Currency in SEK
Last close As at 25/03/2023
SEK1.28
▲ −0.01 (−0.78%)
Market capitalisation
SEK258m
Mendus secured a partnership with Minaris Regenerative Medicine, a leading contract development and manufacturing organisation in the cell and gene therapy space. The agreement will allow technology transfer for DCP-001 to enable manufacturing for potential pivotal-stage trials and commercial production. Mendus has previously developed optimised, large-scale capabilities for the manufacture of DCP-001 (its cancer relapse vaccine) in house. The Phase II ADVANCE-II trial (NCT03697707), investigating DCP-001 as a maintenance therapy in acute myeloid leukaemia (AML) is expected to report important survival data in Q422. We view the agreement with Minaris as an encouraging sign for DCP-001.
Mendus |
Next steps in anticipation of positive data |
Clinical strategy update |
Pharma and biotech |
18 October 2022 |
Share price performance Business description
Analysts
Mendus is a research client of Edison Investment Research Limited |
Mendus secured a partnership with Minaris Regenerative Medicine, a leading contract development and manufacturing organisation in the cell and gene therapy space. The agreement will allow technology transfer for DCP-001 to enable manufacturing for potential pivotal-stage trials and commercial production. Mendus has previously developed optimised, large-scale capabilities for the manufacture of DCP-001 (its cancer relapse vaccine) in house. The Phase II ADVANCE-II trial (NCT03697707), investigating DCP-001 as a maintenance therapy in acute myeloid leukaemia (AML) is expected to report important survival data in Q422. We view the agreement with Minaris as an encouraging sign for DCP-001.
Year end |
Revenue |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/20 |
0.0 |
(89.2) |
(1.17) |
0.0 |
N/A |
N/A |
12/21 |
0.0 |
(133.4) |
(0.73) |
0.0 |
N/A |
N/A |
12/22e |
1.9 |
(126.0) |
(0.63) |
0.0 |
N/A |
N/A |
12/23e |
0.0 |
(128.9) |
(0.65) |
0.0 |
N/A |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
The American Cancer Society estimates that two out of three people who receive chemotherapy for the treatment of AML will go into complete remission and the approval of new regimens, venetoclax/azacitidine, is likely to increase this ratio. This increase in complete remission patients, combined with the need for safe and effective AML maintenance therapies that do not affect patient quality of life, highlights the opportunity we see for DCP-001 in this setting. The positive safety profile and recent efficacy data from the ongoing ADVANCE II study indicate that DCP-001 could be a significant competitor in the AML maintenance therapy market, in our view. However, median relapse-free survival and median overall survival data (expected in Q422) will be of vital importance in framing DCP-001’s clinical utility versus the competition (azacitidine).
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Ultimovacs reported further positive data from its ongoing Phase I (NCT03538314) study, UV1-103. The trial is investigating UV1 in combination with immune checkpoint inhibitor (ICI) pembrolizumab in patients (n=30) with advanced unresectable and metastatic malignant melanoma. The latest results have shown that patients with low levels of programmed death-ligand 1 (PD-L1) exhibited robust clinical efficacy when treated with the UV1 combination. Patients with lower levels of PD-L1 are often less responsive to treatment with ICI monotherapies, so this result is highly encouraging for the clinical utility of UV1, in our view. Additionally, it potentially broadens UV1’s addressable patient population into harder-to-treat cancers, providing further opportunity for Ultimovacs’ lead cancer vaccine candidate. We value Ultimovacs at NOK7.2bn or NOK209/share.
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