Media Thread, page-11303

Thank you so much for posting.

As noted today in the press Harpoon has developed a portfolio of novel T-cell engagers that employ the company’s proprietary Tri-specific T cell Activating Construct (TriTAC^®) platform, an engineered protein technology designed to direct a patient’s own immune cells to kill tumor cells, and ProTriTAC™ platform, applying a prodrug concept to its TriTAC^® platform to create a therapeutic T-cell engager that is designed to remain inactive until it reaches the tumor.

Who and what are Harpoon Therapeutics? And what do they do?

As you are aware T cell engagers are engineered proteins that direct a patient’s own T cells to kill target cells that express specific proteins, or antigens, carried by the target cells. Using its proprietary Tri- specific T cell Activating Construct (TriTAC^®) platform, Harpoon is developing a pipeline of novel TriTACs initially focused on the treatment of solid tumors and hematologic malignancies. This concept would no doubt be exciting for Merck, with the prospect of engaging T cells to treat solid tumours being of particular interest, IMO.

Some interesting points to note when comparing to Imugene and taking into account market perception:


1. Harpoon sold for 100 million USD more than the overall market cap of Imugene as at todays close. Harpoon like Imugene is PRE REVENUE, in the phase 1 and phase 2 state of clinical trial development. Interesting isn't it? For years we have ben fed diatribe from the negative posters on hot copper, the acrimonious journalists from AFR and other commentators that stocks aren't with the paper they are written on PRE Revenue, or until Phase 3, or until they turn a dollar. But not to Merck and other BP. The proofs in the pudding for all here to see.

2. They are currently in the throes of a clinical trial with Tercentriq, for SCLC. To date in SCLC, the confirmed response rate was 32%, with one confirmed complete response. In patients with other neuroendocrine tumor types, such as prostate cancer, small cell cervical, small cell bladder, and large cell lung cancer, the confirmed response rate was 42%, including two confirmed complete responses.

3. Harpoon ended the third quarter of 2023 with $31.6 million in cash, cash equivalents, short-term marketable securities, compared to $53.1 million as of December 31, 2022. After the close of the third quarter, the Company entered into a securities purchase agreement for a PIPE financing that is expected to result in upfront gross proceeds of approximately $100 million, with up to an additional approximately $50 million of gross proceeds upon cash exercise of warrants, before deducting placement agent fees and offering expenses. Not dissimilar to Imugene, with a few years cash up their sleeve.

From the outside looking in the deal makes Imugene look incredibly cheap at a market cap of $930 m AUD, that being close to $100 M AUD less than Harpoons sale price.

I guess from a selfish perspective I wish Imugene had listed on the NASDAQ two years ago when I first mentioned it. The bourse is alive with cash, M&A activity and analyst coverage, all present to give stocks in the oncology space broader exposure to investment capital and leading industry players, such as those following Merck. Without being critical of either Harpoon Therapeutics or Merck, from the naked eye even the harshest critic would have to acknowledge Imugene's stronger value proposition when taking into consideration the development of their OV, Oncarlytics and Azer Cel platforms, which exist in addition to their two B cell immunotherapies in Her Vaxx and PD1 Vaxx.

Companies such as Merck are clearly on the lookout. As noted today in the press when discussing the acquisition Dr. Dean Y. Li, president, Merck Research Laboratories said “At Merck, we continue to enhance our oncology pipeline through strategic acquisitions that complement our current portfolio and advance breakthrough science to help address the needs of people with cancer worldwide.”

I wonder if the guys from Harpoons M&A team are now out in the cold looking for work. Our team could use some help. Maybe Australia's a bit far south for them...It's just a thought. They'd be sure to have some contacts.


DYOR Opinions only