Prima BioMed has progressed to the final stage of dose selection for its Phase IIb trial of IMP321 in breast cancer, and is on track to commence randomization in Q416. IMP321 is a soluble LAG-3 fusion protein that doubled tumor response rates in Phase IIa. Separately, partner Novartis has expanded its Phase I LAG-3 program in solid tumors and GSK plans to move its partnered autoimmune drug into Phase II this year. With the company’s development of in-house and partnered LAG-3 programs on track, our valuation increases slightly to $215m ($3.12/ADR).
