Key catalysts in 2018

Targovax 16 March 2018 Update
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Targovax

Key catalysts in 2018

Q417 results

Pharma & biotech

16 March 2018

Price

NOK16.38

Market cap

NOK862m

NOK7.87/US$

Net cash (NOKm) at end-Q417

212.8

Shares in issue

52.6m

Free float

55%

Code

TRVX

Primary exchange

Oslo Stock Exchange

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(0.4)

(8.0)

(39.5)

Rel (local)

(0.7)

(9.6)

(46.1)

52-week high/low

NOK28.4

NOK13.9

Business description

Targovax is an immuno-oncology company headquartered in Oslo, Norway, with two technology platforms that are being developed in a number of oncological indications. ONCOS-102 is an oncolytic virus technology. TG is a therapeutic cancer vaccine platform comprising peptides mimicking the most common RAS oncogenic mutations.

Next events

Full results from Phase I/II trial with TG01 in pancreatic cancer

H118

Interim data from Phase I trial ONCOS-102 in melanoma

H218

Interim data from Phase Ib/II trial ONCOS-102 in mesothelioma

H118

Analysts

Jonas Peciulis

+44 (0)20 3077 5728

Targovax is a research client of Edison Investment Research Limited

Q417 saw the release of several reports indicating a good safety profile and consistent immune activation signs by ONCOS-102, an oncolytic virus for melanoma and mesothelioma, and TG02, a neo-antigen vaccine for colorectal cancer. 2018 catalysts include full two-year survival data from the pancreatic cancer trial (Phase I/II) with TG01 and interim data readouts from the melanoma (Phase I) and mesothelioma (Phase Ib/II) trials with ONCOS-102. Our valuation is marginally higher at NOK1.78bn or NOK33.8/share.

Year end

Revenue (NOKm)

PBT*
(NOKm)

EPS*
(NOK)

DPS
(NOK)

P/E
(x)

Yield
(%)

12/16

0.0

(122.7)

(3.55)

0.0

N/A

N/A

12/17

0.0

(122.3)

(2.58)

0.0

N/A

N/A

12/18e

0.0

(147.5)

(2.80)

0.0

N/A

N/A

12/19e

0.0

(170.3)

(3.23)

0.0

N/A

N/A

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

Early consistent immune activation signs

Targovax runs four trials across its two platforms and supports an additional two trials led by partners. Targovax’s most advanced Phase I/IIa trial with TG01 for pancreatic cancer is due to report final data and the company has presented potential design of the next trial, which will be part of the registration programme. According to early findings, both ONCOS-102 and TG02 have been found to consistently activate the innate and adaptive immune system. While the patient numbers were small at the time of the analysis, Targovax expects to report more mature interim data with ONCOS-102 in both indications in 2018 (Exhibit 1).

FY18 spend expected somewhat higher than in FY17

Targovax reported immaterial revenues and an operating loss of NOK32.5m in Q417, compared to NOK31.3m in Q416, largely in line with our expectations. External Q417 R&D expenses were NOK12.2m versus NOK11.8m a year ago. Targovax had cash and cash equivalents of NOK262m at the end of Q417. Our total operating loss estimates for 2018 and 2019 are NOK150m and NOK170m, respectively. The increase is mainly due to ramping up R&D activities. We expect a cash position of NOK126m by end-2018. According to our model, this should extend well into 2019.

Valuation: Marginally up to NOK1.78bn or NOK33.8/sh

Our Targovax valuation is slightly higher at NOK1.78bn or NOK33.8/share, from NOK1.69bn or NOK32.1/share, due to rolling our model forward, which was partially offset by lower net cash position. All other assumptions for our rNPV model are unchanged. We note the recent industry news about Merck & Co’s acquisition of Viralytics with the lead product Cavatac, which previously we described as a peer to the ONCOS platform. Merck & Co agreed to pay A$502m, which compares well with our valuation of Viralytics of A$469m (published in December 2017) + A$29.6m placement by Viralytics in January 2018.

Exhibit 1: Targovax’s R&D pipeline update

Source: Targovax

First ONCOS-102 data in melanoma and mesothelioma

In the ONCOS platform, Targovax explores ONCOS-102 in combinations with other drugs for the first time. Both the Phase I in melanoma and the Phase Ib/II in mesothelioma trials have passed the first independent safety reviews in December 2017 after recruiting four (out of 12) melanoma and three mesothelioma (out of 30) patients. ONCOS-102 was well tolerated with both Keytruda (pembrolizumab, an anti-PD-1) in melanoma trial and new standard of care chemotherapy with pemetrexed/cisplatin in mesothelioma trial. Trials with ONCOS-102 in ovarian/colorectal and prostate cancers are being run by partners. Targovax supplies its product, but has no control over the studies (more details in our initiation report). Following the initial safety review, the company reported first immunogenicity findings as well.

In January 2018, Targovax reported the first immune activation observations at week 3 from four patients from the melanoma trial. The findings include increased levels of several pro-inflammatory cytokines (shows activation of innate immune response), cytotoxic CD8+ T-cells and the expression of PD-1 on CD8+ T-cells (shows activation of adaptive immune system). Together, these findings suggest innate and adaptive immune activation by ONCOS-102. The melanoma trial is an open-label Phase I trial intended to investigate whether the immune system of patients who have already failed to respond to checkpoint inhibitors can be reactivated by priming with ONCOS-102, making the patients responsive to the CPIs. Interim clinical data is expected to be released in H218.

In February 2018, Targovax announced results from a so-called safety lead-in (n=6) part of the Phase I/II study with ONCOS-102 in first- or second-line patients with unresectable malignant pleural mesothelioma in combination with standard of care pemetrexed/cisplatin. As mentioned, no concerns were raised related to safety. Where available, the data have also demonstrated an increase in systemic cytokines (three analysed patients; activation of innate immune response) and an increase in relative level of tumour infiltrating CD8+ T-cells (two patients analysed; activation of adaptive immune system). Targovax will proceed to the randomised part of the trial expected to recruit 24 patients, with interim clinical data expected to be released in H118.

Final two-year TG01 data and TG02’s initial safety signs

TG02 first-time-in-man passes initial safety hurdle in CRC

Targovax’s neo-antigen cancer vaccines TG01 and TG02 are being tested in two trials. As with ONCOS, Targovax has presented early interim safety results from the clinical trial (Phase Ib) with TG02 in colorectal cancer patients. TG02 was administered to the first three patients (up to 20 expected to be enrolled) as a monotherapy and has passed a safety review and induced an immune response with activation of tumour-infiltrating T-cells. Increased PD-1 expression was also observed in both circulating and tumour-infiltrating T-cells.

These very early exploratory clinical findings are indicative of the vaccine’s expected mechanism of action and support the rationale for combination with checkpoint inhibitors. In total, 10 out 20 patients (the first cohort) will receive TG02 as monotherapy. Afterwards, Targovax plans to proceed to the next part of the trial, which will include a second cohort of patients with RAS-mutated colorectal cancer receiving TG02 in combination with Keytruda. Final results are expected in H119. More details about the programme can be found in our initiation report.

A glimpse into TG01’s future trial design

Currently, TG01 is being studied in a Phase I/II trial with gemcitabine as adjuvant therapy for patients with resected pancreatic cancer. The trial has already reported positive, in our view, interim safety and efficacy data (discussed in our previous report) and is due to report final two-year immune activation and survival data in H118.

Together with its Q417 results, Targovax has introduced a potential design for the next Phase II trial in pancreatic cancer (Exhibit 2). Preliminarily, this should be a three-arm-study exploring combinations with chemotherapy or checkpoint inhibitors. The precise timelines are yet to be clarified, but the study could start this year, presuming supportive data from the ongoing Phase I/II trial. As previously, Targovax indicated that it will explore the possibility to design a trial that would be sufficient for the registration.

Exhibit 2: Potential Phase II trial design for TG01 in resected pancreatic cancer

Source: Targovax

Valuation

Our Targovax valuation is marginally higher at NOK1.78bn or NOK33.8/share, from NOK1.69bn or NOK32.1/share, due to rolling our model forward, which was partially offset by lower net cash position. We value Targovax based on risk-adjusted NPV analysis using a 12.5% discount rate, including NOK213m net cash at end-2017 (long-term debt of NOK48.8m in the Finnish government grants; repayment needed only if the products are sold or launched). We include four out of six indications currently, namely those that Targovax is running trials itself and maintain all our assumptions unchanged.

Exhibit 3: Sum-of-the-parts Targovax valuation

Product

Launch

Peak sales
($m)

Unrisked NPV (NOKm)

Unrisked NPV/share (NOK)

Probability (%)

rNPV
(NOKm)

rNPV/share (NOK)

ONCOS-102 Advanced melanoma

2025

604

2,102.7

40.0

10%

352.2

6.7

ONCOS-102 – Mesothelioma

2026

434

1,671.9

31.8

10%

270.7

5.1

TG01 – Pancreatic cancer

2024

785

2,794.0

53.1

15%

515.6

9.8

TG02 – Colorectal cancer

2026

1,744

3,352.6

63.7

10%

425.0

8.1

Net cash at end-2017

212.8

4.0

100%

212.8

4.0

Valuation

10,134.0

192.6

1,776.2

33.8

Source: Edison Investment Research. Note: WACC = 12.5% for product valuations.

Exhibit 4: Financial summary

NOK000s

2015

2016

2017

2018e

2019e

December

IFRS

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

146

37

37

0

0

Cost of Sales

0

0

0

0

0

Gross Profit

146

37

37

0

0

Research and development

(25,231)

(45,001)

(45,571)

(72,948)

(91,368)

EBITDA

 

 

(89,468)

(119,226)

(119,630)

(149,276)

(169,994)

Operating Profit (before amort. and except.)

 

 

(89,616)

(119,510)

(119,926)

(149,572)

(170,290)

Intangible Amortisation

0

0

0

0

0

Exceptionals

0

0

0

0

0

Other

0

0

0

0

0

Operating Profit

(89,616)

(119,510)

(119,926)

(149,572)

(170,290)

Net Interest

(269)

(3,203)

(2,347)

2,060

0

Profit Before Tax (norm)

 

 

(89,885)

(122,713)

(122,273)

(147,512)

(170,290)

Profit Before Tax (reported)

 

 

(89,885)

(122,713)

(122,273)

(147,512)

(170,290)

Tax

(1,930)

260

328

0

0

Profit After Tax (norm)

(91,815)

(122,453)

(121,945)

(147,512)

(170,290)

Profit After Tax (reported)

(91,815)

(122,453)

(121,945)

(147,512)

(170,290)

Average Number of Shares Outstanding (m)

18.2

34.5

47.3

52.7

52.8

EPS - normalised (NOK)

 

 

(5.06)

(3.55)

(2.58)

(2.80)

(3.23)

EPS - normalised fully diluted (NOK)

 

 

(5.06)

(3.55)

(2.58)

(2.80)

(3.23)

EPS - reported (NOK)

 

 

(5.06)

(3.55)

(2.58)

(2.80)

(3.23)

Dividend per share (NOK)

0.0

0.0

0.0

0.0

0.0

Gross Margin (%)

100.0

100.0

100.0

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

 

 

359,660

339,512

367,415

367,203

366,966

Intangible Assets

358,070

338,213

366,250

366,250

366,250

Tangible Assets

1,590

1,299

1,165

953

716

Investments

0

0

0

0

0

Current Assets

 

 

185,455

185,832

276,193

140,115

14,620

Stocks

0

0

0

0

0

Debtors

0

0

0

0

0

Cash

173,898

171,629

261,573

125,495

0

Other

11,557

14,203

14,620

14,620

14,620

Current Liabilities

 

 

(25,420)

(29,184)

(28,295)

(27,296)

(28,883)

Creditors

(25,420)

(29,184)

(28,295)

(27,296)

(28,883)

Short term borrowings

0

0

0

0

0

Long Term Liabilities

 

 

(96,821)

(94,992)

(108,156)

(108,156)

(138,906)

Long term borrowings

(38,112)

(39,714)

(48,806)

(48,806)

(79,556)

Other long term liabilities

(58,709)

(55,278)

(59,350)

(59,350)

(59,350)

Net Assets

 

 

422,874

401,168

507,157

371,866

213,796

CASH FLOW

Operating Cash Flow

 

 

(81,159)

(112,892)

(111,093)

(138,055)

(156,186)

Net Interest

269

3,203

2,347

2,060

0

Tax

0

0

0

0

0

Capex

(158)

(37)

(56)

(84)

(59)

Acquisitions/disposals

1,313

0

0

0

0

Financing

200,000

114,593

194,407

0

0

Other

(47,031)

(8,738)

(4,753)

1

0

Dividends

0

0

0

0

0

Net Cash Flow

73,234

(3,871)

80,852

(136,078)

(156,245)

Opening net debt/(cash)

 

 

(62,552)

(135,786)

(131,915)

(212,767)

(76,689)

HP finance leases initiated

0

0

0

0

0

Other

0

(0)

0

0

0

Closing net debt/(cash)

 

 

(135,786)

(131,915)

(212,767)

(76,689)

79,556

Source: Targovax accounts, Edison Investment Research

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 Targovax 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 Limited (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

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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

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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 Targovax 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 Limited (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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