London, UK, 17 March 2021

 Ultimovacs (ULTI): Initiation - Cancer vaccine with virtually universal potential

Ultimovacs is a biotechnology company focused on developing a next generation cancer vaccine with virtually universal potential. Lead asset, UV1, activates the immune system to recognise cancer cells that express human telomerase reverse transcriptase (hTERT, or telomerase), which is present in over 85% of all cancer types. For this reason, UV1 has broad potential in a variety of cancers and in combination with other treatments. Ultimovacs' R&D strategy is to combine UV1 with checkpoint inhibitors (CPIs) due to an expected treatment synergy. The broad R&D programme includes four Phase II trials in different solid tumours, which will enrol more than 500 patients in total. Readouts are expected over 2022/2023, all within cash reach. Our Ultimovacs valuation is NOK3.18bn or NOK99.4 per share.

We value Ultimovacs at NOK3.18bn or NOK99.4 per share (rNPV analysis using a 12.5% discount rate, net cash of NOK441m at end-2020). Our model includes UV1 in all four indications being evaluated in the Phase II trials, with a probability of reaching the market of 20%. We use a bottom-up approach to calculate the market sizes and industry average data for the basis of our other assumptions (Exhibits 6 and 7). We assume a full out-licensing deal for UV1 with the partner taking over the Phase III development and commercialisation.

Click here to view the full report or here to sign up to receive research as it is published.

All reports published by Edison are available to download free of charge from its website

www.edisongroup.com

About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached - across institutions, family offices, wealth managers and retail investors - Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings.

Having been the first in-market 17 years ago, Edison now has more than 100 analysts covering every economic sector. Headquartered in London, Edison also has offices in New York, Frankfurt, Amsterdam and Tel Aviv and a presence in Athens, Johannesburg and Sydney.

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information, please contact Edison:

Dr Jonas Peciulis +44 (0)20 3077 5728 healthcare@edisongroup.com

Learn more at www.edisongroup.com and connect with Edison on: 

LinkedIn        https://www.linkedin.com/company/edison-group-/

Twitter           www.twitter.com/Edison_Inv_Res

YouTube       www.youtube.com/edisonitv