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TICKERS: IMV; IMMVD

Analyst: Biopharma Makes 'Right Call' in Stopping Combination Agent in Trial
Research Report

Source:

A Mackie Research Capital Corp. note reviewed recent and upcoming developments in this immunotherapy developer's clinical study.

In a Dec. 13 research note, analyst Andre Uddin reported that IMV Inc. (IMV:TSX; IMMVD:OTCQX) announced further results from DeCidE1, its Phase 1b/2 study evaluating combination therapy DPX-Survivac plus Incyte's epacadostat in recurrent ovarian cancer.

First, Uddin relayed, results from DeCidE1's Phase 1 led IMV to stop dosing the study participants with either dose of epacadostat, 100 or 300 milligrams. The reasons for the move include the fact that no dose-dependent responses for epacadostat occurred. Additionally, 300 milligrams of epacadostat were associated with lower-surviving specific T cell responses, and the number of study dropouts was significant due to disease progression. "Based on the data disclosed today and previously, we believe IMV made the right call," Uddin indicated.

Another trial phase outcome is that IMV identified a patient subgroup with high responses to the DPX-Survivac/epacadostat combination when using a 5-plus centimeter baseline tumor burden as a biomarker. Uddin wrote that "today's data demonstrated that this subgroup had a 33% overall response rate and [a] disease control rate of 83% versus a 5% overall response rate and a 65% disease control rate of patients with greater than a 5 centimeter baseline tumor burden."

Finally, Uddin noted what investors can expect next from IMV, which is "very key data" from DeCidE1's Phase 2, in which DPX-Survivac will be assessed as a monotherapy in ovarian cancer patients who have a 5-plus centimeter baseline tumor burden. Patient enrollment is currently underway, and preliminary results are expected in Q1/19.

Mackie Research has a Speculative Buy rating and a target price of CA$10.40 per share on IMV. Shares are currently trading at CA$7.33.

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Disclosures from Mackie Research Capital Corp., IMV Inc., Update, December 13, 2018

RELEVANT DISCLOSURES APPLICABLE TO COMPANIES UNDER COVERAGE:
Relevant disclosures required under IIROC Rule 3400 applicable to companies under coverage discussed in this research report are available on our web site at www.mackieresearch.com.
1. On January 9, 2015, Andre Uddin visited Immunovaccine’s headquarters and operations in Halifax, and viewed the laboratories, administrative offices, research centres, animal facilities, and small scale manufacturing area. MRCC paid all expenses.
2. MRCC is a market maker of Immunovaccine Inc.

ANALYST CERTIFICATION
Each analyst of Mackie Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the analyst’s personal views and (ii) no part of the research analyst’s compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report.




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