Currency in NOK
Last close As at 03/02/2023
NOK120.60
▲ 0.80 (0.67%)
Market capitalisation
NOK4,121m
Research: Healthcare
Ultimovacs has announced the completion of patient enrollment in the Phase I TENDU study in prostate cancer. This trial will use the company’s proprietary Tetanus-Epitope Targeting (TET) adjuvant platform, which is a technology with a new mechanism of action. In total 12 patients have now been treated with Ultimovacs’ vaccine in the trial, which will provide information on the platform’s safety and ability to activate patient immune systems towards tumours at different doses. We see this as positive news for Ultimovacs, as it continues to leverage its immunology expertise to develop novel oncology treatments. Following several enrollment and data milestones from its UV1 development programme in 2022, we anticipate that Ultimovacs will have a period of enriched newsflow in 2023–24. We value the company at NOK7.9bn or NOK231 per share.
Ultimovacs |
Prostate cancer trial patient enrollment complete |
Clinical update |
Pharma and biotech |
15 December 2022 |
Share price performance Business description
Analysts
Ultimovacs is a research client of Edison Investment Research Limited |
Ultimovacs has announced the completion of patient enrollment in the Phase I TENDU study in prostate cancer. This trial will use the company’s proprietary Tetanus-Epitope Targeting (TET) adjuvant platform, which is a technology with a new mechanism of action. In total 12 patients have now been treated with Ultimovacs’ vaccine in the trial, which will provide information on the platform’s safety and ability to activate patient immune systems towards tumours at different doses. We see this as positive news for Ultimovacs, as it continues to leverage its immunology expertise to develop novel oncology treatments. Following several enrollment and data milestones from its UV1 development programme in 2022, we anticipate that Ultimovacs will have a period of enriched newsflow in 2023–24. We value the company at NOK7.9bn or NOK231 per share.
Year end |
Revenue (NOKm) |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/20 |
0.0 |
(120.6) |
(3.98) |
0.0 |
N/A |
N/A |
12/21 |
0.0 |
(164.7) |
(5.09) |
0.0 |
N/A |
N/A |
12/22e |
0.0 |
(159.2) |
(4.65) |
0.0 |
N/A |
N/A |
12/23e |
0.0 |
(196.0) |
(5.73) |
0.0 |
N/A |
N/A |
Note: *PBT is reported, EPS is fully diluted.
As a reminder, Ultimovacs’ proprietary TET platform technology represents a new mechanism of action, where vaccine immunisation builds on the patient’s existing antibodies from the common tetanus vaccination in childhood. In our view, this is a highly differentiated and novel approach to cancer vaccination, which allows the incorporation of adjuvant and vaccine into one treatment. In the first-in-human, dose-escalation Phase I TENDU study in prostate cancer, patients receive the TET vaccine prior to standard-of-care treatment with radiation and antihormone therapy. Patients are then followed for six months after the last dose of the vaccine to assess immunological responses. With the recent announcement of final patient enrollment, we anticipate results in mid-2023. In our view, this announcement represents another demonstration of management’s ability to execute effective clinical development projects based on its expertise in immunoncology.
Ultimovacs remains on track for a period of important data readouts in the next few years from the development programme for UV1, its potentially universal cancer vaccine. Five Phase II trials of UV1 in various cancer indications are expected to report data in 2023–24, with the first readouts from the INITIUM and NIPU studies (in malignant melanoma and mesothelioma, respectively) in H123.
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Research: Healthcare
Paradigm Biopharmaceuticals is a late-stage Australian drug developer focused on developing injectable pentosan polysulfate sodium (PPS). The company’s most advanced clinical programme is investigating injectable PPS (iPPS, Zilosul) as a potentially disease modifying treatment for knee osteoarthritis (kOA), a globally prevalent condition with unmet medical needs. We believe Paradigm’s comprehensive Phase III programme is designed to maximise the potential of iPPS in kOA. The company is also investigating the use of iPPS in mucopolysaccharidosis (MPS) types I and VI, rare genetic diseases. At end-September 2022, the company had A$92.4m in cash, supported by an August 2022 capital raise of A$66.0m, which management expects will provide a runway into Q124. Additional cash will be needed to fund the final part of the Phase III programme.
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