We expect Immutep Ltd ADR (NASDAQ:IMMP) to deliver on a number of important milestones in the year ahead. The AIPAC Phase II study of its APC activator eftilagimod alpha (efti) plus chemo in breast cancer is expected to complete recruitment in H119 and report top-line data before the end of the year. The TACTI-002 study of efti plus Keytruda in lung and head and neck cancers in collaboration with US Merck will start shortly and report first data mid-year, whereas TACTI-mel will report first data from melanoma patients dosed with efti from the start of Keytruda therapy. Other in-house and partnered programs are also likely to produce significant news. We maintain our valuation of $387m ahead of these milestones.
AIPAC to report top-line data in 2019
The 226-patient AIPAC study of efti plus paclitaxel in first-line metastatic breast cancer is now over 70% recruited and is expected to fully recruit in H119. Top-line data from the event-driven progression free survival (PFS) analysis is expected to mature in 2019. This will be the first efficacy read-out for efti from a randomized study, so it will be a significant event for the company. The trial could potentially support filing in Europe if it achieves certain (undisclosed) clinical endpoints.
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