Currency in NOK
Last close As at 25/03/2023
NOK106.80
▲ 1.40 (1.33%)
Market capitalisation
NOK3,625m
Research: Healthcare
Ultimovacs has announced encouraging new data from its completed Phase I study (NCT02275416). The trial investigated UV1 in combination with the immune checkpoint inhibitor (ICI) ipilimumab, for the treatment of patients with unresectable or metastatic malignant melanoma. The latest data report that vaccine-induced immune responses were observed in 10 out of 11 (91%) evaluable patients following treatment. Of note, clinical responses were observed in patients possessing immunosuppressive ‘cold’ tumours. As ‘cold’ tumours are often challenging to treat with ICIs alone, we see this result as highly encouraging for the future clinical application of UV1, opening potential future opportunities in difficult-to-treat cancers. We continue to value Ultimovacs at NOK7.2bn or NOK209/share.
Ultimovacs |
Further positivity for UV1 |
Clinical trial update |
Pharma and biotech |
13 September 2022 |
Share price performance Business description
Analysts
Ultimovacs is a research client of Edison Investment Research Limited |
Ultimovacs has announced encouraging new data from its completed Phase I study (NCT02275416). The trial investigated UV1 in combination with the immune checkpoint inhibitor (ICI) ipilimumab, for the treatment of patients with unresectable or metastatic malignant melanoma. The latest data report that vaccine-induced immune responses were observed in 10 out of 11 (91%) evaluable patients following treatment. Of note, clinical responses were observed in patients possessing immunosuppressive ‘cold’ tumours. As ‘cold’ tumours are often challenging to treat with ICIs alone, we see this result as highly encouraging for the future clinical application of UV1, opening potential future opportunities in difficult-to-treat cancers. We continue to value Ultimovacs at NOK7.2bn or NOK209/share.
Year end |
Revenue |
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 |
(213.5) |
(6.24) |
0.0 |
N/A |
N/A |
12/23e |
0.0 |
(219.1) |
(6.40) |
0.0 |
N/A |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
As a reminder, UV1 is Ultimovacs’ lead cancer vaccine candidate, currently being investigated in combination with ICIs across multiple indications in five randomised Phase II studies. The new data from the Phase I study builds on previously published encouraging long-term follow-up data, which reported overall response rates (complete response and partial response to treatment) of 33%, median progression free survival (PFS) of 6.7 months and median overall survival of 66.3 months.
The ongoing Phase II INITIUM trial (NCT04382664) is investigating the combination of UV1, nivolumab (CTLA-4 ICI) and ipilimumab (PD-1 ICI) as a first-line treatment in patients with advanced malignant melanoma. Patient enrolment was completed in June 2022, with top-line PFS data expected in H123. We believe the latest Phase I data provide encouraging signs for the INITIUM triple combination study and, in our view, further highlight the importance of ICIs for the clinical success of cancer vaccines.
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Research: TMT
Nanoco has announced that a sequence of purchase orders from several existing customers for development work and validation materials means that FY23 revenues are likely to be 20% higher than FY22 rather than at a similar level. We adjust our estimates accordingly, noting that these still exclude any revenues from potential production orders, the value of which will depend on the initial use case and ramp-up timing.
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