RhoVac is developing RV001, a cancer immunotherapy designed to prevent or limit metastasis by activating T-cells against cells with metastatic potential. The therapy contains fragments of the protein RhoC, which is overexpressed in cells with metastatic potential across a range of cancers. The recently announced rights issue (SEK154.2m net) is fully committed to by a group of investors, funds from which will be used for a Phase IIb study in prostate cancer (results in H221) and a potential Phase II combination study with a checkpoint inhibitor in a different solid tumour indication. RhoVac will require a partner following positive Phase IIb results. We value RhoVac at SEK708m or SEK37.2/share.
