"Clinical data from CALM, STORM and CANON trials presented at scientific conferences further highlight the potential efficacy of CAVATAK (oncolytic virus) against a range of cancers using several delivery approaches. While the evidence of CAVATAK’s efficacy as a single agent continues to build, it is also likely to be attractive to big pharma companies seeking complementary therapies to boost immune responses to their checkpoint inhibitors; a Phase Ib trial in combination with ipilimumab (Yervoy) is already underway. We value Viralytics at A$189m or A$1.03 per share."
and
"Valuation: rNPV of A$189m (A$1.03 per share) Our valuation of Viralytics has increased to A$189m, or A$1.03/share (undiluted, previously A$0.80/share) due to the incorporation of the intravesical bladder cancer opportunity, roll forward of the DCF model and continued weakness of the Australian dollar against the US dollar (now US$0.73 per A$ vs 0.78 previously)."
