Bristol Myers Squibb just announced that RELATIVITY-047 evaluang combinaon of its an-LAG-3 Relatlimab with Opdivo had a significant benefit on progression-free survival. The Phase 2  3 trial in paents with untreated or unresectable melanoma showed a PFS of 10.12 months with the relatlimab combo compared to 4.63 months with Opdivo alone. This is the first me a treatment regimen has shown benefit over PD-1 alone in melanoma. These data to be presented at ASCO (American Society for Clinical Oncology) meeng (June 2021) are clearly posive for Immutep's partnered an-LAG-3 LAG525 currently in Phase II with Novars. With Immutep's Eilagimod alpha ("ei") also showing posive benefits in combinaon with PD-1 in HNSCC (head and neck cancer) and non-small cell lung cancer ("NSCLC"), these new data highlight the potenal of Immutep's in-house and partnered programme. Addional new data from the TACTI-002 Phase 2 in HNSCC and NSCLC and TACTI-004 in solid tumours will be released during ASCO on 4th June. With final AIPAC survival data also expected over the course of 2021E, we reiterate our OUTPERFORM recommendaon and AUD$ 0.900 target price.