the ability to maintain telomeres through the expression of hTERT, which enables them to replicate infinitely. UV1 is meant to induce an anti-cancer immune response against hTERT, which is expressed in most cancer types. UV1 has an interesting discovery history. UV1 epitopes were selected based on insights from large clinical trials that investigated another, unrelated telomerase vaccine. The patients who lived longest in those trials had specific T cells against three epitopes, of which UV1 consists. So, UV1 was constructed using real-world evidence.
Solid Phase I data; Phase II programme ongoing
Three Phase I/IIa trials in different solid tumours showed that UV1 is able to induce long-lasting T cell responses against telomerase. Encouraging initial efficacy data from long-term follow-ups have also been reported. Ultimovacs’ Phase II R&D strategy is to combine UV1 with checkpoint inhibitors due to expected synergy. The company also has a second platform, tetanus epitope targeting technology, which is a first-in-class cancer vaccine solution. This is a highly differentiated and novel approach and a Phase I trial in prostate cancer could start in Q121.
Valuation: EV of NOK1.2bn is undemanding
Ultimovacs is a pure play biotech company with loss-making operations, so relative valuation is not feasible. At end-Q320, Ultimovacs had a comfortable cash position of NOK453m and no debt. An implied an EV of NOK1.2bn is not demanding for a well-funded immunoncology company with two ongoing Phase II trials.
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Consensus estimates
Source: Refinitiv |
Ultimovacs is a research client of Edison Investment Research Limited
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