Imugene presented positive clinical Phase Ib data for its HER-Vaxx B-cell vaccine at American Association for Cancer Research (AACR) conference earlier this month. Vaccination successfully broke immune tolerance and stimulated production of HER2-specific antibodies in a dose-dependent fashion; the antibodies inhibited a key component of HER2 signalling. Imugene has initiated a randomised Phase II study of HER-Vaxx in gastric cancer with interim results expected in 2020. It is on track to initiate a Phase I study of KEY-Vaxx, a B-cell vaccine that aims to induce production of antibodies that block PD-1 signalling, in Q419. We increase our valuation to A$159m or 4.4 cents per share.
