“Yesterday, Ultimovacs reported the first results from a Phase I trial of UV1 in advanced melanoma in combination with Keytruda. After the minimum 18-month follow-up period (median of 21 months), complete responses (CRs) were achieved in 30% (n=6 out of 20) of patients and partial responses were seen in another 30% of patients resulting in 60% of overall response rate (ORR; 12 out of 20). In Phase III trials of Keytruda in advanced melanoma and post-hoc analyses after the approval the ORR was 33–37% and CR 5–12%. Although this is a comparison against historical data, we find the large difference reassuring. So, although early, these new data give confidence in the existing R&D strategy (UV1 in combination with checkpoint inhibitor (CPIs) in four different Phase II trials). Our valuation is increased to NOK3.65bn or NOK114 per share (vs NOK99.4 per share previously).”
The full update can be read here