Immunovia publ AB (ST:IMMNOV) is ready to validate its test for the early diagnosis of pancreatic cancer from its IMMray platform. Pancreatic cancer is rare and difficult to treat, with a five-year survival rate of c 5%; early diagnosis could improve this to c 50%. This would make an accurate diagnostic test cost-effective in higher-risk patient groups. A prospective trial will start in Q416, with first out-of-pocket sales in 2018 before reimbursement is achieved. Screening of patients newly diagnosed with type 2 diabetes provides additional upside. We value Immunovia at SEK2.6bn or SEK155.2/share.
The immune system as early sensor for disease
Immunovia’s products are antibody microarrays originated from its proprietary IMMray technology platform. The result is a signature of antibodies able to discriminate between ill and healthy subjects by detecting disease-specific biomarkers present in blood. IMMray products can detect disease at early stages, allowing for early diagnosis and treatment. The platform combines its own antibody library with algorithm and bioinformatics for data analysis and interpretation.
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