cvac, page-9

Got home to find I'd missed a big day. Had some time to reflect on today's announcements:

1. I've previously posted: "Despite the long term promise of the lesser programs in the Prima portfolio, they are still at the clinical stage, many years from commercialisation. So imo the future of PRR rests squarely on the shoulders of CVac."
The new CEO seems to have the same view.

2. The disappointment for me from todays news is the demise of the Dubai program. I was hoping PRR would test Cvac in Dubai against a range of other mucin-1 expressing cancers, without the need for highly regulated and expensive multi patient trials. I felt this would give the company a database to help determine which cancers to target in future trials. But clearly the logistical issues and expense prevailed. At least they appear to have left the Dubai door ajar.

3.The announcements collectively put the spotlight squarely onto the phase 2b interim results, apparently due around the end of the year. If these results are marginal or negative, imo PRR would be in trouble. But my observations suggest that PRR management are confident of the future.

Prima seems to be a fairly tight ship, and we all need to follow our instincts right now. But imo the company is being positioned to take advantage of good trial results:

- dual overseas listings.
- actively hiring key trial related staff, These include a global medical director.and staff with key roles in production and the logistics of commercialization
- 10 Conference presentations between now and November.
- continued reference to m & a activity.
To me, these all suggest the company is planning for the future

4. Matthew Lehmann must be aware of 2b trial progress. He has immediately put the focus directly on Cvac efficacy. I would be amazed if he would risk his professional credibility with interim PFS data imminent.
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Despite the SP volatility, IMO the potential upside from successful results is still considerable. But I will be looking to next Friday’s presentation for affirmation from management that all is well.

The main thing I take from today is that the new CEO has hit the ground running and is focusing on the main game. Happy with that.

Good luck all. Herro