nomura report target 32c

As a PRR holder it was nice to receive this Nomura report today. Nice report and upside target. Here is the link and just part of the report. Good reading.


http://www.nomuranow.com/research/globalresearchportal/getpub.aspx?pid=565390&appname=Email&cid=cUFDWGZZRVlFQW890



Prima BioMed PRR.AX PRR AU
HEALTH CARE & PHARMACEUTICALS


EQUITY RESEARCH
What to look for from Phase IIb trial results
A positive trial result would add
confidence re potential positive
outcomes for ongoing PIII trial
October 8, 2012
Rating
Remains
Buy
Target price
Remains
AUD 0.32
Closing price
October 5, 2012
AUD 0.18
Potential upside
+77.8%
Action: PRR to present Phase IIb C-Vac trial results soon
Results from the Phase IIb trial of PRR’s CVac in ovarian cancer
remission patients (known as CAN-003) will be presented on 13 October
2012 at the International Gynecologic Cancer Society Annual Conference.
Catalyst: Lots to look out for, despite it being a small trial
CAN-003 is a 63-patient phase II trial of CVac in epithelial ovarian cancer
patients in complete remission after successful first- or second-line
chemotherapy. Thirty-six patients were randomized to CVac treatment and
27 patients were assigned to observational standard of care. Patient
enrolment into the study commenced in July 2010 and was completed in
September 2011. The last patient will receive the final dose of CVac in
October 2012 and patients will continue to be followed until at least
October 2013. We will be looking for a number of things in the results of
the PRR Phase IIb clinical trial. These include: 1) ongoing evidence of
safety of the treatment; 2) significant results for the primary outcome
measure; and 3) whether the results could be due to factors related to the
difference between the treatment and placebo arms.
Valuation: TP unchanged, remains AUD0.32
Should the final results of the Phase IIb clinical trial be positive, then we
will gain confidence regarding potential positive outcomes of the larger,
ongoing Phase III CAN-004 study. This is a multinational, multi-centre,
randomised, double-blinded, placebo-controlled, 800 patient clinical trial in
patients in remission from ovarian cancer. We continue to forecast the
start of EU/US revenues for PRR from its CVac product in FY16F.