Ultimovacs - UV1 Phase II data flow creeps closer

13.05.22 14:24
Edison Investment Research

Management provided an update on the clinical progress of lead candidate UV1 in six clinical trials in conjunction with its Q122 financial results. Enrolment in the INITIUM (first-line metastatic malignant melanoma, UV1 dosed in combination with anti-CTLA-4 and PD-1 checkpoint inhibitors) and NIPU (second-line mesothelioma, plus ipilimumab and nivolumab) Phase II trials has reached 89% and 66%, respectively, keeping both on track to report primary endpoint (progression-free survival) readouts in H123. Furthermore, first patient enrolment for the anticipated Phase II LUNGVAC trial in first-line non-small cell lung cancer is anticipated in Q222, with an update expected in the Q422 report. At end-March 2022, Ultimovacs had a cash position of NOK523.7m which, at the current burn rate (NOK50.5m cash spent in Q123), we estimate will fund operations through the company’s the first four Phase II readouts (all expected by H124). Our estimates are under review.

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