Last close As at 05/08/2026
—
— 0.00 (0.00%)
Market capitalisation
—
Research: Healthcare
Ultimovacs’ results from the Phase II NIPU trial for its universal, off-the-shelf cancer vaccine UV1 in second-line metastatic pleural mesothelioma (MPM) have been published in the European Journal of Cancer, a well-regarded peer-reviewed journal. NIPU is one of the company’s five Phase II programmes for UV1, used in combination with immune checkpoint inhibitors (ICIs). The publication highlighted the growing utility of the combination approach and reiterated the promising efficacy of UV1 with the ICIs ipilimumab and nivolumab (IPI-NIVO), which improved overall survival of patients (27% reduction in risk of death versus IPI-NIVO alone). We await further clarity on the upcoming Phase III trial, but expect clinical activity to commence within 2024. This month will be important for the company as anticipation builds toward the upcoming results from the Phase II INITIUM trial in malignant melanoma.
Written by
Ultimovacs |
Peer-reviewed publication reiterates UV1’s potential |
Company update |
Pharma and biotech |
4 March 2024 |
Share price performance
Business description
Analysts
Ultimovacs is a research client of Edison Investment Research Limited |
||||||||||||||||||||||||||||||||||||||
Ultimovacs’ results from the Phase II NIPU trial for its universal, off-the-shelf cancer vaccine UV1 in second-line metastatic pleural mesothelioma (MPM) have been published in the European Journal of Cancer, a well-regarded peer-reviewed journal. NIPU is one of the company’s five Phase II programmes for UV1, used in combination with immune checkpoint inhibitors (ICIs). The publication highlighted the growing utility of the combination approach and reiterated the promising efficacy of UV1 with the ICIs ipilimumab and nivolumab (IPI-NIVO), which improved overall survival of patients (27% reduction in risk of death versus IPI-NIVO alone). We await further clarity on the upcoming Phase III trial, but expect clinical activity to commence within 2024. This month will be important for the company as anticipation builds toward the upcoming results from the Phase II INITIUM trial in malignant melanoma.
Year |
Revenue (NOKm) |
PBT* |
EPS** |
DPS |
P/E |
Yield |
12/22 |
0.0 |
(167.8) |
(4.90) |
0.0 |
N/A |
N/A |
12/23 |
0.0 |
(189.2) |
(5.50) |
0.0 |
N/A |
N/A |
12/24e |
0.0 |
(225.8) |
(6.56) |
0.0 |
N/A |
N/A |
12/25e |
1,212.3 |
1,080.7 |
31.41 |
0.0 |
4.68 |
N/A |
Note: *PBT is reported. **EPS is fully diluted.
Ultimovacs’ lead asset, UV1, is being developed as an off-the shelf, universal cancer vaccine targeting the universal cancer antigen telomerase (hTERT), which is expressed in c 85–90% of all cancer types. The Phase II NIPU trial was an investigator-sponsored, randomised, open-label, multi-centre study evaluating UV1 in combination with IPI-NIVO in MPM patients, compared to IPI-NIVO alone (n=118). Detailed results from the study were announced in October 2023, where the combination demonstrated clinically meaningful benefit in the secondary endpoints of overall survival (OS) (median OS of 15.4 months versus 11.1 months in the control arm) after a median follow-up period of 17.3 months, and objective response rate (ORR) (31% versus 16% in the control arm). While the primary endpoint, progression free survival (PFS), was not met as per a blinded, independent, central review (PFS of 4.2 months versus 4.7 months in the control arm), the investigator-evaluated PFS was more encouraging, measured as 4.3 months versus 2.9 months for IPI-NIVO alone. We note that while OS was a secondary endpoint in the NIPU trial, it is regarded as the gold standard in cancer treatment and is of key importance in MPM, an aggressive type of cancer with a high mortality rate and no established standard of care in second-line treatment.
Given the strength of the secondary endpoint results, there is commercial potential supported by orphan drug designation (ODD) from the EMA, and the ODD and fast-track designations from the FDA, which should provide several years of market exclusivity, should the drug be approved (seven and 10 years in the US and EU). We await further clarity from management on the Phase III plans but anticipate activity to commence within 2024.The next major catalyst for the company will be results from the Phase II INITIUM trial in malignant melanoma, the release of which has been confirmed for this month.
|
|
Research: Investment Companies
abrdn Private Equity Opportunities Trust (APEO) achieved a 5.4% NAV total return (TR) in FY23 (to end-September 2023) despite muted private equity (PE) deal activity and foreign exchange headwinds (its portfolio value was up 9.4% excluding fx). We believe that APEO’s expansion into direct investments since 2019 has shown promising results so far, with a rise in value by a strong 18.5% in FY23. APEO’s balance sheet remains solid with a coverage ratio of c 33% at end-January 2024, as net capital calls from its fund investments were offset by the partial exit of Action (at 100% of NAV). APEO recently launched a buyback programme, which was well received by the market (share price up c 10% since the announcement). Still, APEO trades at a 29% discount to NAV versus a 10-year average of 23%.