Ann: Immutep Capital Raising Presentation, page-140

https://www.taylorcollison.com.au/wp-content/uploads/2021/07/IMM-20210706-Upgrade.pdf

Efti development program expanded

Our View

IMM has announced plans to expand the clinical program for efti funded by a $65m capital raise. Key additions are i) a Phase III trial of efti plus paclitaxel in metastatic breast cancer (mBC); and ii) a Phase II trial of efti/chemo/anti-PD1 triple combo in non-small cell lung cancer (NSCLC). The recent GSK/Iteos licence deal, which included US$625m upfront and total deal value over US$2bn for a Phase I TIGIT drug highlights the value big pharma attributes to promising immuno-oncology (IO) combo therapies, and indicates the potential value of efti if it demonstrates efficacy in the planned TACTI-003 randomised Phase IIb in head and neck cancer.
We revise our risk-adjusted valuation of IMM, adding the mBC Phase III (risked to 25%), updating the upfront and milestone payments from a potential efti licence deal in light of the GSK/iTeos deal and increasing modelled royalty rates. Our post cap raise valuation increases to $1,002m (vs $714m), $1.14/sh fully diluted (vs $1.00/sh) or $1.19/sh undiluted.