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Goetzpartners securities Analysis – Immutep Restricted (IMM-AU): Boosting checkpoint utility in lung and different stable cancers







IMMUTEP LIMITED

Biotechnology

15 September 2022 17:25 BST

FLASH NOTE

Immutep Restricted (IMM-AU)

Boosting checkpoint utility in lung and different stable cancers

KEY TAKEAWAY

A growth replace from Immutep highlights the potential for eftilagimod alpha (“efti”) to considerably increase the impression of immune checkpoint inhibitors within the therapy of metastatic non-small cell lung carcinoma (“NSCLC”) and different main stable cancers. Information from the TACTI-002 research indicated efti-PD-1 / L1 (PD-X) combos may present a safer and higher tolerated various to chemotherapy in first line NSCLC, and considerably broaden therapy responsive populations. With INSIGHT-003 testing the extra first line impression of efti-PD-X-chemo triple remedy in NSCLC as a result of report first knowledge This autumn/2022, the deliberate Part 3 NSCLC trial may place efti combos as a mainstay of NSCLC remedy. Whereas the potential $6bn alternative in NSCLC stays IMM’s fast focus, efti combos may clearly have a considerable impression in different stable cancers. Information from the AIPAC metastatic breast (“mBC”) Part 2b trial supplied statistically enhancements in total survival (“OS”) and potential efti-chemo synergy. Head and neck most cancers (“HNSCC”) cancers, we anticipate efti complete peak gross sales of at the least $8bn; valuing the corporate at c.AUD 1.7bn (AUD 2.03 / share). Though the share worth has been hit by market turbulence and flight from danger, efti seems to be a horny asset as PD-X patents expire. Financed to 2024E and with extra knowledge within the pipeline, IMM seems to be well-placed to discover licensing or different alternatives to crystalise its worth. We reiterate each our OUTPERFORM advice and our AUD $2.00 goal worth.

Safer and higher tolerated various to chemo: Ruled by PD-L1standing, PD-X-chemo is the present 1st line normal of care (“SoC”) for 70% of late-stageNSCLC sufferers. Pembro-efticombos delivered a 42% total response price (“ORR”) and 9.3-monthmedian development free survival (“mPFS”) in comparison with 50% and seven.2 month with pembro-chemoSoC respectively. Avoiding the extreme acute and long-termnegative effects, efti may present an alternative choice to chemo for almost all of NSCLC sufferers.

Potential to broaden responsive affected person inhabitants: Secure and effectively tolerated, efti has already proven indicators of synergy with chemo within the AIPAC Part 2 in metastatic breast most cancers (“mBC”). First knowledge on a triple pembro-chemo-eftimixture within the INSIGHT-003research ought to report This autumn/2022E.

NSCLC alternative in extra of $6bn: The majority of Merck’s $17.2bn pembro revenues come from NSCLC. With elevated penetration from the substitution for chemo and triple remedy, we estimate that world peak revenues in NSCLC may attain $6.5bn.

Approaching PD-X patent expiry feed pharma urge for food: Key patents are as a result of expire on PD-Xmerchandise together with pembrolizumab. Underneath risk from biosimilars, massive pharma might be hungry for brand new merchandise to guard and prolong their proprietary markets; few different PD-Xcombos have delivered.

Additional alternatives in breast in addition to head and neck cancers: Whereas NSCLC would be the focus for Part 3, IMM will proceed to discover alternatives in HNSCC and mBC. The continued TACTI-002and -003trials will proceed to generate efti-PD-Xcombo knowledge in HNSCC, the place, with the proper knowledge, FDA Quick Monitor standing may open the door to accelerated approval. Given the encouraging total survival knowledge, IMM will proceed to speak to regulators and potential companions concerning the growth of efti in breast most cancers; the efti mBC programme in China ought to hopefully in any case transfer forwards.

OUTPERFORM

Goal Value AUD2.000 Present Value AUD0.280

EQUITY RESEARCH

DR. CHRIS REDHEAD Analysis Analyst T +44 (0) 203 859 7725

[email protected]

This can be a advertising communication. For skilled traders and institutional use solely. The data herein is taken into account to be an appropriate minor non-monetary profit as outlined below FCA COBS 2.3A19(5).GPSL is authorised and controlled by the Monetary Conduct Authority (FRN 225563). GPSL does and seeks to do enterprise with corporations / issuers lined in its analysis stories. Because of this, traders ought to beaware that GPSL could have a battle of curiosity that would have an effect on the objectivity of this analysis report. Buyers ought to think about this analysis report as solely a single think about making their funding resolution. GPSL has a proper shopper relationship with Immutep Restricted.

Please see analyst certifications, necessary disclosure data, and data concerning the standing of analysts on pages 3-5 of this analysis report.

Web page 2

COMPANY DESCRIPTION

Immutep (often called Prima BioMed till November 2017) is an Australian clinical-stage biotechnology firm that develops immunotherapies for most cancers and autoimmune illnesses. Immutep is the worldwide chief within the understanding of and in growing therapeutics that modulate Lymphocyte Activation Gene-3(“LAG-3”).LAG-3 was found in 1990 on the Institut Gustave Roussy by Dr Frédéric Triebel, Immutep’s Chief Scientific Officer and Chief Medical Officer. The corporate has three property in scientific and one asset in preclinical growth. The lead product candidate is eftilagimod alpha (“efti”), a first-in- class antigen presenting cell (“APC”) activator being investigated together with chemotherapy or immune remedy for superior breast most cancers and melanoma. Immutep is dual-listed on the Australian Inventory Change (“IMM”) and on the NASDAQ World Market (“IMMP”) within the US (American Depository Receipts), and has operations in Europe, Australia, and the US. The corporate has licensing offers with Novartis, GSK and EOC (China solely), and scientific trial collaboration and provide agreements with Merck & Co. and Merck KGaA / Pfizer, the latter for lead asset efti.

SCENARIOS

Base Case – GP Funding Case

Bluesky Situation

Immutep generates additional scientific knowledge on

N/A

efti and secures an outlicensing deal over the

subsequent 12 – 18 months.

Peer Group Evaluation

Draw back danger

Firm is unable to generate additional constructive knowledge on efti and fails to realize licensing deal.

SWOT

INDUSTRY EXPECTATIONS

Strengths:

World

management

place

in LAG-3

with

4 LAG-3

associated

product candidates; many lively scientific trials with readouts anticipated 2022E; robust efficiency of efti alongside many FDA-approved therapies; established collaborations with huge gamers (Merck (MSD), Merck KGaA / Pfizer, Novartis and GSK).

Weaknesses: Gross sales development in China depending on EOC Pharma collaboration; single asset (efti) accounts for many of worth and doesn’t have robust efficacy knowledge as a monotherapy; expired composition of matter patent means efti is barely protected by use and formulation patents.

Alternatives: Present a novel class of immunotherapy to be used alongside many present permitted therapies throughout many most cancers and auto-immune indications; efti could grow to be the primary immunotherapy licensed to be used in mBC; M&A exercise within the immune-oncology area.

Threats: Market entry by opponents and various therapies could erode gross sales; EMA and FDA approval for immune-oncology medicine topic to stringent standards.

Immutep is growing immunotherapies for most cancers, with a concentrate on the immune checkpoint LAG-3. The immune checkpoint inhibitor (“ICI”) class has skilled fast adoption for the reason that launch of BMS’s Yervoy (ipilimumab) in 2011, owing to their capability to elicit sturdy responses in 20 – 50% of sufferers for as much as 10 years. The worldwide ICI market was price $16.8bn in 2018 and is anticipated to almost triple by 2022E, pushed largely by increasing use of present therapies each in permitted and new indications. The race is on to develop novel compounds with complementary mechanisms of motion for mixture remedy in a position to increase response price with out growing toxicity, which, if profitable, are anticipated to get pleasure from fast uptake.

This can be a advertising communication. For skilled traders and institutional use solely. The data herein is taken into account to be an appropriate minor non-monetary profit as outlined below FCA COBS 2.3A19(5).GPSL is authorised and controlled by the Monetary Conduct Authority (FRN 225563). GPSL does and seeks to do enterprise with corporations / issuers lined in its analysis stories. Because of this, traders ought to beaware that GPSL could have a battle of curiosity that would have an effect on the objectivity of this analysis report. Buyers ought to think about this analysis report as solely a single think about making their funding resolution. GPSL has a proper shopper relationship with Immutep Restricted.

Please see analyst certifications, necessary disclosure data, and data concerning the standing of analysts on pages 3-5 of this analysis report.

Web page 3

Essential Disclosures: Non-Unbiased Analysis

Analyst Certification

I, Dr. Chris Redhead, hereby certify that the views concerning the businesses and their securities expressed on this analysis report are correct and are actually held. I’ve not acquired and won’t obtain direct or oblique compensation in change for expressing particular suggestions or views on this analysis report.

That means of goetzpartners Analysis Scores

goetzpartners securities Restricted (“GPSL”) publishes funding suggestions, which mirror the analyst’s evaluation of a inventory’s potential relative return. Our analysis provides 4 suggestions or ‘rankings’:

OUTPERFORM – Describes shares that we count on to supply a relative return (worth appreciation plus yield) of 15% or extra inside a 12- month interval.

NEUTRAL – Describes shares that we count on to supply a relative return (worth appreciation plus yield) of plus 15% or minus 10% inside a 12-month interval.

UNDERPERFORM – Describes shares that we count on to supply a relative unfavourable return (worth appreciation plus yield) of 10% or extra inside a 12-month interval.

NON-RATED – Describes shares on which we offer common dialogue and evaluation of each up and draw back dangers however on which we don’t give an funding advice.

Firms Talked about on this report

  • (BIOTECHNOLOGY)
  • (MERCK)
  • Immutep Restricted (IMM-AU)

Valuation Methodology

GPSL’s methodology for assigning suggestions could embrace the next: market capitalisation, maturity, development / worth, volatility and anticipated complete return over the subsequent 12 months. The goal costs are primarily based on a number of methodologies, which can embrace, however will not be restricted to, analyses of market danger, development price, income stream, discounted money stream (DCF), EBITDA, EPS, money stream (CF), free money stream (FCF), EV/EBITDA, P/E, PE/development, P/CF, P/FCF, premium (low cost)/common group EV/EBITDA, premium (low cost)/common group P/E, sum of the elements, internet asset worth, dividend returns, and return on fairness (ROE) over the subsequent 12 months.

Frequency

This analysis might be reviewed at a frequency of three months. Any main modifications to the deliberate frequency of protection might be highlighted in future analysis stories.

Conflicts of curiosity

GPSL is required to reveal any conflicts of curiosity which can impair the agency’s objectivity with respect to any analysis suggestions contained herein. Please click on on the hyperlink to view the newest model of our Conflicts of Curiosity coverage.

We’re additionally required to reveal any shareholdings of the agency or our associates in any related issuers which exceed 5% of the entire issued share capital or another vital monetary pursuits held:

GPSL shareholdings in related issuers >5% – None.

GPSL needs to reveal that it’s celebration to a proper shopper settlement with Immutep Restricted referring to the supply of recommendation and fairness analysis companies.

To keep away from potential conflicts of curiosity arising, restrictions on private account dealing are positioned on analysts and different workers. The agency’s private account dealing coverage expressly prohibits workers and / or related linked individuals from dealing within the securities of a related issuer. Analysts should not commerce in a way opposite to their revealed advice or deal forward of the publication of any analysis report.

If our contractual relationship with a shopper ceases, then please be suggested that GPSL will now not publish fairness analysis on the precise shopper and any recipients of our fairness analysis publications shouldn’t depend on our forecasts / valuation which have beforehand been revealed within the final full firm analysis publication. Please observe that GPSL is not going to publish a cessation of protection discover to the market. Additionally, in accordance with the supply of MiFID2 – if any of our shoppers will not be contractually paying GPSL to put in writing and publish fairness analysis, then we is not going to publish any future fairness analysis publications to the market on the issuer till all of our unpaid charges have been absolutely paid.

To adjust to the regulatory requirement to reveal. We disclose the month-to-month proportion of suggestions which can be OUTPERFORM, NEUTRAL, UNDERPERFORM and NON-RATED. We additionally disclose a abstract of the historical past of our analysts’ funding suggestions (in accordance with EU MAR guidelines efficient third July 2016). goetzpartners publishes this data on the next hyperlink: Analysis Abstract.

This can be a advertising communication. For skilled traders and institutional use solely. The data herein is taken into account to be an appropriate minor non-monetary profit as outlined below FCA COBS 2.3A19(5).GPSL is authorised and controlled by the Monetary Conduct Authority (FRN 225563). GPSL does and seeks to do enterprise with corporations / issuers lined in its analysis stories. Because of this, traders ought to beaware that GPSL could have a battle of curiosity that would have an effect on the objectivity of this analysis report. Buyers ought to think about this analysis report as solely a single think about making their funding resolution. GPSL has a proper shopper relationship with Immutep Restricted.

Please see analyst certifications, necessary disclosure data, and data concerning the standing of analysts on pages 3-5 of this analysis report.

Web page 4

Nation-Particular Disclosures

United Kingdom: goetzpartners securities Restricted (“GPSL”) is authorised and controlled by the Monetary Conduct Authority (“FCA”);

registered in England and Wales No. 04684144; Registered Workplace / Deal with: The Stanley Constructing, 7 Pancras Sq., London, N1C 4AG,

England, UK; phone +44 (0)20 3859 7725. GPSL’s FCA Agency Reference Quantity is: 225563. In the UK and European Financial Space, this analysis report has been ready, issued and / or permitted for distribution by GPSL and is meant to be used solely by individuals who’ve, or have been assessed as having, appropriate skilled expertise and experience, or by individuals to whom it may be in any other case lawfully distributed. It’s not supposed to be distributed or handed on, immediately or not directly, to another class of individuals. This advertising communication is classed as ‘non-independent analysis’ and, as such, has not been ready in accordance with authorized necessities designed to advertise the independence of funding analysis. GPSL has adopted a Conflicts of Curiosity administration coverage in reference to the preparation and publication of analysis, the main points of which can be found upon request in writing to the Compliance Officer or on the net hyperlink above within the Conflicts of Curiosity part above. GPSL could permit its analysts to undertake non-public consultancy work. GPSL’s conflicts administration coverage units out the preparations that the agency employs to handle any potential conflicts of curiosity which will come up on account of such consultancy work.

Different EU Buyers: This analysis report has been ready and distributed by GPSL. This analysis report is a advertising communication for the needs of Directive 2004/39/EC (MiFID). It has not been ready in accordance with authorized necessities designed to advertise the independence of funding analysis, and it’s not topic to any prohibition on dealing forward of the dissemination of funding analysis. GPSL is authorised and controlled in the UK by the FCA in reference to its distribution and for the conduct of its funding enterprise within the European Financial Space. This analysis report is meant to be used solely by individuals who qualify as skilled traders or eligible counterparties (institutional traders) within the relevant jurisdiction, and never by any non-public people or different individuals who qualify as retail shoppers. Individuals who’re uncertain of which investor class applies to them ought to search skilled recommendation earlier than inserting reliance upon or performing upon any of the suggestions contained herein.

U.S. PERSONS: This analysis report has been ready by GPSL, which is authorised to interact in securities actions in England and Wales and to conduct designated funding enterprise within the European Financial Space. GPSL will not be a registered broker-dealer in the USA of America and due to this fact will not be topic to U.S. guidelines concerning the preparation of analysis stories and the independence of analysis analysts. This analysis report is supplied for distribution in the USA solely to “main U.S. institutional traders” as outlined in Rule 15a-6 below the Securities Change Act of 1934.

Different international locations: Legal guidelines and laws of different international locations can also limit the distribution of this analysis report. Individuals in possession of analysis publications ought to inform themselves about attainable authorized restrictions and observe them accordingly.

Immutep Restricted Score Historical past as of 15/09/2022

powered by: BlueMatrix

(BUY):AUD0.08

(BUY):AUD0.80

(BUY):AUD0.32

(BUY):AUD0.61

(BUY):AUD0.90

(BUY):AUD1.24

(BUY):AUD1.35

(BUY):AUD2.00

29/10/2019

07/11/2019

26/03/2020

14/05/2020

14/12/2020

07/06/2021

06/07/2021

29/06/2022

2.50

2.00

1.50

1.00

0.50

0.00

Oct 19

Jan 20

Apr 20

Jul 20

Oct 20

Jan 21

Apr 21

Jul 21

Oct 21

Jan 22

Apr 22

Jul 22

Closing Value

Goal Value

Dangers

This can be a advertising communication as outlined by the Monetary Conduct Authority (“FCA”). The data herein is taken into account an appropriate minor non-monetary profit as outlined below FCA COBS 2.3A19(5). Data referring to any firm or safety is for data functions solely and shouldn’t be interpreted as a solicitation to purchase or promote any safety or to make any funding. The data on this analysis report has been compiled from sources believed to be dependable, but it surely has not been independently verified. No illustration is made as to its accuracy or completeness, no reliance ought to be positioned on it and no legal responsibility is accepted for any loss arising from reliance on it, besides to the extent required by the relevant legislation. All expressions of opinion are topic to alter with out discover. Opinions, projections, forecasts or estimates could also be private to the creator and will not mirror the opinions of goetzpartners securities Restricted (“GPSL”). They mirror solely the present views of the creator on the date of the analysis report and are topic to alter with out discover. GPSL’s analysis stories will not be supposed for Retail Purchasers as outlined by the FCA. This analysis report is meant for skilled shoppers solely. Analysis stories are for data functions solely and shall not be construed as a proposal or solicitation for the subscription or buy or sale of any securities, or as an invite, inducement or intermediation for the sale, subscription or buy of any securities, or for partaking in another transaction. The evaluation, opinions, projections, forecasts and estimates expressed in analysis stories had been by no means affected or influenced by the issuer. The authors of analysis stories profit financially from the general success of GPSL. The investments referred to in analysis stories might not be appropriate for all recipients. Recipients are urged to base their funding selections upon their very own applicable investigations. Any loss or different consequence arising from the usage of the fabric contained in a analysis report shall be the only real and unique accountability of the investor and GPSL accepts no legal responsibility for any such loss or consequence. Within the occasion of any doubt concerning any funding, recipients ought to contact their very own funding, authorized and / or tax advisers to hunt recommendation concerning the appropriateness of investing. A few of the investments talked about in analysis stories might not be readily liquid investments

This can be a advertising communication. For skilled traders and institutional use solely. The data herein is taken into account to be an appropriate minor non-monetary profit as outlined below FCA COBS 2.3A19(5).GPSL is authorised and controlled by the Monetary Conduct Authority (FRN 225563). GPSL does and seeks to do enterprise with corporations / issuers lined in its analysis stories. Because of this, traders ought to beaware that GPSL could have a battle of curiosity that would have an effect on the objectivity of this analysis report. Buyers ought to think about this analysis report as solely a single think about making their funding resolution. GPSL has a proper shopper relationship with Immutep Restricted.

Please see analyst certifications, necessary disclosure data, and data concerning the standing of analysts on pages 3-5 of this analysis report.

Web page 5

which can be tough to promote or realise. Previous efficiency and forecasts will not be a dependable indicator of future outcomes or efficiency. The worth of investments and the earnings derived from them could fall in addition to rise and traders could not get again the quantity invested. Some investments mentioned in analysis publications could have a excessive stage of volatility. Excessive volatility investments could expertise sudden and huge falls of their worth which can trigger losses. A few of the data or knowledge on this analysis report could depend on figures denominated in a foreign money apart from that of GBP (the foreign money ought to be said), the return could improve or lower on account of foreign money fluctuations. Worldwide funding consists of dangers associated to political and financial uncertainties of overseas international locations, in addition to foreign money danger. To the extent permitted by relevant legislation, no legal responsibility in anyway is accepted for any direct or consequential loss, damages, prices or prejudices in anyway arising from the usage of analysis stories or their contents.

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Compensation

GPSL has acquired compensation from Immutep Restricted for the supply of analysis and advisory companies throughout the earlier twelve months.

IMM-AU

AUD2.000 | Firm Replace

15 September 2022

goetzpartners securities Restricted

The Stanley Constructing, 7 Pancras Sq., London, N1C 4AG, England, UK.

Tel: +44 (0)203 859 7725

www.goetzpartnerssecurities.com

This can be a advertising communication. For skilled traders and institutional use solely. The data herein is taken into account to be an appropriate minor non-monetary profit as outlined below FCA COBS 2.3A19(5).GPSL is authorised and controlled by the Monetary Conduct Authority (FRN 225563). GPSL does and seeks to do enterprise with corporations / issuers lined in its analysis stories. Because of this, traders ought to beaware that GPSL could have a battle of curiosity that would have an effect on the objectivity of this analysis report. Buyers ought to think about this analysis report as solely a single think about making their funding resolution. GPSL has a proper shopper relationship with Immutep Restricted.

Please see analyst certifications, necessary disclosure data, and data concerning the standing of analysts on pages 3-5 of this analysis report.

Disclaimer

Immutep Ltd. revealed this content material on 15 September 2022 and is solely liable for the data contained therein. Distributed by Public, unedited and unaltered, on 16 September 2022 06:29:02 UTC.

Publicnow 2022

All information about IMMUTEP LIMITED

Gross sales 2023 4,41 M
2,95 M
2,95 M
Web earnings 2023 -42,5 M
-28,4 M
-28,4 M
Web money 2023 48,5 M
32,5 M
32,5 M
P/E ratio 2023 -5,25x
Yield 2023
Capitalization 243 M
162 M
162 M
EV / Gross sales 2023 44,0x
EV / Gross sales 2024 7,98x
Nbr of Workers
Free-Float 95,5%



Length :


Interval :




Immutep Limited Technical Analysis Chart | MarketScreener

Technical evaluation tendencies IMMUTEP LIMITED

Brief Time period Mid-Time period Lengthy Time period
Tendencies Bearish Bearish Bearish




Revenue Assertion Evolution

Promote

Purchase

Imply consensus BUY
Variety of Analysts 4
Final Shut Value 0,28 AUD
Common goal worth 1,23 AUD
Unfold / Common Goal 338%


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