Immunicum is a Sweden-listed, clinical-stage immunoncology (IO) company that develops allogeneic dendritic cell (DC) technologies. Its first clinical product, ilixadencel, is in Phase I and II combination studies in several solid tumour indications. Two studies are expected to report in 2019; the first is the Phase II MERECA data in renal cell carcinoma (in combination with sunitinib). Interim data from the Phase I/II multi-indication study where ilixadencel is being tested in combination with a checkpoint inhibitor are also expected in H219. We initiate coverage of Immunicum with an rNPV valuation of SEK1.13bn or SEK22.1 per share.
