Apologies firstly for the length of this post, however I wanted...

Apologies firstly for the length of this post, however I wanted to try and fully explain my view about the potential of just one of our drugs (HER-Vaxx)

Ok firstly, this month marks 9 months since the last patient was enrolled into our phase 2 study, this is important as it also aligns with the interim OS rate for Chemo only patients (8.8 months) meaning that we have just surpassed the average life expectancy for this cohort. As we know there are 36 patients enrolled in total (lets assume 18+18) the interim data last year reported 8 "events" for the chemo only cohort vs 4 "events for the HER_Vaxx + chemo (total events 12).

When the interim data was published we had 28 patients enrolled, so the majority have been enrolled with 8 additional patients required. We are now 11 months on from that report and still waiting for 24 "events" to wrap up the final OS.

From the research I have done the survival rate for Advanced GC after 5 years is about 5% and the majority pass away within the first 12-18 months, if this is the case with our Chemo only cohort then out of 18 patients there may only be 2 or 3 still alive meaning that 15-16 events have passed for this cohort (remembering that the odds are that only 1 will be alive at 5 years). We need to get to 24 events do determine final OS so we know already that 4 events from the interim report were HER_Vaxx + Chemo meaning that we must only be waiting on the last few of events, based on the known statistics for Advanced GS with chemo only (remember this data is derived from tens of thousands of cases for chemo only treatment).

From my perspective the longer we wait the better, I cant understand why people are anxious for the final report, believe me when I say "no news is great news" just chill people. as the odds continue to move into our favour, based on known outcomes for advanced GC.

If HER-Vaxx shows better efficacy than Herceptin and a much better safety profile, then it should be safe to assume that it will become the preferred treatment, if backed by a big pharma.

So then what will HER-Vaxx be worth?
We know that Herceptin earns $6B USD per annum and you just have to look at the PE ratio for big Pharma at around 85 to understand how high the market capitalization are for these businesses (also provides them with the means to spend up big if they need to)
There are 3 options for Imugene (as I see it)

1. Licence HER-Vaxx to big Pharma
The average licencing deal for phase 2 drugs to big pharma normally includes an upfront payment and then ongoing royalties of about 9.5% (average) the numbers become big very quickly, when you consider that this could equate to $570m USD ($775M AUD) every year for IMU or just over 15c per share as a dividend, based on this alone the share price would be at least $3 AUD

2. HER-Vaxx as a "one off" sale to Big Pharma
This comes back to the earning potential for HER-Vax and the value is multiples of the annual sales, based on the runway length etc, I would think that $10B to $20B USD would be very cheap considering our patent goes out to 2036 this would equate to $2.72 - $5.44 AUD per share as a "one off" special dividend, depending an how much IMU would want to retain for future programs.

3. Go it alone and market Her-Vaxx
Personally I don't think this is an option that LC is in favour for based on her recent comments about previous experience of having to hire a sales team etc. However this would be a game changer for IMU if they wanted to become "Big Pharma" themselves but would take a number of years and big $ to reach market penetration.Share price = $ Big

Remember this is only HER-Vax not to mention the much larger markets for PD1 ($20B USD) and CF33 + Oncarlytics (All solid tumours some estimate it at $400B)

Do your own research and all that, happy to consider other researched viewpoints

There is no way that I'm selling a single share at this time, my preference would be option 2 as it would provide IMU funds to progress the other platforms and reward shareholders sooner than later, but each to their own!

Capt