IMMray PanCan-d approaches the market

Immunovia 22 March 2018 Outlook
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Immunovia

IMMray PanCan-d approaches the market

Outlook

Healthcare equipment & services

22 March 2018

Price

SEK99.5

Market cap

SEK1,721m

USD$0.12/SEK

Net cash (SEKm) at 31 December 2017

192.4

Shares in issue

17.3m

Free float

66.52%

Code

IMMUNOV

Primary exchange

NASDAQ FN Stockholm

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

6.8

(8.1)

(12.0)

Rel (local)

4.7

(5.9)

(18.1)

52-week high/low

SEK116.25

SEK76.5

Business description

Immunovia is a Swedish company specialised in diagnostics for oncology and autoimmune diseases. Its main product is IMMray PanCan-d, an antibody microarray based on its proprietary IMMray platform. A prospective trial in patients at high risk of pancreatic cancer is ongoing. The company expects to generate initial self-pay sales in late 2018.

Next events

Decision on uplisting to Nasdaq Stockholm’s main market

Q118

Interim PANSYM-1 data

2018

First IMMray PanCan-d sales

Q418

Final PANFAM-1 data

2019

Analysts

Juan Pedro Serrate

+44 (0)20 3681 2534

Jonas Peciulis

+44 (0)20 3077 5728

Immunovia is a research client of Edison Investment Research Limited

Immunovia is preparing to market its IMMray PanCan-d for self-pay patients at high risk of pancreatic cancer (PC) in Q418, after preparatory activities were pushed back slightly from mid-2017 to 2018. To achieve reimbursement, a prospective trial in this population is being run and if positive, the test could be reimbursed in 2020. Immunovia is pursuing other groups ie patients with new-onset T2 diabetes aged 50+ and those with early gastric symptoms. Our revised valuation is SEK3.6bn as we now include early gastric symptoms. Autoimmune diseases represent upside.

Year end

Revenue
(SEKm)

PBT*
(SEKm)

EPS*
(SEK)

DPS
(SEK)

P/E
(x)

Yield
(%)

12/16

24.5

(14.7)

(0.98)

0.0

N/A

N/A

12/17

24.2

(45.2)

(2.67)

0.0

N/A

N/A

12/18e

27.2

(61.8)

(3.65)

0.0

N/A

N/A

12/19e

38.1

(73.4)

(4.34)

0.0

N/A

N/A

Note: *Normalised, excluding amortisation of acquired intangibles and exceptionals.

First self-pay sales in sight in high-risk patients

Immunovia plans to market its lead indication the IMMray PanCan-d test in late 2018 in the private self-pay market following a slight delay to its pre-marketing activities from mid-2017 to this year. The company is also running the PANFAM-1 study, a three-year prospective clinical trial in 1,000 high-risk patients to achieve reimbursement. At SEK5,000/test and two tests per year, we estimate the total market opportunity is c SEK2bn in the EU/US, based on c 200k potential patients.

PC in diabetes is a much larger opportunity

In December 2017, Immunovia started the prospective PANDIA-1 study in new-onset type 2 diabetes (T2D) patients aged 50+ as part of a consortium. It is also continuing with the retrospective study using the biobank of Lund University Diabetes Centre (LUDC) which comprises samples from over 17,000 patients. Applied to the c 3.4m patients diagnosed with diabetes every year in the EU and the US, the opportunity is worth SEK34bn/year based two tests per year for three years at SEK5,000/test.

Trial in patients with early gastric symptoms starts

The prospective PANSYM-1 study started with a pilot study collecting samples from 360 patients with early gastric symptoms. The results of this study are expected this year and the trial will be expanded if they are positive. The company’s own primary research estimates a potential market of 1m tests in the US/EU, which is a SEK5bn opportunity at SEK5,000/test. Separately, the company’s platform has shown it can differentiate Lupus from other autoimmune diseases with 96% accuracy, representing future upside.

Valuation: updated to SEK3.6bn or SEK208/share

Our updated valuation is SEK208/share vs SEK155.2/share previously. The main change is the addition of the early symptoms population with 5% penetration and SEK250m peak sales. We add end-2017 net cash of SEK192.4m and roll the model forward in time. Due to increased costs and pushed out revenues we now have a funding gap of SEK150m in 2019. Peak sales are SEK2.7bn in the EU/US.

Investment summary

Company description: A versatile diagnostics platform

Immunovia AB is a technology platform and product development company headquartered in Lund’s Medicon Village in Sweden. The company was founded in 2007 based on research from Lund University and the Centre for Translational Cancer Research (CREATE Health) in Lund. Its proprietary technology platform IMMray utilises antibody microarrays to detect biomarkers of early disease to allow rapid treatment. The system is complemented with proprietary antibody libraries, antibody production and purification as well as software and clinical algorithms. The IMMray system has the potential to allow for monitoring of cancer treatment, predicting disease progression and assessing response to therapy. The company’s main product is IMMray PanCan-d, a blood-based test for early detection of pancreatic cancer. Immunovia floated on First North market in 2015. During 2017 the company submitted an application to list on Nasdaq Stockholm’s main market with a decision expected in Q118.

Valuation: rNPV of SEK3.6bn or SEK208/share

Our updated valuation is SEK3.6bn or SEK208/share vs SEK2.6bn or SEK155.2/share previously, based on a risk-adjusted NPV analysis using a 12.5% discount rate. The main change to our valuation is the addition of the early gastric symptoms group. We assume a price of SEK5,000 per test, in line with the pricing of other indications and peak sales of c SEK2.7bn in the EU and US. As previously, we project a 35% penetration rate in the c 200,000 population of high-risk patients, 5% in the 3.4 million newly diagnosed diabetic patients and 5% in patients with early gastric symptoms.

Financials: FY17 results released

Immunovia reported FY17 financial results on 15 February 2018. While R&D remains the main cost driver, Immunovia has also ramped up its marketing activities. Total operating expenses (including depreciation and amortisation) increased to SEK69.7m in FY17 from SEK39.4m in FY16, above our estimate of SEK46m. This increase was mainly driven by marketing activities and a new laboratory in the US. The number of full time employees increased to 34 at the end of 2017 vs 21 at end 2016. From 2017 to 2020 we expect Immunovia to fund the prospective PANFAM-1 clinical trial in individuals at high risk of pancreatic cancer at an estimated cost of SEK40m over three years; the PANDIA-1 study in newly diagnosed T2D patients over 50 years of age at an estimated cost of SEK90m for three years; and the PANSYM-1 study in patients with early vague gastric symptoms which we estimate will cost c SEK30m over three years. Due to the increased clinical trial activity and marketing expenses associated with the launch of IMMray PanCan-d, we are raising our total expense forecasts to SEK87.6m in 2018 and SEK101.5m in 2019 vs the previous SEK68.3m and SEK75.3m, respectively). Immunovia’s end of 2017 cash position was SEK192.4m. We project a cash shortfall in FY19e that we cover with SEK150m debt for illustrative purposes.

Sensitivities: Commercial execution is key

The key sensitivity is commercialisation. Immunovia plans to start the first self-pay sales in the high-risk population later this year. It needs to complete a number of activities to achieve this, including obtaining the CE mark in Europe, Clinical Laboratory Improvement Amendments (CLIA) accreditation in the US, ISO certifications and manufacturing scale up. Any delay in meeting these milestones would push back first revenues. Successful commercialisation will require reimbursement and managing price sensitive healthcare authorities in each country. For example, although FDA approval is not needed for reimbursement in the US, the strategy of marketing the product as a laboratory developed test (LDT) validated by a CLIA-accredited laboratory may limit its ability to distribute its test beyond the CLIA-certified lab and may mean a slow ramp-up in revenues and a lower probability of reimbursement. FDA approval, which requires additional resources, would increase the chances of getting reimbursement. As an example, Exact Sciences’s Cologuard was only reimbursed after FDA approval. True acceptance will likely only come after full reimbursement and inclusion in various cancer screening guidelines.

IMMray technology for the early diagnosis of cancer

Immunovia’s proprietary IMMray technology platform is based on the analysis of antibody microarrays. Through its in-house antibody production and purification facility the company generates a slide of 14 antibody arrays. Using the company’s bioinformatics platform the tests are processed and provide a snapshot of the patient’s disease status. This information can be used to assess the patient’s responsiveness to therapy, diagnostics, disease follow up and monitoring.

The company’s first product is IMMray PanCan-d, a blood-based test for the early detection of pancreatic cancer. Pancreatic cancer is classified according to progression, with stages I and II being localised and amenable to surgical resection, while stages III and IV have spread to lymph nodes and other internal organs.

Exhibit 1: Pancreatic cancer is split into stages

Stages

Comments

Stage 0

Also called carcinoma in situ. Abnormal cells are found in the pancreas and may become cancer.

Stage I

Cancer has formed and is only in the pancreas. Stage IA: tumour is 2cm or smaller. Stage IB: tumour is larger than 2cm.

Stage II

Cancer may have spread to nearby tissue and organs, and may have spread to lymph nodes near the pancreas. Stage IIA: it has spread to nearby tissue and organs but has not spread to lymph nodes. Stage IIB: it has spread to nearby lymph nodes and may have spread to nearby tissue and organs.

Stage III

The tumour has spread to the major blood vessels near the pancreas and may have spread to nearby lymph nodes.

Stage IV

Cancer has spread to distant organs such as the liver, lung and the peritoneal cavity.

Stages

Stage 0

Stage I

Stage II

Stage III

Stage IV

Comments

Also called carcinoma in situ. Abnormal cells are found in the pancreas and may become cancer.

Cancer has formed and is only in the pancreas. Stage IA: tumour is 2cm or smaller. Stage IB: tumour is larger than 2cm.

Cancer may have spread to nearby tissue and organs, and may have spread to lymph nodes near the pancreas. Stage IIA: it has spread to nearby tissue and organs but has not spread to lymph nodes. Stage IIB: it has spread to nearby lymph nodes and may have spread to nearby tissue and organs.

The tumour has spread to the major blood vessels near the pancreas and may have spread to nearby lymph nodes.

Cancer has spread to distant organs such as the liver, lung and the peritoneal cavity.

Source: Edison Investment Research

Typically, symptoms do not appear until the disease has spread and it is too late for full resection. As a result, less than 5% of patients are alive five years after diagnosis. Early detection at stage I or II, when the tumour can be removed with surgery, could improve five-year survival rates to c 50%. Pancreatic cancer is one of the most lethal cancers with 53,000 new cases in the US in 2016 and an estimated 41,780 deaths, according to SEER. In the EU-27, there were 78,654 new cases and 77,958 deaths in 2012 according to EUCAN.

In addition to patients at high risk of pancreatic cancer, the company is targeting new-onset diabetic patients over 50 years of age. This population group has up to eight times higher risk of developing pancreatic cancer. Between 1% and 2% of patients with T2D develop pancreatic cancer. The test could be a first filter to diagnose early-stage PC that would be confirmed later.

Immunovia is also targeting patients with early gastric symptoms. Primary research conducted by the company’s academic collaborator, the University College of London (UCL) suggests that patients with early gastric symptoms undergo up to 18 visits to the doctor and a six- to nine-month delay until pancreatic cancer is diagnosed.

The company also has ongoing projects in other indications such as systemic lupus erythematosus (SLE), prostate and breast cancer. To support clinical development and commercialisation, Immunovia works with key opinion leaders and top cancer research centres and consortia.

First sales on sight this year in the high-risk setting

Immunovia expects first sales of IMMray PanCan-d in the hereditary and familial risk patient group in late 2018. The company’s initial plan is to target the private sector, mainly individuals through patient organisations and pancreatologists at healthcare institutions that will pay for the tests from their own budget. In order to achieve this goal, Immunovia is working on several fronts:

Obtain ISO 13485 and ISO 17025 certifications

Obtain the CE mark following the 98/97/EC directive of In Vitro Diagnostic Medical Devices in Europe

Receive the CLIA/CPA accreditation in the US

Scale up manufacturing and ensure the reproducibility of laboratory processes

These preparatory activities were initially expected to be completed in mid-2017, but will now be conducted during 2018 and are critical to start commercialisation later in the year.

PANFAM-1 prospective trial to pave the way for reimbursement

Although sales are possible without reimbursement, we believe that securing reimbursement is central to the investment case, to maximise the potential of the test and achieve our peak sales forecast. Therefore, Immunovia is running a prospective clinical trial (PANFAM-1) in high-risk individuals (those with a family history of pancreatic cancer, hereditary pancreatitis, chronic pancreatitis or rare genetic diseases such as Peutz-Jeghers syndrome or Lynch Syndrome) that started in December 2016. The study will run for three years and recruit 1,000 patients. This trial intends to show the clinical utility of the test by discriminating between people who have pancreatic cancer and those who do not, even at early stages. There will be a readout after an undisclosed number of events with final results expected in 2019, although these timelines depend on the enrolment of patients and centres that join the study. The study is being conducted in top research centres in the US and Europe.

Immunovia aims to have PanCan-d included in surveillance programmes in familial pancreatic cancer and we estimate that US and EU sales could represent a total SEK2bn opportunity. The company will market the test to pancreatologists with its own salesforce.

An extensive dataset of retrospective studies

Immunovia has conducted a number of retrospective trials where the main end point was the area under the receiver operating characteristic (ROC) curve (AUROCC or AUC, see Exhibit 3). This is an accuracy measure that relates to the ability of the test to discriminate among alternative states of health; in this case among pancreatic cancer and healthy individuals, other conditions of the pancreas or PC stages. On the back of these data the company has developed a signature of 35 biomarkers that discriminates pancreatic cancer from healthy samples and other pancreatic diseases.

The company’s largest study to date has been the Scandinavian study (n=1,355); IMMray PanCan-d was able to differentiate between stage I and II pancreatic cancer and healthy subjects at a rate of 96%, with 98% for stages I to IV and healthy subjects. The rate was 96% in the US validation study (see Exhibit 2). Rates are lower when discriminating between pancreatic cancer and other pancreatic diseases: 85% in one study, 70% in another (Exhibit 2).

Exhibit 2: Retrospective studies

Study

Number of samples

Data

Ingvarsson J et al. Proteomics 2008 8(11):2211-9

44

AUC=1 PC vs healthy individuals

Wingren et al. Cancer Res. 2012 15;72(10):2481-90

103

AUC=0.95 PC vs healthy individuals

AUC=0.86 PC vs pancreatitis

AUC=0.99 PC vs autoimmune pancreatitis

AUC=0.85 PC vs combined healthy, pancreatitis and immune pancreatitis

Sandström et al. Proteomics Clin. Appl. 2012, 6, 486–496.

113

AUC=1 acute pancreatitis vs healthy controls

AUC=0.96 chronic pancreatitis vs healthy controls

AUC=0.98 autoimmune pancreatitis vs healthy controls

Gerdtsson et al. Int Journal of Proteomics 2015;2015:587250

338

PC vs healthy controls: average AUC 0.98, sensitivity 99%, specificity 80%. Average PPV of 96% and NPV of 95%

PC vs other pancreatic disease: average AUC 0.7, 62% sensitivity, 80% specificity, 73% PPV, 71% NPV

Gerdtsson et al. Chinese study.

213

AUC value of 0.80 for early stage disease (stage I/II) and 0.96 for late stage disease (stage three/four) vs normal controls, respectively

South Scandinavian study

1,355

AUC value of 0.96 for stage I and II PC vs normal controls

AUC value of 0.98 for all PC vs normal controls

North American validation study

429

AUC=0.96 for PC stage I and II vs normal controls

Source: Edison Investment Research, Immunovia. Note: PC = pancreatic cancer. AUC = area under the ROC Curve. PPV = positive predictive value. NPV = negative predictive value.

Sensitivity, specificity and the clinical value of a diagnostic test

It is important to reduce false positives as much as possible for a critical condition like pancreatic cancer. A good diagnostic test for pancreatic cancer needs to show that a positive result is actually a positive. Therefore, a high specificity and high positive predictive value (PPV) will ultimately determine the value of the test for this condition and influence reimbursement decisions. Ideally, the test needs to demonstrate a high specificity (true negatives) with high PPV (true positives according to the prevalence of the disease in a given population). In other words, the test needs to properly detect those patients with the disease and keep the false negatives to a minimum to reduce the need for expensive secondary testing with ultrasound, magnetic resonance imaging (MRI) or computerised tomography (CT) scan.

Exhibit 3: Measures of diagnostic accuracy

Concept

Definition

Sensitivity

The ability of a test to correctly classify an individual with the disease

Specificity

The ability of a test to correctly classify an individual without the disease

Positive predictive value (PPV)

The probability that the disease is present when the test is positive eg a PPV of 15% means that among those who had a positive screening test, the probability of disease is 15%

Negative predictive value (NPV)

The probability that the disease is not present when the test is negative eg a NPV of 15% means that among those who had a negative screening test, the probability of being disease-free is 15%

Area under the ROC curve (AUC)

Estimate the discriminative power of a test. The closer to 1, the better the accuracy

Concept

Sensitivity

Specificity

Positive predictive value (PPV)

Negative predictive value (NPV)

Area under the ROC curve (AUC)

Definition

The ability of a test to correctly classify an individual with the disease

The ability of a test to correctly classify an individual without the disease

The probability that the disease is present when the test is positive eg a PPV of 15% means that among those who had a positive screening test, the probability of disease is 15%

The probability that the disease is not present when the test is negative eg a NPV of 15% means that among those who had a negative screening test, the probability of being disease-free is 15%

Estimate the discriminative power of a test. The closer to 1, the better the accuracy

Source: Edison Investment Research

Since the incidence of pancreatic cancer is low (c 13 cases per 100,000 people), screening in the general population is not feasible. A test with 99% specificity and 99% sensitivity in a population with low incidence of a disease (like the 0.013% of pancreatic cancer) used to screen 100,000 individuals would detect nearly all patients with the disease, but would classify 1,000 healthy individuals as having the disease. This would result in a PPV of just 1.3%, which is too low to justify screening the general population. That is why it is important to focus on particular subgroups with increased incidence of pancreatic cancer. In the high-risk population, it is estimated that the incidence is around 2.2%, which is a PPV of c 60%, assuming the test has 99% sensitivity and specificity rates.

Exhibit 4: Competitors and current tests for PC

Company

Product

Status

Description

Data

Cost per test ($)

Interpace

PancraGen TM

Market

Assesses the risk of cancer in precursor lesions. No direct competitor. Retrospective data. Reimbursed, but small sales due to invasiveness and inconclusive data

Sensitivity: 47%-83%

Specificity: 81%-100%

PPV: 55%-100%

NPV: 50%-97%

Not disclosed

Myriad

Panexia

Market

Identifies patients with higher risk of developing cancer. Not competitive, but complementary to Immunovia

Sensitivity: 99%

Specificity: 99%

3,025

Natimab

EZR/ENOA Abs

Clinical development

Blood-based two marker test for prognosis and detection of pancreas cancer

Sensitivity: 100%

Specificity: 92.3%

AUC: 0.96

NA

VolitionRx

NuQ

Clinical development

Blood test based on the NuQ nucleosome technology

Sensitivity: 84%

Specificity: 92%

40-80

Trovagene

Trovera KRAS ctDNA

Pre-clinical

Liquid biopsy. Measures ctDNA KRAS mutations

Sensitivity: 30%-50%

Specificity: 90%

NA

Current tests

Various

EUS

Market

Endoscopy ultrasound

Sensitivity: 89%

Specificity: 96%

500

Various

CA-19-9

Market

Blood marker for follow up

Sensitivity: 79%

Specificity: 82%

20-40

Source: Edison Investment Research, Immunovia

PANDIA-1 trial: diabetes is the next big market

In December 2017 Immunovia joined a consortium formed of the Lund and Uppsala Universities, Lund University Diabetes Centre, Region Skåne, Region Uppsala and more recently, the Danish Centre for Strategic Research into Type 2 Diabetes. The consortium will give Immunovia access to 9,500 new T2D patients over 50 years of age and run the prospective PANDIA-1 trial. The consortium has received a grant of SEK7.6m from SWElife, the Swedish government’s strategic innovation programme. According to Immunovia first data will be available in 2020 and full results in 2021.

In parallel Immunovia is conducting a retrospective study to compare samples from diabetes patients that developed pancreatic cancer with those who did not using the biobank of Lund University Diabetes Centre (LUDC). The LUDC has samples from all newly diagnosed patients in the Skåne region of Sweden, which is approximately over 17,000 patients.

Furthermore, Immunovia has signed a memorandum of understanding (MoU) with the US National Cancer Institute to validate biomarkers to improve early diagnosis of pancreatic cancer in patients over 50 years old with new onset diabetes. These patients have eight times more risk to develop pancreatic cancer.

While there is a link between pancreatic cancer and diabetes, it is unclear whether diabetes is a symptom or a cause of pancreatic cancer. Around 50% of patients with pancreatic cancer have T2D and they are often diagnosed shortly after of before their pancreatic cancer diagnosis. On the other hand, diabetes involves changes in cell metabolism, inflammation and other changes that may have cancer-promoting effects, which could increase the risk of cancer in certain cases. The prevalence of pancreatic cancer in T2D patients is around 1% to 2.2%, according to different studies. The Rochester study conducted in 2,127 diabetic subjects shows 1% of those over 50 years old being diagnosed with pancreatic cancer three years after diagnosis. A meta-analysis of 88 studies demonstrates a strong association between pancreatic cancer and recently diagnosed diabetes and highlights the risk of pancreatic cancer even long after the diagnosis of diabetes, suggesting that selective screening of patients recently diagnosed with diabetes for pancreatic cancer should be considered. Furthermore, since 2015 the UK’s NICE recommends a CT scan or ultrasound to assess for pancreatic cancer in people aged 60 and over with weight loss and new-onset diabetes. IMMray PanCan-d could be a first filter to diagnose early-stage pancreatic cancer that would be later confirmed.

With c 3.4 millon new patients per year and two tests per patient per year for three years, at a price of SEK5,000/test, this represents an annual opportunity of SEK34bn.

Evaluate IMMray’s potential in early gastric symptoms

Immunovia’s collaborator Professor Stephen Pereira and his team at the Institute for Liver and Digestive Health of the University College London (UCL) have started collecting samples from patients with early vague gastric symptoms. Up to 360 blood samples from this patient population will be used in a study that aims to assess the utility of IMMray PanCan-d in this population. This study will present interim data in 2018 and now forms the initial part of the prospective PANSYM-1 study.

An American study published in 2015 found that c 31% of pancreatic cancer patients are initially misdiagnosed. The most common misdiagnosis was gallbladder disease, followed by gastroesophageal reflux disease and peptic ulcer disease. Importantly, there was an average three-month time difference from the first visit to a physician to the actual cancer diagnosis in patients who were initially misdiagnosed with respect to those that were correctly diagnosed. Patients who were initially misdiagnosed had a 1.4-fold greater risk of having stage III or IV disease at the time of the pancreatic cancer diagnosis. There was a trend toward shorter survival among those who were initially misdiagnosed (median overall survival of 9.6 vs 10.3 months).

The UCL’s primary research suggests that patients that present to their doctor with early symptoms such as abdominal pain (in 39% of cases), jaundice (36%), change in bowel habit (30%), or dyspepsia (21%) undergo up to 18 visits and six- to nine-months until pancreatic cancer is diagnosed. Hence, identifying patients with pancreatic cancer and initial vague symptoms could lead to improved diagnosis and earlier treatment.

The fact that there are not noticeable symptoms or that they are vague (weight loss, abdominal pain, jaundice) make pancreatic cancer difficult to detect at early stages and therefore difficult to treat and deadly.

We now include this indication in our valuation and estimate a potential opportunity of SEK5bn based on the company’s estimate of 1m tests per year at SEK5,000/test. We forecast that the company achieves 5% of this market in 2028.

IMMray in autoimmune diseases provides upside

Immunovia has generated data from its IMMray biomarker microarray in autoimmune diseases. In particular, data from a retrospective trial in 315 blood samples designed to assess IMMray SLE biomarker signature showed that IMMray can differentiate samples with SLE from other diseases such as rheumatoid arthritis (RA), vasculitis and Sjögren’s syndrome (SS) with 96% accuracy. The data are relevant as up to half of SLE cases are usually misdiagnosed, according to Immunovia.

Further data show the potential of the IMMray signatures in the differential diagnosis of autoimmune diseases. IMMray differentiated rheumatoid arthritis from a mix of systemic lupus erythematosus (SLE), Sjögren syndrome and systemic vasculitis (SV), with 89% accuracy. It differentiated RA from SS, and SV, with accuracies of 83% and 95%, respectively.

The company is collaborating with Linköping University to discover biomarkers to explore IMMray’s potential in autoimmune diseases. Immunovia plans to do additional tests in SLE and RA.

Sensitivities

As previously discussed, the key sensitivity is market penetration. To secure payers’ acceptance the test needs to demonstrate high specificity with high PPV. This would avoid expensive secondary testing. Initial self-pay sales may gain some traction in the US where this market is more developed, but more widespread acceptance will come after positive data from the prospective study, regulatory approval and full reimbursement is granted. The company plans to obtain the CE mark in Europe and market its product as an LDT under the CLIA waiver programme in the US among other activities needed to start commercialisation. The timeline for this is 2018 (vs the previous target of mid-2017); if these activities are completed as planned, launch could be possible in late 2018. We believe that true acceptance will come after a full reimbursement and inclusion in various cancer screening guidelines. This may involve the need for FDA approval which may require additional trials to be conducted that are not currently included in our forecasts.

Expansion to other population groups such as autoimmune diseases and other cancer indications could provide upside.

Valuation: DCF of SEK3.6bn or SEK208/share

Our updated valuation is SEK3.6bn or SEK208/share (SEK202.5/share fully diluted) vs SEK2.6bn or SEK155.2/share previously (SEK150.5/share fully diluted), based on a risk-adjusted NPV analysis with a 12.5% discount rate. The main change to our valuation is the addition of the early gastric symptoms group. We assume a price of SEK5,000 per test and total peak sales of c SEK2.7bn in the EU and the US in 2028 after the PANFAM-1, PANDIA-1 and PANSYM-1 trials have readout and the company obtains reimbursement. We maintain a 35% penetration rate in the c 200,000 population of patients at increased risk of pancreatic cancer, 5% in the 3.4 million newly diagnosed diabetic patients and 5% in patients with early gastric symptoms. This represents a combined opportunity of SEK41bn per year at 8.2m tests. We also roll the model forward, include net cash of SEK192.4m (down from SEK215.3m previously) and our increased expenses forecast for the period 2018-21.

We maintain two valuation scenarios:

Scenario 1 (SEK208/share): This is our base case valuation in which we assume the test is reimbursed for the diabetes group and achieves a market share of 5%. With a potential population of 3.4 million new patients per year at two tests per year the group equates to 6.8m tests and represents a total market opportunity of SEK34bn at SEK5,000/test. Peak sales in 2028 are c SEK1.7bn. We also include the early symptoms population with a potential 1m tests at SEK5,000/test and small 5% market share in Europe and the US reflecting a new and untested market. Peak sales are SEK250m in 2028 on 50,000 tests. Finally, the high-risk pancreatic cancer group represents 200,000 potential patients and we project peak sales in 2025 of SEK707m at SEK5,000 per test and 35% market share in Europe and the US, used twice a year.

Scenario 2 (SEK104/share): if the test is not reimbursed for diabetic patients, we project a 1% market share. Peak sales in this case would be SEK340m in 2028. The assumptions for the early symptoms and high-risk pancreatic cancer groups remain unchanged.

Exhibit 5: Valuation summary

Scenario 1

Scenario 2

US$m

SEKm

US$m

SEKm

Peak sales in T2D patients (US and EU in 2028)

208

1,700

42

340

Peak sales in at-risk patients (US and EU in 2025)

87

707

87

707

Peak sales in early symptoms group (US and EU in 2028)

31

250

31

250

PV of explicit FCF forecast (2018-2028)

160

1,308

69

561

Terminal value (2.5% TGR)

837

6,830

417

3,396

PV of terminal value

258

2,103

129

1,046

Total NPV

418

3,411

198

1,607

Add net cash (FY17

24

192

24

192

Implied equity value

441

3,604

221

1,800

Number of shares (m)

17.3

17.3

17.3

17.3

Per basic share

$25/share

SEK208/share

$13/share

SEK104/share

Source: Edison Investment Research. Note: Exchange rate US$0.12/SEK. Numbers are rounded.

Financials

We now project first sales in late 2018, hence we have adjusted our forecast to SEK2.7m from SEK9.4m to reflect the late launch of IMMray PanCan-d. Additionally, we forecast similar levels of revenues in the form of capitalised R&D work in FY18 (c SEK24.5m) that will decrease from 2019 onwards as clinical trials begin to complete. We forecast increased sales from 2020 onwards as the company obtains approval and reimbursement for IMMray PanCan-d in the high-risk indication and from 2021 in the other two indications. We model increasing total operating costs of SEK87.6m in FY18e (vs SEK68.3m before) as a result of a further SEK10m rise in R&D for the new PANSYM-1 study and marketing activities. We project the PANFAM-1 study in the at-risk population to consume SEK40m in 2017-19, the PANDIA-1 study in the T2D population to cost SEK90m and run from 2018 to 2020 and the PANSYM-1 study to consume SEK30m from 2018 to 2020.

Exhibit 6: Forecast adjustment

Concept (SEKm)

2017e

2017 actual

2018e previous

2018e new

Total revenues

27.8

24.2

43.6

27.2

Opex (incl. depreciation & amortisation)

46

69.7

68.3

87.5

Operating profit/(loss)

(18.2)

(45.5)

(31.3)

(62.3)

Net profit/(loss)

(17.5)

(45.2)

(30.8)

(61.8)

Cash flow from operations

(19.7)

(46.5)

(33.7)

(62.3)

Source: Company accounts. Edison Investment Research

Immunovia’s end of 2017 cash position was SEK192.4m, which we estimate should be sufficient to fund operations for the next 18 months. We expect Immunovia to end 2018 with a cash balance of SEK100m. Due to increased clinical activity and commercial activities we project a cash shortfall in 2019 that we cover with SEK150m debt for illustrative purposes. We expect Immunovia to achieve positive operating cash flow in 2021.

Exhibit 7: Financial summary

SEK '000s

2015

2016

2017

2018e

2019e

Year end 31 December

GAAP

GAAP

GAAP

GAAP

GAAP

PROFIT & LOSS

Revenue

 

 

17,007

24,503

24,249

27,222

38,123

Cost of Sales

0

0

0

(1,889)

(10,142)

Gross Profit

17,007

24,503

24,249

25,333

27,981

Operating expenses

(17,377)

(24,115)

(39,113)

(53,333)

(53,333)

Personnel

(6,749)

(14,815)

(29,138)

(32,052)

(45,000)

EBITDA

 

 

(7,136)

(14,429)

(44,256)

(60,052)

(70,354)

Operating Profit (before amort. and except.)

(7,424)

(14,978)

(45,520)

(62,252)

(73,670)

Intangible Amortisation

0

0

0

0

1

Exceptionals/Other

0

0

0

0

0

Operating Profit

(7,424)

(14,978)

(45,520)

(62,252)

(73,669)

Net Interest

40

255

288

481

264

Exceptionals/Other

0

0

0

0

0

Profit Before Tax (norm)

 

 

(7,384)

(14,723)

(45,232)

(61,771)

(73,406)

Profit Before Tax (IFRS)

 

 

(7,384)

(14,723)

(45,232)

(61,771)

(73,405)

Tax

0

0

0

0

0

Discontinued operations

0

0

0

0

0

Profit After Tax (norm)

(7,384)

(14,723)

(45,232)

(61,771)

(73,406)

Profit After Tax (IFRS)

(7,384)

(14,723)

(45,232)

(61,771)

(73,405)

Average Number of Shares Outstanding (m)

11.42

14.99

16.93

16.93

16.93

EPS - normalised (ore)

 

 

(65)

(98)

(267)

(365)

(434)

EPS - normalised (ore)

 

 

(65)

(98)

(267)

(365)

(434)

Dividend per share (ore)

0.00

0.00

0.00

0.00

0.00

Gross Margin (%)

N/A

N/A

N/A

N/A

N/A

EBITDA Margin (%)

N/A

N/A

N/A

N/A

N/A

Operating Margin (before GW and except.) (%)

N/A

N/A

N/A

N/A

N/A

BALANCE SHEET

Fixed Assets

 

 

14,556

22,485

46,761

66,326

83,339

Intangible Assets

13,885

19,483

36,791

59,115

76,128

Tangible Assets

671

3,002

7,211

7,211

7,211

Other

0

0

2,759

0

0

Current Assets

 

 

76,959

260,925

204,009

106,506

167,549

Stocks

0

0

0

378

1,521

Debtors

814

1,830

11,584

540

3,559

Cash

75,767

259,095

192,425

105,589

162,469

Other

378

0

0

0

0

Current Liabilities

 

 

(7,713)

(6,778)

(13,975)

(567)

(2,028)

Creditors

(1,252)

0

0

(567)

(2,028)

Short term borrowings

0

0

0

0

0

Deferred revenues

0

0

0

0

0

Other short term liabilities

(6,461)

(6,778)

(13,975)

0

0

Long Term Liabilities

 

 

0

0

0

0

(150,000)

Long term borrowings

0

0

0

0

(150,000)

Deferred revenues

0

0

0

0

0

Other long term liabilities

0

0

0

0

0

Net Assets

 

 

83,802

276,632

236,795

172,265

98,860

CASH FLOW

Operating Cash Flow

 

 

-2,844

(11,868)

(46,525)

(62,313)

(72,789)

Net Interest

0

0

0

0

0

Tax

0

0

0

0

0

Capex

-8,636

(30,809)

(31,187)

(24,524)

(20,330)

Acquisitions/disposals

0

0

0

0

0

Financing

55,441

207,233

4,923

0

0

Dividends

0

0

0

0

0

Other

0

18,772

8,880

0

0

Net Cash Flow

43,961

183,328

(63,909)

(86,836)

(93,119)

Opening net debt/(cash)

 

 

(31,804)

(75,767)

(259,095)

(192,425)

(105,589)

HP finance leases initiated

0

0

0

0

0

Exchange rate movements

0

0

0

0

0

Other

1

0

(2,761)

0

0

Closing net debt/(cash)

 

 

(75,767)

(259,095)

(192,425)

(105,589)

(12,469)

Source: Company accounts, Edison Investment research

Contact details

Revenue by geography

Immunovia
Medicon Village
SE-223 81 Lund
Sweden
+46 46 275 60 00
www.immunovia.com

N/A

Contact details

Immunovia
Medicon Village
SE-223 81 Lund
Sweden
+46 46 275 60 00
www.immunovia.com

Revenue by geography

N/A

Management team

CEO: Mats Grahn

CSO: Rolf Ehrnström

Mr Grahn has been the CEO of Immunovia since 2012. Mr Grahn holds an MSc in engineering physics from Lund University, Sweden. Mr Grahn has more than two decades of experience in the healthcare industry, where he has held different positions, including: VP of product management and VP of marketing at GE Healthcare; CVP marketing at Dako A/S; VP marketing Amersham Biosciences; VP laboratory separations at Pharmacia Biotech; and VP at Prevas Bioinformatics.

Mr Ehrnström holds an MSc in biochemistry & biotechnology engineering from the Royal Institute of Technology, Stockholm, Sweden. He has held leadership positions at medtech and diagnostic companies, including: CSO at Dako-Agilent, CVP of R&D at Dako A/S, VP of R&D at Gyros AB, science director Amersham Biosciences, senior scientific advisor Amersham Pharmacia Biotech, senior programme manager MicroArrays Amersham-Pharmacia Biotech and director R&D molecular biology Pharmacia Biotech.

CTO: Christer Wingren

CFO: Hans Liljenborg

Dr Wingren is a lecturer at Lund University’s CREATE centre. Dr Wingren holds a BSc in chemistry and a PhD in biochemistry from Lund University. He conducted his postdoctoral training in structural biology at the laboratory of Professor Ian Wilson at the Scripps Research Institute, La Jolla, US. His research focus is the development of recombinant antibody microarrays for high-throughput disease proteomics, with a particular focus on oncoproteomics and autoimmunity. Dr Wingren joined Immunovia in 2007.

Mr Liljenborg has a BSc in business and mathematics from Lund University. He has held different roles in finance management at biomedical companies. He was finance director at Physio Control and Jolife AB. Mr Liljenborg was finance manager at Vivoline Medical AB. He has also been CFO at QuickCool AB and finance manager at Pharma Visions Systems AB.

Management team

CEO: Mats Grahn

Mr Grahn has been the CEO of Immunovia since 2012. Mr Grahn holds an MSc in engineering physics from Lund University, Sweden. Mr Grahn has more than two decades of experience in the healthcare industry, where he has held different positions, including: VP of product management and VP of marketing at GE Healthcare; CVP marketing at Dako A/S; VP marketing Amersham Biosciences; VP laboratory separations at Pharmacia Biotech; and VP at Prevas Bioinformatics.

CSO: Rolf Ehrnström

Mr Ehrnström holds an MSc in biochemistry & biotechnology engineering from the Royal Institute of Technology, Stockholm, Sweden. He has held leadership positions at medtech and diagnostic companies, including: CSO at Dako-Agilent, CVP of R&D at Dako A/S, VP of R&D at Gyros AB, science director Amersham Biosciences, senior scientific advisor Amersham Pharmacia Biotech, senior programme manager MicroArrays Amersham-Pharmacia Biotech and director R&D molecular biology Pharmacia Biotech.

CTO: Christer Wingren

Dr Wingren is a lecturer at Lund University’s CREATE centre. Dr Wingren holds a BSc in chemistry and a PhD in biochemistry from Lund University. He conducted his postdoctoral training in structural biology at the laboratory of Professor Ian Wilson at the Scripps Research Institute, La Jolla, US. His research focus is the development of recombinant antibody microarrays for high-throughput disease proteomics, with a particular focus on oncoproteomics and autoimmunity. Dr Wingren joined Immunovia in 2007.

CFO: Hans Liljenborg

Mr Liljenborg has a BSc in business and mathematics from Lund University. He has held different roles in finance management at biomedical companies. He was finance director at Physio Control and Jolife AB. Mr Liljenborg was finance manager at Vivoline Medical AB. He has also been CFO at QuickCool AB and finance manager at Pharma Visions Systems AB.

Principal shareholders

(%)

Carl Borrebaeck

9.87

Vincent Saldell

5.77

Sara Andersson Ek

5.13

Per Mats Ohlin

5.13

Christer Wingren

5.13

Handelsbanken Svenska Småbolag

4.02

Companies named in this report

Exact Sciences (EXAS).

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. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Pty Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2018 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Immunovia and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Investment Research Pty Ltd (Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd (AFSL: 427484)) and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2018. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Pty Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2018 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Immunovia and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Investment Research Pty Ltd (Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd (AFSL: 427484)) and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2018. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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