Research update


Immunicum: Stronger foundation

Data from the first Phase I/II study with Intuvax in renal cell carcinoma continue to improve, according to the company’s latest status update in September. The median overall survival has now passed 40 months, compared with historical results with an expected survival of 15 months for similar patients. Following new share issues in the early summer, the company now has financing to advance projects towards key milestone events, but also to broaden Intuvax and commence studies within the indication melanoma. The intention is to demonstrate synergistic effects with checkpoint inhibitors, which will be an important cog in attracting partners’ interest.

We have included melanoma in our estimates for Intuvax and assess the potential within that indication at USD 250 million. Raised expectations regarding Intuvax’s potential is the reason we are raising our fair value to SEK 46 (40) in our base scenario.

NOTE! This is a translation of the original report released the 20th of September. För den svenska versionen:

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